With reference to the International Trade Finance Services Platform (‘ITFS’), consider the following statements:
1. It has been set up vide IFSCA Act, 2019 to develop and regulate the financial products, financial services and financial institutions in the International Financial Services Centres (IFSCs).
2. It will help in their ability to convert their trade receivables into liquid funds and to obtain short term funding.
Which of the statements given above is/are correct?