The Islamic Development Bank Institute has announced that the United States Patent and Trademark Office (USPTO) has officially granted a patent for its innovative Smart Voucher System..
Patent number 12,282,916 was issued on Tuesday, 22 April 2025.
The Smart Voucher System is a blockchain-based solution designed to allow regulatory authorities to authorise selected service providers such as privatised 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 mobilisation: 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, 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 capitalise on this and other patents to offer comprehensive development solutions to our member countries.”
