- Singapore announces an initiative to speed up blockchain patent approvals.
- The application would improve the security and efficiency of clearing and settlement across borders for transaction and payment.
Singapore: Singapore’s office of intellectual property office has made known its plan to speed up the blockchain patent granting process for its blockchain-based payments application.
The office released a statement which shows fast-tracking initiative seeks to shorten the patent-granting process to as low as 6 months from its supposed 2 years. The announcement was made by the Senior Parliamentary Secretary for Ministry of Trade and Industry and Ministry of Education, Low Yen Ling, on Thursday 26th April during the 2018 World Intellectual Property Day.
In explaining how the app falls under the fintech category, the intellectual property office suggested in an appendix that the app backed by a technology that utilizes blockchain to carry out banking payments will be eligible. The statement reads:
“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.”
More so, to be eligible for the fast-track initiative, the IP office requires that the blockchain patent applicants file documents first in Singapore with nothing more than 20 claims in one application, among other measures.
This initiative marks another significant effort on the part of Singapore’s government in promoting the blockchain-based app as part of the effort toward the city-state’s fintech development.
Presently, the city-state’s de facto central bank, which is the Monetary Authority of Singapore, is working in partnership with the Bank of Canada on a project tagged “Project Ubin” – a cross-border remittance solution backed by blockchain technology.
Few weeks before this initiative, Singapore had launched a blockchain challenge, aimed at improving Blockchain innovation, with government funding in a bid to reward and select successful blockchain startups.