Frankfurt-based blockchain software developer SWIAT has announced a partnership with Singapore's digital financial market infrastructure Olea to streamline global trade financing using blockchain technology. Olea will tokenize accounts receivable generated from supplier deliveries and match them with funders through SWIAT's technical support. SC Ventures, a subsidiary of Standard Chartered Bank, is supporting the collaboration between the two companies to help them expand their businesses in Singapore and Germany.

Odaily Planet Daily reports that Frankfurt-based blockchain software developer SWIAT recently announced a partnership with Singapore's digital financial market infrastructure Olea. To prepare for financing, Olea will tokenize accounts receivable generated from vendor deliveries. With its blockchain infrastructure designed to meet stringent regulatory requirements, such as the upcoming Basel III accord, SWIAT provides the technological backbone for this approach. Olea's platform will then match the tokenized accounts receivable with suitable funders. DekaBank, SWIAT's joint venture partner, is the first funder for this tokenized accounts receivable.

By leveraging blockchain technology, SWIAT and Olea aim to address the challenges of traditional trade financing, such as slow processing times, complex documentation, high costs, and risks of fraud and errors, ultimately creating a more efficient and transparent ecosystem for global enterprises. Both companies are supported by SC Ventures, the innovation arm of Standard Chartered Bank, and this collaboration will enable them to expand their operations in Singapore and Germany.

SC Ventures, a subsidiary of Standard Chartered Bank, supports the collaboration between SWIAT and Olea to simplify global trade financing using blockchain.