Singapore To Accelerate The Process Of Granting Blockchain Payment Patents

Singapore is undoubtedly a tech-savvy country. The world’s biggest tech companies and other agencies have made Singapore their home mainly due to the ease of doing business in that country. 

Recently, it has come to light that the Intellectual Property Office (IPO) has announced an initiative by which the process by which fintech-based applications like blockchain-based payments will get accelerated. 

The Fin Tech Fast Track initiative

The IPO has announced that the FinTech Fast Track initiative will ensure that the process of granting patents that usually takes about two years to as little as six months will be further curtailed. Low Yen Ling, the senior parliamentary Secretary for Ministry of Trade and Industry and Ministry of Education, had announced the program during the World Intellectual Property Day, 2018. 

Defining a fintech application

The IP office has suggested in an appendix that any technology that uses blockchain to make bank payments would qualify for this initiative.

They made a statement that said,

“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.” 

The IP office requires the applicants for the blockchain patent to file documents first in Singapore. This is so that the application of the blockchain tech, as a broader part of Singapore’s foray into fintech development, gets promoted. 

There have to be less than 20 claims in one application for it to be eligible for the fast-track initiative. 

Singapore has already taken strides in the blockchain arena. The Monetary Authority of Singapore(MAS) has already launched a cross-border payment system that is built on the blockchain platform. This project is called Project Ubin, and it has been launched in partnership with the Canadian counterpart of MAS. 

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