The Smart Voucher System, a blockchain-based platform designed to drive financial inclusion and social development, has been granted a patent by the United States Patent and Trademark Office (USPTO). Originally conceptualised and developed in 2018, the system had already secured patent number 10201908262Y from the Intellectual Property Office of Singapore (IPOS) in 2021—both IPOS and USPTO being globally recognised intellectual property authorities.
At its core, the Smart Voucher System empowers regulatory authorities to authorise service providers—such as private enterprises, hospitals, and schools—to deliver essential goods and services to eligible beneficiaries. Funded through sales tax revenues, the vouchers act as tax-credit receipts while simultaneously supporting the issuance of social-impact financial instruments.
A tri-functional fintech solution
What makes the Smart Voucher System unique is its integration of three critical functions:
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Financial inclusion: Providing access to essential financial tools and services for underserved communities.
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Tax incentives: Enabling tax compliance and obligations through voucher-based facilitation.
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Resource mobilisation: Distributing token-backed vouchers securely to promote financial accessibility.
This integrated design aims to create a transparent, accountable, and efficient delivery mechanism for public and private sector welfare initiatives.
A step toward development-focused fintech
Commenting on the recent US patent milestone, Sami Al-Suwailem, acting director general of the Islamic Development Bank Institute (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 capitalise on this and other patents to offer comprehensive development solutions to our member countries.”
With growing global interest in blockchain and tokenised finance, the Smart Voucher System represents a scalable model for governments and institutions aiming to combine digital innovation with social equity.