Applications submission by 15 Sept 2021
The International Financial Services Centres Authority (IFSCA) has invited applications from eligible entities for setting up and operating the International Trade Financing Services Platform (ITFS) to apply by 15 September 2021.
IFSCA, upon satisfaction in the first instance, will grant an in-principle approval to operate in IFSCA Regulatory Sandbox environment for such period as it may consider appropriate, before allowing regular operations.
The ITFS would be an electronic platform for facilitating the trade finance requirements of exporters and importers by providing access to multiple financiers, the Finance Ministry said on 24 Aug 2021.
Once operational, the ITFS will play an instrumental role in arranging credit for exporters & importers from global institutions through Factoring, Forfaiting and other trade financing services at competitive cost. The platform is expected to be leveraged by exporters and importers across the world for availing trade finance services, thereby making GIFT IFSC a preferred location for international trade financing.
The IFSCA been established as a unified regulator to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India.
IFSCA vide circular dated 9 July 2021 issued the framework for setting up of International Trade Financing Services Platform (ITFS) at GIFT International Financial Services Centre (IFSC) for providing Trade Financing Services. #banking #financing #technology /fiinews.com
