Frankfurt-based blockchain software developer SWIAT recently announced a partnership with Singapore-based digital financial market infrastructure Olea.
In preparation for financing, Olea tokenizes the receivables generated by suppliers delivering goods. SWIAT provides the technical backbone for this approach, as its blockchain infrastructure is designed to meet strict regulatory requirements, such as the upcoming Basel III. Olea's platform then matches the tokenized receivables with suitable funders. DekaBank, SWIAT's joint venture partner, is the first funder of the tokenized receivables.
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 are backed by Standard Chartered's innovation arm SC Ventures, and the partnership will also allow them to expand their operations in Singapore and Germany. (Cryptonews)