OCTOBER 2007
Korea's banks prepare to patent
The recent US-Korea trade deal could lead to many more US banks applying for patents to protect their business methods in Korea. This is how local banks are responding
A new race is about to heat up among banks in Korea. Banking institutions may start loading up on their business method arsenals. Two key events, namely the Korea Federation of Banks' (KFB) recent mediation of a business method patent dispute between local banks and the signing of the US-Korea Free Trade Agreement (KORUS FTA), may trigger another flurry of business method filings, similar to the business method boom of 2000. This article will consider the impact of these developments as well as highlight business method patent activity among local banks, looking at the kinds of business method patents that banks are filing for, and the number of business method patents being granted.
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