Singapore ‘s Intellectual Property Office announced that applications for financial technologies such as blockchain -based payments were initiating an attempt to speed up the patenting process.

According to a statement from the Bureau , this initiative, named FinTech Fast Track , aims to shorten the two-year patent approval process to as little as six months . The program was shared on Thursday by Low Yen Ling , the Senior Parliamentary Secretary for the Ministry of Trade and Industry and the Ministry of Education, during World Intellectual Property Day 2018 .

In response to the question of how an application might be involved in the field of financial technology, the Bureau stated that there is a requirement to be a technology that uses blockchain to make banking payments in order to be included in an additional explanation.

The continuation of the description is as follows:

“Blockchain’s use of cross-border transactions and payments to make payments safer and more effective is within the scope of the Fintech label.”

The Bureau also underlined that, in addition to other criteria, a blockchain patent application must be filed in Singapore for the first time in order to be included in the Fast-track system, and that there should be no more than 20 requests for an application.

This move is seen as an important step for the project by the Singaporean government to disseminate the use of blockchain technology applications to enhance its development in the field of financial technology.

The Singapore National Bank, with its Canadian counterpart , is now leading the concept of a cross-border payment system established on a blockchain platform called Project Ubin .

It did not surprise us that this new venture will take place immediately after the Singapore government launched a contest to award monetary rewards for successful blockchain projects.