Odisha-Singapore MoU: Launch of FinTech Hub in Bhubaneswar
In a significant move to bolster the FinTech sector, 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 innovation in InsureTech and related areas, aligning with India’s vision of “Insurance for All” by 2047.
MoU Signing: The Memorandum of Understanding was signed during the official visit of Singapore President Tharman Shanmugaratnam to Odisha on January 17, 2025.
Strategic Objectives: The initiative seeks to leverage GFTN’s global expertise to drive innovation and develop tailored FinTech solutions in Odisha. The focus is on creating an inclusive and sustainable InsureTech ecosystem.
Supporting India’s Vision: This partnership supports India’s national vision of “Insurance for All” by 2047, aiming to provide every citizen with appropriate life, health, and property insurance coverage.
Additional Collaborations: During the visit, eight MoUs were signed between Odisha and various Singaporean entities, covering sectors such as skill development, green energy, and industrial park development.
| Why in News | Key Points |
|---|---|
| Odisha-Singapore MoU to establish FinTech hub in Bhubaneswar | Odisha government signs MoU with Singapore’s GFTN to create a FinTech hub in Bhubaneswar focusing on InsureTech and financial inclusion. |
| MoU Signatory | Odisha and Singapore’s GFTN (Global Finance & Technology Network) |
| Focus Area | InsureTech innovation, financial inclusion, technology-driven solutions in the insurance sector. |
| Partnership Goals | To drive innovation in FinTech, focusing on financial inclusion and insurance coverage for all by 2047. |
| Significance of MoU | Strengthening Odisha’s position in the global FinTech landscape. |
| Supporting India’s Vision | Aligns with India’s “Insurance for All” by 2047, focusing on providing accessible insurance to every citizen. |
| Leadership Involved | Chief Minister Mohan Charan Majhi (Odisha), Sopnendu Mohanty (CEO Designate of GFTN, Singapore). |
| Key Objective | Create a sustainable InsureTech ecosystem, leveraging global expertise for financial innovation and inclusion. |
| Additional MoUs Signed | 8 MoUs signed during Singapore President Tharman Shanmugaratnam’s visit, covering skill development, green energy, and industrial park development. |
| Location | Bhubaneswar, Odisha |
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