Odisha Eyes FinTech Leadership with Global Collaboration

Bhubaneswar: The Government of Odisha took a decisive step toward establishing itself as a leading FinTech hub by hosting a joint workshop between the Electronics and Information Technology (E&IT) Department and the Singapore-based Global Finance and Technology Network (GFTN). Held at Hotel Trident, the workshop brought together policymakers, industry leaders, and international experts to chart a roadmap for the state’s FinTech transformation.

The event was attended by Health and Family Welfare, Electronics and IT, and Parliamentary Affairs Minister Dr. Mukesh Mahaling; Principal Secretary, E&IT Department, Shri Vishal Dev; Principal Secretary, Finance Department, Saswata Mishra; and senior representatives from GFTN.

GFTN, a non-profit organization from Singapore, is known for fostering global collaborations on technology innovation in financial services. Its advisory board features esteemed leaders, including former central bank governors, ministers, and heads of top financial institutions worldwide.

Speaking at the workshop, Dr. Mahaling emphasized Odisha’s readiness to embrace the FinTech revolution.

“Odisha is a state with immense potential. Our government is committed to transforming it into one of India’s foremost FinTech hubs. With generous policy incentives and a robust talent pool, we are poised to lead this sector,” he said.

Principal Secretary, E&IT Department, Vishal Dev, highlighted Odisha’s progress in IT and the government’s focus on diversifying the services sector.

“By fostering innovation and encouraging startups, Odisha aims to position itself as a hub for cutting-edge advancements in FinTech and InsurTech,” he said.

Saswata Mishra, Principal Secretary of the Finance Department, underscored the importance of financial inclusivity.

“A strong FinTech ecosystem is pivotal to achieving the Government of Odisha’s vision of inclusivity and sustainable development,” he added.

GFTN representatives presented a multi-year plan to establish a Global Competency Center for InsurTech in Odisha. This hub aims to drive innovation and growth at the state, national, and global levels.

The workshop also explored how small and medium enterprises (SMEs) can integrate Environmental, Social, and Governance (ESG) factors into their business models, aligning with global sustainability goals.

Key discussions revolved around:

• Advancing the FinTech and InsurTech sectors.
• Strengthening the venture capital ecosystem to attract funding.
• Creating an inclusive environment for entrepreneurs, particularly women and marginalized communities.
• Integrating financial inclusivity with advanced technology to ensure sustainable growth.

The government announced plans to unveil a dedicated FinTech Policy during the Utkarsh Odisha: Make in Odisha Conclave 2025, further solidifying the state’s commitment to the sector.