Four platforms get IFSCA licence for factoring business at Gift City

These in-principle licences were issued by the IFSCA last Friday to start working through sandbox facilities before formal business

The International Financial Services Centres Authority (IFSCA), the sole regulator of the Gift City-based International Financial Service Centre, has issued licences to four trade-financing platforms to tap the €2,724-billion international factoring business.
 
The supply chain finance potential in global trade is $17 trillion.
 
Indian-licensed trade-financing platforms, or TReDS (trade and receivables discounting system) platforms, use blockchain for checking bills submitted for discounting and they may be tested and used for Gift city ventures as well. However, this is not mandatory from the IFSCA point of view but entities coming up at the IFSC are contemplating the use of