Bhubaneshwar (Odisha) [India], January 18 : The Government of Odisha's Electronics and IT Department and Singapore's Global Finance & Technology Network (GFTN) signed an MoU to establish a Global Competency Centre in Bhubaneshwar to foster FinTech collaboration, with a focus on developing an inclusive and sustainable InsureTech and related areas.
The MoU was signed during the official visit of Singapore President Tharman Shanmugaratnam to Odisha on Friday, according to a press release by GFTN. Tharman is on the State Visit to India from January 14 to 18. The initiative marks another positive step commemorating the 60th anniversary of diplomatic relations between India and Singapore in 2025.
Commenting on the MoU, Chief Minister Mohan Charan Majhi said, Odisha aims to leverage GFTN's global expertise and resources to drive innovation and create tailored Fintech solutions in the state.
"Odisha has emerged as a leader in India's IT sector and now aims to diversify its services sector. The state is fostering innovation and supporting startups to position itself as a hub for FinTech advancements. In collaboration with the Global Finance & Technology Network (GFTN), Odisha aims to leverage global expertise and resources to drive innovation and create tailored Fintech solutions. It is establishing incubation centres, promoting collaborations with academia and industry, and enhancing financial accessibility. These efforts aim to position Odisha as a key player in the global FinTech landscape," the CM said.
The MoU aims to support India's national vision of "Insurance for All" by 2047, where every citizen will have appropriate life, health, and property insurance coverage. States like Odisha are taking strides in implementing the new policy to ensure the regulatory architecture is aligned with the market dynamics and innovation is turbocharged while mainstreaming technology for financial inclusion, the GFTN said in the press release.
"GFTN's partnership with the Government of Odisha to build a Global Competency Centre in InsureTech aligns with India's Viksit Bharat 2047 vision which aims to deliver impactful financial inclusion and sustainable economic empowerment. By harnessing Odisha's enormous talent and entrepreneurial potential, the Hub will accelerate the growth of the state's digital economy," said Sopnendu Mohanty, Group CEO Designate of GFTN.
Principal Secretary Electronics & IT, Odisha, Vishal Dev, added, "Odisha is a state with immense potential, and the government is committed to transforming it into one of India's preeminent FinTech Hubs. The state offers generous policy incentives and has the talent pool to succeed in the sector. With a focus on fostering innovation and promoting global collaborations, Odisha is building a robust ecosystem to support startups and drive technological advancements in the FinTech space."
Principal Secretary of Finance, Odisha, Saswata Mishra said, "Financial inclusivity remains a cornerstone of the Government of Odisha's developmental agenda, and a robust FinTech ecosystem will play a pivotal role in achieving this vision."
Notably, eight MoUs were exchanged between Odisha and various Singaporean entities on Friday to strengthen collaboration in key sectors in the presence of Singapore President Tharman Shanmugaratnam.
Earlier, Singapore President Tharman visited the World Skill Center in Bhubaneswar, marking a significant milestone in the growing partnership between Singapore and the State of Odisha.
The President was welcomed by CM Majhi. The Chief Minister expressed enthusiasm for the deepening ties, stating, "There is tremendous potential for collaboration between Singapore and Odisha."
A detailed briefing was presented by Manoj Ahuja, Chief Secretary of Odisha, covering key themes such as skill development, industrial parks, master planning, ports and Paradip, renewable energy, semiconductors, information technology, data centres, culture, and connectivity.
The presentation highlighted Odisha's initiatives and opportunities for collaboration with Singapore in these crucial sectors.
During the visit, the Singaporean President toured the Vertical Transportation Lab and Travelator Lab at the World Skill Center and interacted with students and instructors.