
BHUBANESWAR: The Odisha government has partnered with the Global Finance and Technology Network (GFTN), Singapore, to establish a global competency centre in Bhubaneswar aimed at fostering FinTech collaborations.
The Electronics and Information Technology (E&IT) Department and GFTN signed an agreement on Friday to develop an inclusive and sustainable InsureTech ecosystem and related areas, aligned with the national vision of 'Insurance for All by 2047'. This vision seeks to ensure that every citizen has appropriate life, health, and property insurance coverage.
The agreement was signed in the presence of Singapore's President Tharman Shanmugaratnam and Odisha's Chief Minister Mohan Charan Majhi. Shanmugaratnam was in the state for a two-day visit.
Speaking on the occasion, the Chief Minister stated that Odisha has emerged as a leader in India’s IT sector and is now aiming to diversify its services sector. The state is fostering innovation and supporting startups to position itself as a hub for FinTech advancements.
“The state 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. In collaboration with GFTN, the state will leverage global expertise and resources to drive innovation and create tailored FinTech solutions,” said Majhi.
Principal Secretary of Electronics and IT, Vishal Dev, emphasised that Odisha has the potential to become a preeminent FinTech hub. The state offers generous policy incentives and has the talent pool necessary for success in this sector. By focusing on fostering innovation and promoting global collaborations, the state is building a robust ecosystem to support startups and drive technological advancements, he added.
Principal Secretary of Finance, Saswat Mishra, noted that financial inclusivity remains a cornerstone of the state government’s developmental agenda, and a robust FinTech ecosystem will play a pivotal role in achieving this vision.
As part of the agreement, GFTN will establish a global competency centre to drive innovative product development and software solutions. The centre will support both domestic and international companies.
Additionally, a national and global sandbox platform will be created 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.
The agreement also includes the development of an investor ecosystem designed to strengthen startups, along with an integrated platform to combine finance, ESG (Environmental, Social, and Governance), and insurance to enhance Odisha's digital economy. Furthermore, an advanced skilling and upskilling centre will be established for InsureTech product development and associated sectors, including pensions.
Group CEO-designate of GFTN, Sopnendu Mohanty, stated that GFTN’s partnership with the Odisha government to build a global competency centre for InsureTech aligns with India’s 'Viksit Bharat 2047' vision, which aims to deliver impactful financial inclusion and sustainable economic empowerment.
“The global centre will accelerate the growth of Odisha’s digital economy by harnessing the state’s enormous talent and entrepreneurial potential,” he added.
GFTN will also develop an annual forum to bring together thought leaders to discuss the intersection of technology, finance, economy, and sustainability, focusing on insurance and pensions. The forum will pilot and scale up environmental, social, and governance (ESG) disclosure infrastructure using GFTN's disclosure platform Greenprint for micro, small, and medium enterprises (MSMEs) in Odisha.