According to the latest reports on Oct. 4, 2021, four trade financing platforms have recently got the IFSCA license to operate the €2,724-billion global factoring business by the International Financial Services Centres Authority (IFSCA), the sole controller of the GIFT-City-based International Financial Service Center.
When it comes to the significance of supply chain finance in global trade, it is estimated at $17 trillion but currently, global supply chains are being affected by Covid-19.
Indian authorized trade financing platforms, or TreDS (trade and receivables discounting systems) platforms leverage blockchain to verify bills submitted for discounting and they might be tried and utilized for GIFT city investments as well. However, this is not compulsory according to the IFSCA perspective but the enterprises emerging at the IFSC are inspecting the use of blockchain.
These in-principle licenses were given by the IFSCA last Friday to start operating through sandbox facilities before formal enterprise.
Read more: https://www.emeriobanque.com/news/ifsca-licensed-four-platforms-for-factoring-business-at-gift-city
