Singapore’s Mental Property Workplace introduced an initiative to expedite the patent-granting course of for fintech-related purposes equivalent to blockchain-based funds.
In line with an announcement from the Workplace, the FinTech Quick Monitor initiative seeks to shorten that course of from about two years to as little as six months. This system was introduced throughout the 2018 World Mental Property Day on Thursday by Low Yen Ling, Senior Parliamentary Secretary for Ministry of Commerce and Trade and Ministry of Schooling.
In defining how an utility can fall underneath the fintech class, the IP workplace urged in an appendix know-how that utilises blockchain to facilitate banking funds will likely be eligible.
The assertion stated:
“The incorporation of blockchain know-how to enhance the safety and effectivity of clearing and settlement throughout borders for transaction and cost is deemed as a Fintech invention.”
The Workplace additionally requires the blockchain patent candidates to file paperwork first in Singapore with lower than 20 claims in a single utility to be able to be eligible for the fast-track initiative, amongst different standards.
The transfer marks one more notable effort taken by the Singapore authorities to advertise the applying of blockchain tech as a part of its wider push for the city-state’s fintech improvement.
Presently, the Financial Authority of Singapore – the de facto central financial institution – spearheads a cross-border cost system idea constructed on a blockchain platform referred to as Mission Ubin, in partnership with its Canadian counterpart.
The brand new initiative comes simply weeks after the Singapore authorities launched a blockchain competitors with authorities funding in a bid to reward and choose profitable blockchain startups.
Singapore picture through Shutterstock