E&IT Department organizes joint workshop with Singapore-based GFTN State Government committed to transform Odisha into FinTech hub: E &IT Minister Dr. Mahaling
Bhubaneswar, 6th January 2025: The Electronics and Information Technology (E&IT) Department, Government of Odisha, organized a joint workshop with the Singapore-based Global Finance and Technology Network (GFTN) today in Hotel Trident. Health and Family Welfare, Electronics and IT, and Parliamentary Affairs Minister Dr. Mukesh Mahaling; Principal Secretary, Electronics and IT Department, Shri Vishal Dev; Principal Secretary, Finance Department, Shri Saswata Mishra; Special Secretary Electronics and IT Department Shri Manas Panda; CEO Odisha Computer Application Centre (OCAC) Dr. Pradeep Raut, other government officials, and senior representatives from GFTN attended the event.
GFTN is a Singapore based not-for-profit organization that engages with leaders from government, businesses, academia, and civil society to foster international collaborations on technology innovation, application and adoption in financial services. The network’s advisory board includes former central bank governors and ministers of different countries as well as heads of leading financial firms.
Speaking on the occasion, Dr. Mahaling 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 requisite talent pool to succeed in this sector.”
Principal Secretary E&IT, Shri Vishal Dev, added, “Odisha has become one of India’s leading states in IT, and the State now aims to diversify its services sector. By fostering innovation and encouraging startups, the state will position itself as a hub for cutting-edge advancements in the FinTech sector.”
Principal Secretary Finance, Shri Saswata Mishra, highlighted the measures the Government has taken to enhance financial inclusivity in the State. He added, “Financial inclusivity remains a cornerstone of Government of Odisha’s developmental agenda, and a robust FinTech ecosystem will play a pivotal role in achieving this vision.”
During the workshop, GFTN representatives presented their multi-year plan to establish and grow an InsurTech hub in Odisha. This hub will serve as a Global Competency Center and enable the growth of the Insurtech industry at the state, national, and global level. The workshop also focused on ways through which SMEs can integrate Environmental, Social and Governance (ESG) factors into their business strategies and contribute to sustainable development.
The discussion also focused on ways through which Odisha can emerge as a leading FinTech and InsurTech hub. Participants deliberated on various measures, including fostering advancements in the FinTech and InsurTech sectors, enhancing the venture capital ecosystem to attract funding, and creating an inclusive environment for entrepreneurs. Special emphasis was placed on empowering women entrepreneurs and those from marginalized communities through targeted policies and initiatives to ensure equitable participation in the FinTech revolution. Collaborative brainstorming highlighted the need to integrate financial inclusivity with advanced technology, establishing Odisha as a leader in promoting sustainable and inclusive growth within the sector.
Singapore has emerged as a global FinTech hub, and collaboration with GFTN will enable Government of Odisha to catalyze the development of the state’s FinTech ecosystem. The government is taking a series of initiatives in this regard. The E&IT Department will unveil a dedicated FinTech Policy during Utkarsh Odisha: Make in Odisha Conclave 2025.
Saurav Pradhan,
Information Officer
