In a landmark initiative to position Odisha as a global leader in FinTech innovation, the Electronics and IT Department of the Government of Odisha and Singapore’s Global Finance & Technology Network (GFTN) have signed a Memorandum of Understanding (MoU) to establish a Global Competency Centre in Bhubaneswar. This collaboration aims to foster inclusive and sustainable innovation in FinTech, with a particular focus on InsureTech and related sectors.
The MoU was formalized during the visit of Singapore President Tharman Shanmugaratnam to Odisha on Friday, marking a milestone in the growing diplomatic and economic ties between India and Singapore. The partnership also commemorates the upcoming 60th anniversary of diplomatic relations between the two nations in 2025.
Odisha’s Vision for FinTech Excellence
Chief Minister Shri Mohan Charan Majhi hailed the partnership as a significant step toward establishing Odisha as a global FinTech hub.
“Odisha has emerged as a leader in India’s IT sector and is now diversifying its services sector to foster innovation and support startups. This partnership with GFTN will enable us to leverage global expertise and resources, creating FinTech solutions tailored to local and international needs,” said the CM.
The initiative includes:
- Establishing incubation centres to support startups.
- Promoting collaboration between academia, industry, and global stakeholders.
- Enhancing financial accessibility and inclusion.
- Creating a robust ecosystem for sustainable FinTech development.
Aligning with India’s Vision
Sopnendu Mohanty, Group CEO Designate of GFTN, emphasized the significance of this initiative:
“GFTN’s partnership with the Government of Odisha to build a Global Competency Centre in InsureTech aligns with India’s Viksit Bharat 2047 vision. By harnessing Odisha’s enormous talent and entrepreneurial potential, the Hub will accelerate the growth of the state’s digital economy and drive impactful financial inclusion.”
Strengthening India-Singapore Relations
President Tharman Shanmugaratnam’s visit to Odisha highlights the deepening ties between Singapore and India, particularly in areas of innovation, technology, and sustainability. This partnership represents a strategic alignment with global economic trends and reinforces Odisha’s role as a crucial player in India’s digital transformation journey.
A New Era for Odisha
The Global Competency Centre is expected to serve as a catalyst for economic growth, generating employment, and driving financial empowerment across the region. The state’s proactive approach to fostering a FinTech ecosystem underscores its commitment to becoming a key player in the global digital economy.
With this visionary collaboration, Odisha is set to redefine its position in the global financial technology landscape, paving the way for innovation, inclusivity, and economic growth.