
Eight MoUs were signed between Odisha and various Singaporean entities, focusing on sectors such as skill development, industrial parks, renewable energy, and information technology
The Government of Odisha's Electronics and IT Department has partnered with Singapore's Global Finance & Technology Network (GFTN) to establish a Global Competency Centre in Bhubaneswar. This collaboration aims to foster FinTech innovation with a particular focus on InsureTech and related areas, emphasizing inclusivity and sustainability. The initiative is a significant step toward making Bhubaneswar a prominent FinTech park in India.
The Memorandum of Understanding (MoU) was signed during Singapore President Tharman Shanmugaratnam’s official visit to Odisha on January 17, part of his State Visit to India from January 14 to 18. The initiative also commemorates the 60th anniversary of diplomatic relations between India and Singapore, which will be celebrated in 2025. This Odisha-Singapore collaboration is expected to further strengthen ties and set a benchmark for future smart city initiatives.
Accelerating FinTech revolution in Odisha
Odisha’s Chief Minister Mohan Charan Majhi highlighted the state’s commitment to leveraging GFTN’s global expertise to develop innovative and tailored FinTech solutions. “Odisha has emerged as a leader in India’s IT sector and is now diversifying its services sector to position itself as a hub for FinTech advancements. By establishing incubation centres, collaborating with academia and industry, and enhancing financial accessibility, we aim to become a key player in the global FinTech landscape,” he said.
The MoU aligns with India’s national vision of "Insurance for All" by 2047, aiming to provide comprehensive insurance coverage to every citizen. The initiative also supports India’s broader “Viksit Bharat 2047” vision, focusing on financial inclusion and sustainable economic growth. GFTN’s Group CEO Designate Sopnendu Mohanty remarked, “This partnership will harness Odisha’s talent and entrepreneurial spirit to accelerate the state’s digital economy and drive impactful financial inclusion. It will further enhance Singapore-Odisha FinTech collaboration, paving the way for transformative developments.”
Boosting bilateral ties
Principal Secretary Electronics & IT, Odisha, Vishal Dev, emphasized Odisha’s immense potential in FinTech, supported by generous policy incentives and a skilled talent pool. He noted that the state is building a robust ecosystem to support startups and drive technological advancements in the sector. Similarly, Principal Secretary of Finance, Odisha, Saswata Mishra, reiterated that financial inclusivity remains a cornerstone of the state’s development agenda.
As part of the collaboration, eight MoUs were signed between Odisha and various Singaporean entities, focusing on sectors such as skill development, industrial parks, renewable energy, and information technology. Singapore President Tharman also visited the World Skill Center in Bhubaneswar, where he interacted with students and instructors, further strengthening ties between Singapore and Odisha. These efforts align with Odisha’s vision of becoming a leading FinTech hub in India.
The Chief Minister of Odisha expressed enthusiasm for the growing partnership, stating, “There is tremendous potential for collaboration between Singapore and Odisha,” highlighting opportunities in areas like industrial development, renewable energy, smart city initiatives, and cultural exchange.
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