The Government of Odisha’s Electronics and Information Technology (E&IT) Department and the Global Finance & Technology Network (GFTN) signed a Memorandum of Understanding (MoU) during the official visit of Singapore President Tharman Shanmugaratnam to Odisha. The agreement aims to establish a global competency centre in Odisha to promote FinTech collaboration, with a strong focus on InsureTech, financial inclusion and sustainable innovation.
The initiative is also coinciding with the upcoming 60th anniversary of India-Singapore diplomatic relations in 2025.
Chief Minister Mohan Charan Majhi highlighted Odisha’s growing prominence in the IT sector and its aspirations to lead in FinTech. He stated, “Odisha is fostering innovation and supporting startups to position itself as a global FinTech hub. Collaborating with GFTN, the state will leverage global expertise to create tailored FinTech solutions, establish incubation centres, and promote industry-academia collaborations.”
The MoU aligns with India’s national vision of ‘Insurance for All by 2047’, ensuring every citizen has access to life, health and property insurance. Odisha’s proactive policy initiatives aim to enhance regulatory frameworks, mainstream technology and foster financial inclusion.
Sopnendu Mohanty, Group CEO, GFTN, emphasised the partnership’s alignment with India’s Viksit Bharat 2047 vision. “By harnessing Odisha’s talent and entrepreneurial potential, this hub will accelerate the state’s digital economy and deliver impactful financial inclusion,” he said.
Saswata Mishra, Principal Secretary of Finance, reiterated the state’s commitment to financial inclusivity, stating that a strong FinTech ecosystem will play a pivotal role in advancing Odisha’s development agenda.
Principal Secretary of Electronics & IT, Odisha, Vishal Dev, added, “Odisha offers generous policy incentives and has the talent pool to succeed in the FinTech sector. Our focus on fostering innovation and global partnerships will help build a robust ecosystem for startups.
The Global Competency Centre promises to drive innovation, foster global collaboration and position Odisha as a key player in the global FinTech landscape.
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