/Singapore to Speed Up Process of Awarding Blockchain Payment Patents

Singapore to Speed Up Process of Awarding Blockchain Payment Patents

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Singapore’s Intellectual Property Office announced an initiative to expedite the patent-granting process for fintech-related applications such as blockchain-based payments

In accordance to a assertion from the Place of work, the FinTech Fast Keep track of initiative seeks to shorten that system from about two yrs to as minor as 6 months. The plan was declared all through the 2018 World Mental Assets Day on Thursday by Reduced Yen Ling, Senior Parliamentary Secretary for Ministry of Trade and Business and Ministry of Training.

In defining how an application can slide under the fintech category, the IP business office proposed in an appendix that a engineering that utilises blockchain to facilitate banking payments will be suitable.

The assertion stated:

“the incorporation of blockchain engineering to enhance the security and efficiency of clearing and settlement across borders for transaction and payment is deemed as a fintech invention.”

The Place of work also involves the blockchain patent applicants to file paperwork first in Singapore with much less than 20 statements in just one application in buy to be suitable for the rapid-monitor initiative, amongst other requirements.

The transfer marks but a further noteworthy work taken by the Singapore federal government to market the application of blockchain tech as section of its wider push for the metropolis-state’s fintech progress.

Now, the Monetary Authority of Singapore – the de facto central lender – spearheads a cross-border payment system idea crafted on a blockchain platform known as Job Ubin, in partnership with its Canadian counterpart.

The new initiative comes just months right after the Singapore government introduced a blockchain level of competition with federal government funding in a bid to reward and choose effective blockchain startups.