Odisha-Singapore MoU: Launch of FinTech Hub in Bhubaneswar

Odisha and Singapore have signed an MoU to create a FinTech hub in Bhubaneswar, with a focus on InsureTech innovation. This collaboration aims to promote financial inclusion and contribute to India’s goal of "Insurance for All" by 2047, utilizing global expertise to strengthen Odisha's position in the FinTech industry.

In a major step to strengthen the FinTech sector, the Government of Odisha’s Electronics and IT Department has teamed up with Singapore’s Global Finance & Technology Network (GFTN) to set up a Global Competency Centre in Bhubaneswar. This partnership is designed to drive innovation in InsureTech and related fields, supporting India’s goal of "Insurance for All" by 2047.

Key Highlights

MoU Signing: The Memorandum of Understanding was formalized during the official visit of Singapore President Tharman Shanmugaratnam to Odisha on January 17, 2025.
Strategic Objectives: The collaboration aims to harness GFTN’s global expertise to foster innovation and develop tailored FinTech solutions in Odisha, with a focus on creating a sustainable and inclusive InsureTech ecosystem.
Supporting India’s Vision: This initiative aligns with India’s vision of "Insurance for All" by 2047, aiming to provide comprehensive life, health, and property insurance coverage to every citizen.

Leadership Statements

Chief Minister Mohan Charan Majhi: Stressed Odisha's commitment to becoming a leading hub for FinTech innovations by promoting startups and fostering a culture of innovation.
Sopnendu Mohanty, GFTN CEO Designate: Emphasized how the partnership aligns with India’s Viksit Bharat 2047 vision, focusing on impactful financial inclusion and sustainable economic empowerment.
Additional Collaborations: During the visit, eight other MoUs were signed between Odisha and various Singaporean organizations, covering areas such as skill development, green energy, and industrial park development.

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