The Government of Odisha and Singapore’s Global Finance & Technology Network (GFTN) signed a Memorandum of Understanding (MoU) on Friday to establish a Global Competency Centre in Bhubaneswar, marking a significant milestone in fostering FinTech collaboration. The initiative is set to focus on inclusive and sustainable InsureTech and related areas, aligning with India’s national vision of “Insurance for All” by 2047.
The MoU was signed during Singapore President Tharman Shanmugaratnam’s state visit to Odisha, commemorating 60 years of diplomatic ties between India and Singapore.
Chief Minister Mohan Charan Majhi emphasized Odisha’s emergence as a leader in the IT sector and its commitment to diversifying services. He remarked:
“Odisha is fostering innovation and supporting startups to position itself as a hub for FinTech advancements. In collaboration with GFTN, we aim to leverage global expertise to create tailored FinTech solutions and establish the state as a key player in the global FinTech landscape.”
Sopnendu Mohanty, Group CEO Designate of GFTN, highlighted the alignment of the initiative with India’s “Viksit Bharat 2047” vision, stating:
“By harnessing Odisha’s talent and entrepreneurial potential, the Hub will accelerate the growth of the state’s digital economy and contribute to impactful financial inclusion and economic empowerment.”
Principal Secretary Electronics & IT, Vishal Dev, underlined Odisha’s readiness for transformation:
“With generous policy incentives, a rich talent pool, and a focus on fostering innovation, Odisha is poised to become one of India’s premier FinTech hubs.”
Broader Collaboration
Eight MoUs were exchanged between Odisha and various Singaporean entities to strengthen partnerships in key sectors. The Singaporean President also visited the World Skill Center in Bhubaneswar, where he toured state-of-the-art labs and interacted with students.
Chief Secretary Manoj Ahuja presented a detailed briefing highlighting collaboration opportunities in sectors like skill development, renewable energy, semiconductors, industrial parks, and cultural exchange.
Implications
This partnership underscores Odisha’s commitment to becoming a hub for technological innovation and financial inclusion while strengthening the ties between India and Singapore. The Global Competency Centre in Bhubaneswar will not only boost the state’s digital economy but also set the stage for global collaborations in the FinTech sector.