Odisha, Singapore sign MoU to establish FinTech hub in Bhubaneswar
Odisha and Singapore Join Forces for FinTech Innovation
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 Bhubaneshwar. This initiative aims to enhance FinTech collaboration, focusing on InsureTech and related areas.
Key Highlights
The Memorandum of Understanding (MoU) was signed during Singapore President Tharman Shanmugaratnam's visit to Odisha. This collaboration commemorates the 60th anniversary of diplomatic relations between India and Singapore in 2025.
Odisha's Vision
Chief Minister Mohan Charan Majhi emphasized Odisha's goal to leverage GFTN's expertise to drive innovation and create tailored FinTech solutions. The state is fostering innovation, supporting startups, and positioning itself as a FinTech hub.
National Vision Alignment
The MoU supports India's vision of "Insurance for All" by 2047, aiming for comprehensive insurance coverage for all citizens. Odisha is aligning its regulatory framework with market dynamics to enhance financial inclusion.
Statements from Leaders
Sopnendu Mohanty, Group CEO Designate of GFTN, highlighted the partnership's alignment with India's Viksit Bharat 2047 vision. Principal Secretary Electronics & IT, Vishal Dev, and Principal Secretary of Finance, Saswata Mishra, emphasized Odisha's potential and commitment to becoming a leading FinTech hub.
Additional Collaborations
Eight MoUs were exchanged between Odisha and Singaporean entities to strengthen collaboration in various sectors. Singapore President Tharman also visited the World Skill Center in Bhubaneswar, marking a milestone in the partnership.
Doubts Revealed
Odisha
Odisha is a state located on the eastern coast of India. It is known for its rich culture, history, and beautiful temples.
Singapore
Singapore is a small island country in Southeast Asia. It is known for being a global financial hub and has a strong economy.
FinTech
FinTech stands for Financial Technology. It refers to new technology that aims to improve and automate the delivery and use of financial services.
Global Competency Centre
A Global Competency Centre is a place where experts from different fields come together to share knowledge and develop new skills, especially in technology and finance.
MoU
MoU stands for Memorandum of Understanding. It is an agreement between two or more parties to work together on a common goal.
InsureTech
InsureTech is a part of FinTech that focuses on using technology to improve the insurance industry.
Tharman Shanmugaratnam
Tharman Shanmugaratnam is a well-known politician from Singapore. He was the President of Singapore at the time of this collaboration.
Insurance for All
Insurance for All is a vision or goal to make insurance accessible to everyone, ensuring financial protection for all people by the year 2047.
Bhubaneshwar
Bhubaneshwar is the capital city of Odisha, India. It is known for its ancient temples and is a growing center for technology and education.
GFTN
GFTN stands for Global Finance & Technology Network. It is an organization that connects finance and technology experts worldwide to foster innovation.
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