Company Filing History:
Years Active: 2024-2025
Title: Innovations by Teck Yong Tan
Introduction
Teck Yong Tan is a notable inventor based in Singapore, known for his contributions to digital payment technologies. He holds a total of four patents, showcasing his expertise in the field of financial technology and innovation.
Latest Patents
One of his latest patents is for a smart chip payment acceptance system. This system processes digital payments using a smart chip payment acceptance module associated with an Internet of Things (IoT) or vending device. It utilizes a virtual EMV terminal process for cloud-based digital payment transactions. A short-range communication channel is established between a mobile user device and the payment acceptance module. The mobile user device features a wallet application integrated with a merchant application to facilitate payment transactions. An unlock device enables digital secure remote payments (DSRP). Additionally, a smart chip server connected to a payment gateway generates an encrypted proof of payment (POP) message, indicating the completion of the transaction. This innovation allows users to complete payment transactions seamlessly, whether online or offline, enhancing flexibility for both merchants and consumers.
Another significant patent involves a method and system for using an EMV card in a multi-signature wallet for cryptocurrency transactions. This method enables blockchain transactions through an integrated circuit payment card. It includes storing a first private key and a transaction account number within the card's integrated circuit. The system receives a blockchain transaction from a point of sale device, which includes unspent transaction outputs and destination addresses. The integrated circuit digitally signs the transaction using the first private key and transmits the digitally signed blockchain transaction back to the point of sale device.
Career Highlights
Teck Yong Tan is currently employed at Mastercard Asia/Pacific Pte. Ltd., where he continues to innovate in the realm of digital payments. His work significantly contributes to the advancement of secure and efficient payment systems.
Collaborations
He collaborates with talented individuals such as Srinath Ravinathan and Donghao Huang, further enhancing the innovative capabilities of his team.
Conclusion
Teck Yong Tan's contributions to digital payment technologies through his patents reflect his commitment to innovation in the financial sector. His work not only improves payment systems but also enhances user experience and security in transactions.