SWIAT and Olea partner to enable trade financing on blockchain

By Gloria Methri

SWIAT, a FinTech company specialising in blockchain software development, and Olea, a digital infrastructure platform, have partnered to enable fully digitalised supplier financing on the blockchain.

Backed by SC Ventures, Standard Chartered’s FinTech investment and ventures arm, SWIAT and Olea are expanding their international reach with the partnership, particularly in Singapore and Frankfurt’s innovative financial hubs.

In preparation for financing, Olea tokenised receivables arising from a supplier’s delivery of goods. SWIAT provided its blockchain infrastructure and software, which was designed to conform to capital market, compliance and regulatory requirements like incoming Basel III (SCO60).

Olea operates a digital infrastructure platform that matches supplier’s financing needs with funders. The funder for the inaugural tokenised receivable is DekaBank, one of the joint-venture partners in SWIAT. The project leveraged SWIAT’s Tokenisation Engine and Olea’s expertise in trade receivables financing.

Dr. Timo Reinschmidt, SWIAT Co-CEO and CCO, said, “This transaction represents another milestone in the still young company history of SWIAT. It not only demonstrates the broad field of application and the global potential of the SWIAT software but is also an expression of the successful cooperation between two FinTechs, both of which count SC Ventures among their owners and thus have the best prerequisites for successful joint projects in the future. We look forward to continuing our collaboration with Olea.”

Amelia Ng, Olea CEO, added, “We are thrilled to announce this fruitful collaboration between SWIAT and Olea. This partnership aims to digitalise supplier financing using blockchain technology, bringing transparency, security, and efficiency to the process. By leveraging blockchain, we will streamline transactions, reduce costs, and enhance trust among all stakeholders. This innovative approach will empower suppliers with faster access to financing, thereby driving growth and sustainability within the supply chain ecosystem.”

A vital feature of the SWIAT ecosystem is that capital market, compliance and regulatory aspects are considered in the conception phase, thereby offering security and compatibility with regulatory requirements.