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Singapore’s Stratagem quickens blockchain patent approvals



Singapore's Stratagem Quickens Blockchain Patent Approvals
Source: Pixabay

In a recent announcement published on the official website of The Intellectual Property Office of Singapore [IPOS], it stated that Fintech companies residing in Singapore will have patents approved as soon as six months and not wait for two years anymore.

The statement read:

“The incorporation of blockchain technology to improve the security and efficiency of clearing and settlement across borders for transaction and payment is deemed as a Fintech invention.”

In order to be eligible for the express approval, the blockchain patent applicants must file documents in Singapore first and must contain less than twenty claims per application.

This new initiative comes weeks after the Singapore government organized a blockchain competition with government funding in an effort to remunerate and select prospective blockchain startups.

The initiative which is a part of the Republic’s Smart Nation agenda will motivate fintech enterprises and startups to innovate solutions to match the rising demand for fintech solutions in ASEAN [Association of Southeast Asian Nations] and operate effectively within Singapore’s financial infrastructure and regulatory policies.

Daren Tang, Chief Executive of IPOS, says,

“By significantly reducing the time needed for grant of a fintech patent, our innovative enterprises will be able to compete effectively through their intellectual property and use these intellectual assets to scale up and enter the world’s market, at the same time, we hope to see the emergence of more fintech innovations that will improve the way we transact in our daily lives, bringing greater value and convenience to our people, and paving the way to achieve our national goal of becoming a smart nation.”

Sopnendu Mohanty, Chief Fintech Officer of MAS says,

“In an industry where time-to-market is critical, the expedited process for fintech patents will enable businesses to commercialize their products and services more quickly the fintech fast track will make Singapore more attractive as a destination for fintech firms, and help further strengthen Singapore’s fintech ecosystem”

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Andrea Pierre Jackson is a contributing News writer at AMBCrypto from December 2017. She has previous writing experience with major publishing houses in the UK and the US. Andrea currently does not hold any position in any cryptocurrency or its projects

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