Singapore’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.

During the official visit of Singapore President Tharman Shanmugaratnam to Odisha, India, Government of Odisha’s Electronics and Information Technology (E&IT) Department and the Global Finance & Technology Network (GFTN) signed a Memorandum of Understanding (MoU) to establish a Global Competency Centre in Bhubaneshwar Odisha.

The initiative should foster fintech collaboration, with a focus on developing an inclusive and sustainable InsureTech and related areas. 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.

India’s Viksit Bharat 2047 Vision

«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,» Sopnendu Mohanty, Group CEO Designate of GFTN, said.     

«Singapore has emerged as a global FinTech Hub, and collaboration with GFTN will enable the Government of Odisha to catalyze the development of the state's start-up, innovation and FinTech ecosystem, establishing Odisha as a leader in promoting sustainable and inclusive growth in the sector,» Shri Manas Ranjan Panda, Special Secretary Electronics & IT, Odisha, added.

The InsureTech Hub will aim to:    

  • Establish an InsureTech Global Competency Centre to drive innovative product development and software solutions. The cluster will support both domestic and international companies.
  • Build an Advanced Skilling and Upskilling Centre dedicated to InsureTech product development and associated sectors, including pensions.
  • Develop an Annual Forum that brings together thought leaders to discuss the intersection of technology, finance, economy, and sustainability, focusing on insurance and pensions. This event will be part of the GFTN Global Forum Network, giving Odisha's Global Competency Centre access to the international FinTech ecosystem.
  • Establish and Deploy a National and Global Sandbox Platform for innovation in the insurance and pensions sectors through APIX, an innovation platform founded by the Monetary Authority of Singapore, the International Financial Corporation, the World Bank Group, and the ASEAN Bankers Association that empowers financial institutions to accelerate their innovation journeys by collaborating with FinTech’s, InsureTech’s, and innovators from over 100 countries, using market-leading digital tools and services.
  • Create an Investor Ecosystem designed to strengthen startups and scale-ups in InsureTech and related areas.
  • Pilot and Scale Environmental, Social and Governance (ESG) Disclosure Infrastructure using GFTN's Disclosure Platform Gprnt (Greenprint) for micro, small and medium enterprises (MSMEs) in Odisha.
  • Develop an Integrated Platform to Combine Finance, ESG, and Insurance to enhance Odisha's digital economy.