IsDBI's pioneering Smart Voucher system receives patent from U.S. Patent and Trademark Office
The Smart Voucher System is a blockchain-based solution designed to allow regulatory authorities to authorize selected service providers (e.g., privatized enterprises, schools, and hospitals) to provide goods or services to eligible beneficiaries.
The voucher system is funded through sales tax proceeds to provide such goods and services to disadvantaged individuals, which makes the system serve as a tax-credit receipt and, subsequently, to support social impact financial instruments.
The System integrates three critical functions:
Financial inclusion: Enhancing access to financial tools for underserved people.
Tax incentives: Facilitating tax obligations and promoting compliance through the use of vouchers.
Resource mobilization: Securely allocating token-backed vouchers to support financial accessibility.
The innovative integration of these key functions is unique to the Smart Voucher System. The System was originally designed and developed in 2018, based on which it was granted fintech patent number 10201908262Y by the Intellectual Property Office of Singapore (IPOS) in 2021. Both IPOS and USPTO are consistently ranked among the world's foremost intellectual property offices.
In his comment on this occasion, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, said: 'The issuance of this patent by the United States Patent and Trademark Office underscores the commitment of the Institute to creating pioneering fintech applications that drive inclusive social and economic development. We are working closely with our partners to capitalize on this and other patents to offer comprehensive development solutions to our Member Countries.'
For more information about the Smart Voucher System, please contact Dr. Hilal Houssain (hhoussain@isdb.org).
About the Islamic Development Bank Institute
The Islamic Development Bank Institute (IsDBI) is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. The IsDB Institute enables economic development through pioneering research, human capital development, knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives. More information about the IsDB Institute is available on https://isdbinstitute.org/
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