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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, according to a statement.
The agreement, signed during Singapore President Tharman Shanmugaratnam’s visit to Odisha, aligns with India’s vision of Insurance for All by 2047.
The Government of Odisha’s Electronics and IT Department has partnered with Singapore-based Global Finance and Technology Network (GFTN) to establish a Global Competency Centre in Bhubaneswar, focusing on InsureTech for financial inclusion.
The agreement, signed during Singapore President Tharman Shanmugaratnam’s visit to Odisha, aligns with India’s vision of “Insurance for All” by 2047, according to an official statement.
Odisha Chief Minister Mohan Charan Majhi emphasised Odisha’s growing role in India’s IT and FinTech sectors, aiming to drive innovation through start-ups, incubation centres, and academia-industry collaboration. The hub will serve as a platform for product development, skilling initiatives, and international forums, while fostering global partnerships.
“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,” according to the statement.
Key initiatives include developing an advanced skilling center, a global sandbox platform for insurance innovation, and an ESG disclosure infrastructure for MSMEs.
GFTN CEO Designate Sopnendu Mohanty highlighted Odisha’s talent potential and its role in advancing the digital economy.
With generous policy incentives and a focus on inclusivity, Odisha aims to position itself as a leader in the global FinTech landscape, according to the statement.
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.”
Vishal Dev, principal secretary for electronics & IT, Odisha government, said, “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.”
