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February 18, 2022

Fintech innovation among tech industry companies has dropped off in the last year

By Verdict Staff

Research and innovation in fintech in the technology and communications sector has declined in the last year.

The most recent figures show that the number of fintech related patent applications in the industry stood at 269 in the three months ending December – down from 954 over the same period in 2020.

Figures for patent grants related to fintech followed a similar pattern to filings – shrinking from 501 in the three months ending December 2020 to 173 in 2021.

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The figures are compiled by GlobalData, who track patent filings and grants from official offices around the world. Using textual analysis, as well as official patent classifications, these patents are grouped into key thematic areas, and linked to key companies across various industries.

Fintech is one of the key areas tracked by GlobalData. It has been identified as being a key disruptive force facing companies in the coming years, and is one of the areas that companies investing resources in now are expected to reap rewards from.

The figures also provide an insight into the largest innovators in the sector.

International Business Machines Corp was the top fintech innovator in the technology and communications sector in the last quarter. The company, which has its headquarters in the United States, filed 20 fintech related patents in the three months ending December. That was down from 126 over the same period last year.

It was followed by the China based Tencent Holdings Ltd with 17 fintech patent applications, the United States based Micron Technology Inc (13 applications), and the United States based Apple Inc (13 applications).

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