Government of Odisha’s Electronics and Information Technology (E&IT) Department and GFTN sign a Memorandum of Understanding (MoU) to establish a FinTech Hub in Bhubaneswar

Shri Mohan Charan Majhi, Chief Minister of Odisha said: “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 MoU aims to support India’s national vision of "Insurance for All" by 2047, where every citizen has appropriate life, health, and property insurance coverage. States like Odisha are taking strides in implementing the new policy to ensure the regulatory architecture is aligned with the market dynamics and innovation is turbo charged while mainstreaming technology for financial inclusion.    

"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 Mr Sopnendu Mohanty, Group CEO Designate of GFTN.       

Principal Secretary Electronics & IT, Odisha, Shri 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, Finance, Odisha, Shri Saswata Mishra said: "Financial inclusivity remains a cornerstone of Government of Odisha's developmental agenda, and a robust FinTech ecosystem will play a pivotal role in achieving this vision."   

The InsureTech Hub developed in Odisha in partnership with GFTN will aim to:    

• Establish an InsureTech Global Competency Centre to drive innovative product development and software solutions. The cluster will support both domestic and international companies.      

• Build an Advanced Skilling and Upskilling Centre dedicated to InsureTech product development and associated sectors, including pensions.     

• Develop an Annual Forum that brings together thought leaders to discuss the intersection of technology, finance, economy, and sustainability, focusing on insurance and pensions. This event will be part of the GFTN Global Forum Network, giving Odisha's Global Competency Centre access to the international FinTech ecosystem.     

• Establish and Deploy a National and Global Sandbox Platform for innovation in the insurance and pensions sectors through APIX, an innovation platform founded by the Monetary Authority of Singapore, the International Financial Corporation, the World Bank Group, and the ASEAN Bankers Association that empowers financial institutions to accelerate their innovation journeys by collaborating with FinTech’s, InsureTech’s, and innovators from over 100 countries, using market-leading digital tools and services.     

• Create an Investor Ecosystem designed to strengthen startups and scale-ups in InsureTech and related areas.     

• Pilot and Scale Environmental, Social and Governance (ESG) Disclosure Infrastructure using GFTN's Disclosure Platform Gprnt (Greenprint) for micro, small and medium enterprises (MSMEs) in Odisha. 

• Develop an Integrated Platform to Combine Finance, ESG, and Insurance to enhance Odisha's digital economy.     

Special Secretary Electronics & IT, Odisha, Shri Manas Ranjan Panda noted: “Singapore has emerged as a global FinTech Hub, and collaboration with GFTN will enable the Government of Odisha to catalyse the development of the state's start-up, innovation and FinTech ecosystem, establishing Odisha as a leader in promoting sustainable and inclusive growth in the sector.”  

About the Global Finance & Technology Network (GFTN)  

The Global Finance & Technology Network (GFTN) set up by the Monetary Authority of Singapore drives global impact in finance, technology, and sustainability by catalysing technology and innovation in finance for more efficient, resilient, and inclusive financial ecosystems. Through its two subsidiaries, GFTN Services and GFTN Capital, it convenes global forums, offers capacity-building and advisory services, provides access to transformative digital platforms, and invests in technology startups with the potential for growth and positive social impact.  

 
For more information on GFTN and the InsureTech Hub initiative, contact:    

Preeti Dawra    

Press Advisor, GFTN    

Email: Preeti.dawra@gftn.com    

ANNEX    

Areas of Collaboration between GFTN and the Government of Odisha   

Talent Development: Aligned with industry needs, create specialized training programs in FinTech and InsureTech to upskill mid-career professionals and students by driving partnerships with local and global universities, training institutions, and industry associations.    

Capital Facilitation: Establish local venture capital funds and angel networks and attract startup corporate investments.   

Policy Enablement: Facilitate the formulation of business-friendly policy frameworks to support innovation and enable the growth of Odisha's GCC, FinTech, and InsureTech ecosystem.   

Innovation Ecosystem Development: Foster collaboration among startups, academic institutions, and industry players through the establishment and operationalization of an innovation sandbox for FinTech and InsureTech, and support grassroots innovation through hackathons, incubators, and accelerators to develop prototypes and test solutions. This will be done via APIX, an innovation platform founded by the Monetary Authority of Singapore, the International Financial Corporation, the World Bank Group, and the ASEAN Bankers Association. APIX empowers financial institutions to accelerate their innovation journeys by collaborating with FinTechs, InsureTechs, and innovators from over 100 countries, using market-leading digital tools and services.   

Sustainability Platforms: Establish a platform focused on sustainability technology for small and medium enterprises (SMEs) to enable them to adopt best practices for ESG disclosures through Gprnt (Greenprint), a FinTech company started by the Monetary Authority of Singapore. Gprnt is part of GFTN's digital platforms, which enables trusted, high-quality ESG data flows and acts as a key data bridge between industry and policymakers. Governments, financial institutions, corporations, and SMEs can easily collect, measure, and act on their ESG data for use cases.   

Annual Global Forum: Organise an annual global forum as part of GFTN global network to convene thought leaders, policymakers, industry stakeholders, and innovators. This forum will focus on advancing the FinTech and InsureTech ecosystems while fostering collaboration, knowledge sharing, and innovation to address challenges and opportunities in the industry.