The Electronics and IT Department of the Odisha Government and Singapore's Global Finance & Technology Network (GFTN) have signed an agreement to set up a Global Competency Centre in Bhubaneswar. This centre will promote collaboration in the FinTech sector, with an emphasis on creating inclusive and sustainable solutions in InsureTech and related fields.

A GFTN press release stated that the MoU was inked on Friday during Singapore President Tharman Shanmugaratnam's official visit to Odisha. Between January 14 and 18, Tharman will be in India on a state visit. The project is another step in the right direction as India and Singapore celebrate their 60th anniversary of diplomatic ties in 2025.

Speaking on the Memorandum of Understanding, Chief Minister Mohan Charan Majhi stated that Odisha wants to use GFTN's worldwide resources and experience to spur innovation and develop specialised Fintech solutions in the state.

"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 CM said. 

The MoU aims to support India's national goal of "Insurance for All" by 2047, ensuring that every citizen has the right life, health and property insurance coverage.

States like Odisha are making progress in applying the new policy to ensure that the regulatory framework matches market needs and drives innovation. At the same time, they are focusing on using technology to improve financial inclusion, according to a press release from the GFTN. "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 of Finance, Odisha, Saswata Mishra stated, "Financial inclusivity remains a cornerstone of the Government of Odisha's developmental agenda, and a robust FinTech ecosystem will play a pivotal role in achieving this vision."

On Friday, eight Memorandums of Understanding (MoUs) were signed between Odisha and various Singaporean organisations to boost cooperation in important sectors, with Singapore President Tharman Shanmugaratnam present. Earlier, President Tharman visited the World Skill Centre in Bhubaneswar, marking an important step in strengthening the partnership between Singapore and Odisha. The President was welcomed by CM Majhi. The Chief Minister expressed enthusiasm for the deepening ties, stating, "There is tremendous potential for collaboration between Singapore and Odisha." 

Manoj Ahuja, the Chief Secretary of Odisha, gave a detailed presentation covering important topics like skill development, industrial parks, master planning, ports including Paradip, renewable energy, semiconductors, information technology, data centers, culture, and connectivity. The presentation emphasised Odisha's efforts and opportunities for working together with Singapore in these key areas.

During the visit, the President of Singapore toured the Vertical Transportation Lab and the Travelator Lab at the World Skill Center, where they also had a chance to interact with students and instructors.