Standard Chartered Bank's SC Ventures-backed SWIAT collaborates with Olea to simplify global trade finance using blockchain.

Frankfurt blockchain software developer SWIAT recently announced a partnership with Olea, a digital financial market infrastructure based in Singapore, according to Odaily Star Daily. To prepare for financing, Olea will tokenize accounts receivable generated from supplier delivery. With its blockchain infrastructure designed to meet strict regulatory requirements such as the upcoming Basel Protocol III, SWIAT provides the technical backbone for this approach. Olea’s platform will then match tokenized accounts receivable with suitable funders. DekaBank, a partner of SWIAT, is the first funder for this tokenization of accounts receivable. By leveraging blockchain, SWIAT and Olea seek to address the challenges of traditional trade finance, such as slow processing times, complex documentation, high costs, fraud and error risks, and create a more efficient and transparent ecosystem for global businesses. Both companies have received support from SC Ventures, the innovation department of Standard Chartered Bank, and this collaboration will also enable them to expand their business in Singapore and Germany. (Cryptonews)