- Fintech company Identitii (ID8) receives a Singapore patent approval, covering the company’s global ecosystem for secure sharing of financial transaction information
- The newly received approval marks the second jurisdiction to grant patent approval and is a key part of its intellectual property (IP) strategy
- To finalise the Singapore patent, the company has to pay an issue fee of $3,400 to the Intellectual Property Office of Singapore by September 25
- CEO John Rayment will be hosting an online investor webcast, sharing the FY22 results on September 1
- Shares in Identitii ended the day flat at 6.8 cents
Fintech company Identitii (ID8) has received a Singapore patent approval, covering the company’s global ecosystem for secure sharing of financial transaction information.
The newly received approval marks the second jurisdiction, behind the US which was granted in December 2020, to grant patent approval.
Identitii said this is a key part of its intellectual property (IP) strategy.
To finalise the Singapore patent, the company has to pay an issue fee of $3400 to the Intellectual Property Office of Singapore by September 25.
CEO John Rayment said the company is actively pursuing “several promising opportunities” to monetise its patent in the US.
“One of the really exciting opportunities for Identitii is to monetise the patent we own in the US, which today becomes a portfolio of patents with the inclusion of our approved patent in Singapore.
“The addition of our approved patent in Singapore to the portfolio potentially increases those US opportunities, and adds another jurisdiction where our strategy can be deployed.”
The company said its patented invention overcomes key limitations with existing technology systems to simplify financial crime compliance, streamline regulatory reporting and enable faster settlement of payments.
The invention is also used in-part by Mastercard Cross-Border Services to securely share information across its account-to-account network, simplifying financial crime compliance and streamlining payment operations.
Also, Mr Rayment will be hosting an online investor webcast, sharing the FY22 results on September 1.
Interested participants should register their interest on their website.
Shares in Identitii ended the day flat at 6.8 cents.