Odisha CM welcoming Singapore President
The Government of Odisha’s Electronics and IT Department and Singapore’s Global Finance & Technology Network (GFTN) have signed a Memorandum of Understanding (MoU) to establish a Global Competency Centre in Bhubaneswar. This initiative aims to promote FinTech collaboration, with a particular focus on developing inclusive and sustainable InsureTech and related sectors. The MoU was signed during the official visit of Singapore President Tharman Shanmugaratnam to Odisha on Friday, according to a press release from GFTN. Tharman is in India on a state visit from January 14 to 18. This initiative also commemorates the 60th anniversary of diplomatic relations between India and Singapore in 2025.
Commenting on the MoU, Chief Minister Mohan Charan Majhi stated that Odisha aims to leverage GFTN’s global expertise and resources to drive innovation and create tailored 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 Chief Minister said.
The MoU aligns with India’s national vision of “Insurance for All” by 2047, which aims to ensure every citizen has appropriate life, health, and property insurance coverage. States like Odisha are advancing this policy to ensure that regulatory structures are aligned with market dynamics and that innovation is accelerated, integrating technology to promote financial inclusion, according to GFTN’s press release.
“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, emphasized, “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.”
In a related development, eight MoUs were exchanged between Odisha and various Singaporean entities on Friday to strengthen collaboration in key sectors in the presence of Singapore President Tharman Shanmugaratnam.
Earlier, the Singapore President visited the World Skill Center in Bhubaneswar, marking a significant milestone in the growing partnership between Singapore and Odisha. The President was welcomed by Chief Minister Majhi, who expressed enthusiasm for the deepening ties, stating, “There is tremendous potential for collaboration between Singapore and Odisha.”
A detailed briefing was presented by Manoj Ahuja, Chief Secretary of Odisha, covering key areas such as skill development, industrial parks, master planning, ports and Paradip, renewable energy, semiconductors, information technology, data centres, culture, and connectivity. The presentation underscored Odisha’s initiatives and opportunities for collaboration with Singapore in these critical sectors.
During the visit, the Singaporean President toured the Vertical Transportation Lab and Travelator Lab at the World Skill Center, where he interacted with students and instructors.
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