The Government of Odisha and Singapore’s Global Finance & Technology Network (GFTN) have partnered to create a fintech hub in Bhubaneswar, focusing on developing innovative insurtech solutions. The initiative will support India’s goal of financial inclusion by fostering collaborations, advanced training, and innovation in the fintech sector.
The Government of Odisha, India, and Singapore’s Global Finance & Technology Network (GFTN) have signed a partnership to create a fintech hub in Bhubaneswar. This collaboration aims to foster innovation in insurtech and align with India’s broader goals for financial inclusion and sustainable economic development.
Partnership to Boost Insurtech and Financial Inclusion
The partnership will see the establishment of a Global Competency Centre focused on the development of insurance technology (insurtech). The centre will provide advanced training, foster innovation in insurance products, and create a platform for collaboration between domestic and international companies. This initiative is in line with India’s vision of achieving “Insurance for All” by 2047, aiming to enhance financial accessibility for all citizens.
The project is designed to support the state’s ambition to be a global player in the fintech landscape by providing a collaborative environment for the growth of digital solutions, particularly in the insurance sector.
Key Focus Areas
The fintech hub will focus on the development of advanced insurance products and software solutions, providing training for professionals in insurtech, and fostering partnerships to develop products tailored to local and global needs. Additionally, the hub will launch an annual forum for knowledge sharing and use the global sandbox platform APIX to drive innovation in the insurance and pensions sectors.
Strengthening Odisha’s Digital Economy
The partnership aims to not only drive innovation in the fintech and insurtech space but also support the state’s broader digital economy goals. By facilitating the creation of an integrated platform that merges finance, insurance, and environmental, social, and governance (ESG) factors, the initiative will enhance the state’s digital economy and its global competitiveness.
Statements from Leadership
The state is fostering innovation and supporting startups to position itself as a hub for fintech advancements. In collaboration with GFTN, Odisha aims to leverage global expertise to drive innovation and create tailored fintech solutions.”
Shri Mohan Charan Majhi, Chief Minister of Odisha
This partnership aligns with India’s Viksit Bharat 2047 vision, which seeks to achieve financial inclusion and sustainable economic empowerment, leveraging Odisha’s immense talent and entrepreneurial potential to drive the growth of the state’s digital economy.”
GFTN’s representative
About GFTN
The Global Finance & Technology Network (GFTN) is a Singapore-based organization that focuses on accelerating the development of fintech, insurtech, and other digital solutions in collaboration with governments and businesses worldwide.
