Blockchain Patents are Going to be Approved fast in Singapore
According to the announcement from the office, the FinTech Fast Track leadership tries to reduce that process from nearly two years to as little as six months. The program was declared during the 2018 World Intellectual Property Day on Thursday by Low Yen Ling, Senior Parliamentary Secretary for Ministry of Trade and Industry and Ministry of Education.
While determining how an application can fall under the fintech category, the IP office recommended in an appendix that a technology that uses blockchain to promote banking payments will be eligible.
The statement told:
“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 office also needs the blockchain patent applicants for filing the documents first in Singapore with less than 20 parts in one application to be available for the fast-track initiative between other criteria.
The move marks yet another critical effort taken by the Singapore government to promote the application of blockchain technology as a part of its huge push for the city-state’s fintech development.