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Information Session on Prospects and Challenges of Fintech Patents

  • Date Posted:2016-09-08

FinTech, which unites two unrelated industries, has recently become one of the notable international trends with its utmost goal to provide the most efficient financial service by employing software technology. Many countries have been devoted to FinTech’s development whereas in Taiwan the FinTech patent is primarily focused on areas such as e-commerce, advertising, marketing, auction and shopping, leading to a relative lower number of application in the field of finance and insurance.

To stimulate the innovative stamina and promote the valuation of technology, an information session on Prospects and Challenges of Fintech Patent was held by TIPO in NTU's Tsai Lecture Hall on July 22, 2016. Vice Minister WANG Mei-hua of the Ministry of Economic Affairs (MOEA) was invited to deliver opening remarks. Vice Minister WANG indicated that the prospect of FinTech patent connects closely with the development of financial industry. The government lays out three main policy directions: firstly, to examine relevant financial regulations; secondly, to facilitate fast-track integration between financial and technology industries; lastly, to expedite FinTech patent portfolio.

This seminar surrounds with two main topics. The first topic “Status Quo of FinTech Patent”, which centered in innovation of financial industry, analyzes international development and introduces the status quo in Taiwan’s industries. Taking FinTech pioneer Bank of America as an example, it demonstrates that recent technological development is shifted to fields such as mobile authentication, payment module, merchant location, social media management and customer service. In addition, it observes the blockchain-related patent applications are rising so that a close follow-up is necessary for devising a successful counteraction beforehand. Subsequently, TIPO’s examiner elaborates the second topic “Application and Examination of FinTech Patent” which covering detailed introduction of FinTech’s status quo and examination. By illustrating the process of examination and analyzing relevant cases, the topic is designed to assist applicants in passing the obstacle encountered during the process of filing a FinTech patent.

Around 200 people from patent law firms, financial industry and academic research institutes attended. In better grasping FinTech and recognizing the opportunity accompanying this wave of change, attendees found the information session greatly beneficial.