GRGBanking Wins China Patent Excellence Award

GRGBanking's patent, "Authentication Methods and Devices for Valued Documents" was awarded China Patent Excellence Award by the State Intellectual Property Office (SIPO) recently.

As one of the world's few manufacturers to master core cash cycling technology, GRG possesses its own intellectual property right to its core cash handling modules, including cash dispenser, deposit and recycling units, and currency recognition module as well.

Since 2009, the number of GRG’s patent applications in China has surpassed those of the main international competitors, ranked the first among the domestic manufacturers.

"We have made some achievements in the work of intellectual property rights, but compared to the other multinational companies, which have started long time ago in the field of patents in Chinese market, Chinese enterprises [like us] still have a long way to go." said Mr. Dong from GRGBanking.

To cope with the international patent “war”, GRG has planed ahead in preparation and drill, and strengthened the awareness of “patent assets". The company’s intellectual property department has been focusing on the study, development and application of the intellectual property strategy, closely integrated with the overall business development strategy of the company and is actively participating in the global competition. “At the same time, we will also continue to respect the intellectual property rights of any competitor, and will be committed to promoting the industry's healthy competition.”

As the highest honor in the field of intellectual property in China, “China Patent Award” is jointly organized by the State Intellectual Property Office and the World Intellectual Property Organization. In 1989 the State Intellectual Property Office established the China Patent Award. The award is the only national governmental award for the patented invention, and is recognized by the United Nations World Intellectual Property Organization (WIPO). The criteria of China Patent Award emphasize not only the project's advance of patented technology and innovation, but its use in the process of market transformation, and higher requirements for its protection status and management.

Click to see video about GRG’s R&D capability

News Media Contact: Benny Huang

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