Bhubaneswar-In a first leap towards making Odisha Fintech go Global, during the official visit of Singapore President Tharman Shanmugaratnam to Odisha, India, Government of Odisha’s Electronics and Information Technology (E&IT) Department and the Global Finance & Technology Network (GFTN) signed a Memorandum of Understanding (MoU) to establish a Global Competency Centre in Bhubaneshwar Odisha to foster FinTech collaboration, with a focus on developing an inclusive and sustainable InsureTech and related areas. The initiative marks another positive step commemorating the 60th anniversary of diplomatic relations between India and Singapore in 2025.
Mohan Charan Majhi, Chief Minister of Odisha said: “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 MoU aims to support India’s national vision of “Insurance for All” by 2047, where every citizen has 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 turbo charged while mainstreaming technology for financial inclusion.
“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, Finance, Odisha, Saswata Mishra said: “Financial inclusivity remains a cornerstone of Government of Odisha’s developmental agenda, and a robust FinTech ecosystem will play a pivotal role in achieving this vision.”
The InsureTech Hub developed in Odisha in partnership with GFTN will aim to:
- Establish an InsureTech Global Competency Centre to drive innovative product development and software solutions. The cluster will support both domestic and international companies.
- Build an Advanced Skilling and Upskilling Centre dedicated to InsureTech product development and associated sectors, including pensions.
- Develop an Annual Forum that brings together thought leaders to discuss the intersection of technology, finance, economy, and sustainability, focusing on insurance and pensions. This event will be part of the GFTN Global Forum Network, giving Odisha’s Global Competency Centre access to the international FinTech ecosystem.
- Establish and Deploy a National and Global Sandbox Platform for innovation in the insurance and pensions sectors through APIX, an innovation platform founded by the Monetary Authority of Singapore, the International Financial Corporation, the World Bank Group, and the ASEAN Bankers Association that empowers financial institutions to accelerate their innovation journeys by collaborating with FinTech’s, InsureTech’s, and innovators from over 100 countries, using market-leading digital tools and services.
- Create an Investor Ecosystem designed to strengthen startups and scale-ups in InsureTech and related areas.
- Pilot and Scale Environmental, Social and Governance (ESG) Disclosure Infrastructure using GFTN’s Disclosure Platform Gprnt (Greenprint) for micro, small and medium enterprises (MSMEs) in Odisha.
- Develop an Integrated Platform to Combine Finance, ESG, and Insurance to enhance Odisha’s digital economy.
About the Global Finance & Technology Network (GFTN)
The Global Finance & Technology Network (GFTN) set up by the Monetary Authority of Singapore drives global impact in finance, technology, and sustainability by catalysing technology and innovation in finance for more efficient, resilient, and inclusive financial ecosystems. Through its two subsidiaries, GFTN Services and GFTN Capital, it convenes global forums, offers capacity-building and advisory services, provides access to transformative digital platforms, and invests in technology startups with the potential for growth and positive social impact.
