Fintech is transforming the financial services industry. It’s incorporating innovation and responding to consumers’ demands. FinTech firms are introducing digital payments, card less transactions, mobile deposits and other self-service options to Business-to-Business (B2B) and Business-to-Consumer (B2C) markets. Last year, the industry had over 1,700 deals with nearly $40 billion, reports CB Insights. Visits to bank branches are expected to drop 36 percent between 2017 and 2022, while mobile transactions are expected to grow 121 percent, according to The Financial Brand.
Gone are the days of big data. Here to stay are the businesses — including personal financial management, insurance, payment and asset management firms — which are leveraging open source applications to solve a host of problems, from exploring new technologies to delivering real-time services. Simultaneously, they are reducing costs, accessing top talent and receiving best-of-breed technologies.
Union Pay Focuses on Fintech Innovation and Open Source
UnionPay focuses on Fintech innovation and is committed to building an open platform that provides integrated payment services with global influence. Under the frame of legal and regulatory compliance, we are pleased to provide service and conduct active cooperation,” said the Intellectual Property (IP) manager at UnionPay. “We look forward to working with OIN and community members to protect our global business and the open source projects that encourage innovation.
A leading multinational financial services corporation, UnionPay’s footprint has expanded to 174 countries and regions, covering more than 52 million merchants and over 2.6 million ATMs.
A Leading Provider of Internet Value-Added Services In China Joins OIN
China has retained its position as the world leader in patent applications, according to the World Intellectual Property (IP) Organization. In fact, Chinese companies and individuals submitted 40 percent of all patent applications last year.
We’re excited to announce another Chinese-based firm, Tencent Holdings Limited— a multinational investment holding conglomerate whose subsidiaries specialize in Internet-related services and products, entertainment, Artificial Intelligence (AI) and technology — has joined our community.
Major China FinTech Firm Joins Open Invention Network
“The e-commerce, computing and financial services industries are experiencing significant disruption, driven by global leaders that recognize the benefits of shared innovation which enables them to effectively differentiate their services higher in the technology stack,” said our CEO, Keith Bergelt. “We are pleased that Alibaba and Ant Financial have joined our community and committed to patent non-aggression in the core.”
Established in 2009, Alibaba Cloud, the cloud computing arm of Alibaba Group, is among the world’s top three Internet-as-a-Service providers, according to Gartner, and the largest provider of public cloud services in China, according to the International Data Corporation (IDC).
A global leader in financial technology (FinTech), Ant Financial and its partners served 870 million users worldwide in 2018.
Safeguarding Open Source and Blockchain’s Patent Landscape
Perhaps the greatest indication of blockchain’s value is the number of firms rushing to file Distributed Ledger Technology (DLT) patents. While the core technology is open source and in the public domain, complementary and supplementary technologies are being patented and there has been a “land rush” to develop and secure DLT-related patents.
How Open Invention Network’s Defensive Patent Pool Helps 2,400+ Open-Source Creators Further Blockchain and HyperLedger Fintech
Open source technology projects have produced many of the biggest innovations of this century. Blockchain and Hyperledger technology is paving the way for new methods of conducting business, signing contracts, or exchanging currencies worldwide.
How Curtailing Patent Aggression Promotes FinTech Innovations
As anyone in the financial services industry knows, blockchain — a digital ledger of cryptocurrency transactions — is central to the conversation surrounding FinTech. Currently, various organizations are seeking to patent the tech, which supports digital currencies like Bitcoin.
A rush to patent the blockchain is a sign of the technology’s promise
Financial firms and assorted start-ups are rushing to patent the technology that underlies bitcoin.
Big Banks Are Stocking Up on Blockchain Patents
In the headlong rush to revolutionize modern finance, blockchain enthusiasts are overlooking one potentially costly problem: their applications, built on open-source code, may actually belong to someone else.
How to Avoid Patent Wars and Reduce Intellectual Property Risk in the Blockchain Ecosystem
Players in the nascent Distributed Ledger Technology (DLT) industry need to collaborate and develop an intellectual property strategy, or run the risk of patent wars and a chilling effect on innovation.
The Looming War for Blockchain Patents
There’s a patent land grab developing in the blockchain space that could potentially make doing business more challenging for those who want to build upon the open-source technology in the future.
Why Hyperledger Wants to be the ‘Linux of Blockchain’
Blockchain technology offers many different benefits to enterprise developers — but there’s not a cross-industry open standard for how to develop it.