IFSCA Invites Applications to
Set Up International Trade Financing Services Platform (“ITFS”) at GIFT City by
15th of September 2021
[FinMin
Press Release/24.08.2021]
The International Financial Services Centres Authority (IFSCA) has 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 9th 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.
In this regard, IFSCA has invited application from
eligible entities, which are desirous of setting up and operating the ITFS, to apply
in the prescribed format along with supporting documents to the IFSCA by 15th
of 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. Once operational, it 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.
A copy of the circular dated 23rd August
2021 inviting applications to set up ITFS at GIFT IFSC is available on the website
of the authority (www.ifsca.gov.in/circular).