Digital technology has been applied in supply chain financing(SCF), which ensures small and medium-sized enterprises (SMEs) have significantly better access to get loans. Digital SCF is established on the basis that financing companies need to provide global data to the financial service providers. However, some enterprises may be unwilling to share information for financing suppliers due to data security which affects the development of such new SCF pattern. In this paper, we propose a solution scheme based on data federation technology and evaluate the feasibility of data federation technology in SCF by dynamic evolutionary game analysis. A trustworthy financing service model is established based on data federation technology and the model highlights the characteristic of data availability but invisibility. Evolutionary simulation analysis was conducted on factors that affect data federation technology applied in SCF. The findings indicate that SMEs can get effective financial services if we use data federation technology to enhance the mutual data trust between the two parties.