The Odisha government has taken a significant step toward becoming a global FinTech hub by partnering with the Global Finance and Technology Network (GFTN), Singapore. This collaboration aims to establish a global competency centre in Bhubaneswar, fostering FinTech innovations and InsureTech advancements. The initiative aligns with India’s national vision of ‘Insurance for All by 2047,’ ensuring comprehensive financial protection for all citizens.
Strategic Partnership for FinTech Growth
The Electronics and Information Technology (E&IT) Department and GFTN formalized their partnership through an agreement signed in the presence of Singapore’s President Tharman Shanmugaratnam and Odisha’s Chief Minister Mohan Charan Majhi. The two-day visit of President Shanmugaratnam underscored the significance of this collaboration in shaping the future of financial technology in Odisha.
Odisha’s Vision for a FinTech Hub
Chief Minister Majhi emphasized Odisha’s emergence as a leader in India’s IT sector and its ongoing efforts to diversify into FinTech. “The state is setting up incubation centres, promoting industry-academia collaborations, and enhancing financial accessibility to establish itself as a key player in the global FinTech ecosystem,” he stated. The state aims to leverage global expertise to develop tailored financial solutions that drive innovation and accessibility.
Policy Support and Infrastructure Development
Principal Secretary of Electronics and IT, Vishal Dev, highlighted Odisha’s potential to become a premier FinTech hub, citing the state’s generous policy incentives and a robust talent pool. The agreement will facilitate innovation, attract global investments, and nurture a startup-friendly environment to drive technological advancements.
GFTN’s Role and Innovation Roadmap
Under the agreement, GFTN will establish a global competency centre dedicated to developing innovative financial solutions. The centre will serve both domestic and international enterprises while fostering financial inclusivity.
Additionally, a national and global sandbox platform will be created to encourage innovation in insurance and pensions through APIX, an initiative by the Monetary Authority of Singapore and the World Bank Group. GFTN will also work on developing an integrated investor ecosystem that merges finance, ESG (Environmental, Social, and Governance), and insurance to strengthen Odisha’s digital economy.
Skill Development and ESG Integration
To boost talent development, an advanced skilling and upskilling centre for InsureTech and related sectors will be established. This initiative aims to enhance workforce capabilities in product development and pension-related financial services.
Moreover, GFTN plans to introduce an annual forum that will convene global thought leaders to explore the intersection of technology, finance, economy, and sustainability. The forum will also support MSMEs in Odisha by scaling up ESG disclosure infrastructure through GFTN’s platform, Green print.
The Odisha-GFTN partnership represents a transformative leap for the state’s digital economy. By leveraging global expertise, fostering innovation, and promoting financial inclusivity, Odisha is positioning itself as a frontrunner in India’s FinTech revolution. As the competency centre takes shape, it promises to drive sustainable economic empowerment and create a thriving ecosystem for financial technology advancements.
(With inputs from agencies)
