Government of Odisha and Singapore Global Finance and Technology Network (GFTN) signed an agreement to create a fintech hub in Bhubaneswar.
of agreementThe agreement was signed during Singapore President Tharman Shanmugaratnam’s visit to Odisha and will see the establishment of a global competency center focused on the development of insurance technology (insurtech).
The initiative aims to support India’s goal of ‘Insurance for All’ by 2047 and is in line with the country’s broader vision for financial inclusion and sustainable economic development.
The hub will focus on developing innovative insurance products and software solutions, providing advanced training in insurtechs, and building a platform for collaboration between domestic and international companies.
The partnership will foster knowledge sharing through an annual forum and leverage the global sandbox platform APIX for insurance and pension innovation.
Additionally, we will pilot an ESG disclosure infrastructure for MSMEs and develop an integrated platform combining finance, ESG and insurance to strengthen Odisha’s digital economy.
Chief Minister of Odisha Shri Mohan Charan Majhi said:
“The state fosters innovation and supports startups establishing itself as a hub for fintech advancement. Odisha, in collaboration with the Global Finance & Technology Network (GFTN) We aim to leverage our resources to drive innovation and create customized fintech solutions.
We have established incubation centers, fostered collaboration with academia and industry, and strengthened financial access. These initiatives are aimed at positioning Odisha as a key player in the global fintech landscape. ”
Sopnendu Mohanty, who has been appointed Group CEO of GFTN, said:
“GFTN’s partnership with the Government of Odisha to build a global competency center for insurtech aligns with India’s Vikshit Bharat 2047 vision to achieve impactful financial inclusion and sustainable economic empowerment. We are doing so.
By leveraging Odisha’s vast human resources and entrepreneurial potential, the hub will accelerate the growth of the state’s digital economy. ”
