Singapore’s Stratagem quickens blockchain patent approvals

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In a recent announcement published on the official website of The Intellectual Property Office of Singapore [IPOS], it stated that Fintech companies residing in Singapore will have patents approved as soon as six months and not wait for two years anymore.

The statement read:

“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.”

In order to be eligible for the express approval, the blockchain patent applicants must file documents in Singapore first and must contain less than twenty claims per application.

This new initiative comes weeks after the Singapore government organized a blockchain competition with government funding in an effort to remunerate and select prospective blockchain startups.

The initiative which is a part of the Republic’s Smart Nation agenda will motivate fintech enterprises and startups to innovate solutions to match the rising demand for fintech solutions in ASEAN [Association of Southeast Asian Nations] and operate effectively within Singapore’s financial infrastructure and regulatory policies…

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