Singapore’s GFTN Partners with Odisha to Establish Fintech Hub – Fintech Singapore

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The Government of Odisha and Singapore’s Global Finance & Technology Network (GFTN) have signed an agreement to create a fintech hub in Bhubaneswar.

The agreement, signed during Singapore President Tharman Shanmugaratnam’s visit to Odisha, will see the establishment of a Global Competency Centre focused on developing insurance technology (insurtech).

This initiative aims to support India’s goal of “Insurance for All” by 2047 and aligns 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 insurtech, and creating a platform for collaboration between domestic and international companies.

SG report 2024

The partnership will also facilitate knowledge sharing through an annual forum and utilise a global sandbox platform, APIX, for innovation in insurance and pensions.

Additionally, it will pilot an ESG disclosure infrastructure for MSMEs and develop an integrated platform combining finance, ESG, and insurance to strengthen Odisha’s digital economy.

Shri Mohan Charan Majhi
Shri Mohan Charan Majhi

Shri Mohan Charan Majhi, Chief Minister of Odisha, said,

“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.”

Sopnendu Mohanty
Sopnendu Mohanty

Sopnendu Mohanty, Group CEO Designate of GFTN, said,

“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.”

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