In his post on X (formerly Twitter), Chief Minister Majhi said that President Shanmugaratnam had praised the showcase of Odisha’s traditions, culture, and heritage at the museum. The visit provided an opportunity to explore potential avenues for collaboration between Odisha and Singapore, especially in the fields of business, culture, and sustainable development.

Alongside the visit, a productive meeting and a dinner with distinguished guests, including the Odisha Governor Haribabu Kambhampati, were held at the museum. The two-day visit, from January 14 to 18, also focused on enhancing bilateral ties and fostering new partnerships.

As part of his visit, President Tharman was involved in the signing of eight Memoranda of Understanding (MoUs) aimed at strengthening collaboration across various sectors. The agreements include two MoUs between the Odisha Industrial Infrastructure Development Corporation (IDCO) and Singapore’s Sembcorp for the development of industrial parks and a green hydrogen corridor.

Additionally, an MoU was signed between IDCO and Surbana Jurong, Singapore, for the development of the Petrochemical and Petroleum Investment Region (PCPIR) in Odisha. Another MoU between the Bhubaneswar Development Authority (BDA) and Surbana Jurong will focus on the development of a new city in the state.

The collaboration extends to the energy sector as well, with an MoU signed between Nanyang Technological University (NTU), GRIDCO, and IIT Bhubaneswar for the promotion of new energy solutions. Further, an MoU between the Electronics & IT Department of Odisha and Global Finance & Technology Network (GFTN), Singapore, seeks to bolster the FinTech ecosystem in the region.

The visit of President Shanmugaratnam underscores the growing partnership between Odisha and Singapore, reflecting shared ambitions in areas such as sustainable development, business innovation, and cultural exchange.

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The MoU was signed during the official visit of Singapore President Tharman Shanmugaratnam to Odisha, coinciding with the celebration of the 60th anniversary of diplomatic relations between India and Singapore. The initiative is poised to accelerate the development of Odisha’s digital economy, aligning with India’s vision of “Insurance for All” by 2047.

Chief Minister of Odisha, Mohan Charan Majhi, expressed the state’s ambition to harness GFTN’s global expertise to drive tailored FinTech solutions. He emphasized that Odisha has already made strides in becoming a leader in India’s IT sector and now aims to expand its services sector through the promotion of innovation, startup ecosystems, and collaborations with academia and industry. These efforts are geared toward making Odisha a hub for FinTech advancements.

“Through this partnership with GFTN, Odisha will not only promote financial inclusion but will also push the boundaries of technological innovation in InsureTech,” said CM Majhi. “The creation of incubation centres and global collaborations will enable us to foster a thriving FinTech ecosystem.”

Sopnendu Mohanty, CEO Designate of GFTN, highlighted the alignment of the partnership with India’s Viksit Bharat 2047 vision, which focuses on financial inclusion and sustainable economic empowerment. By leveraging Odisha’s entrepreneurial potential and talent, the hub will become a catalyst for the state’s digital transformation.

The MoU further supports India’s broader goal of ensuring that every citizen is covered by life, health, and property insurance by 2047. Odisha, with its evolving regulatory framework, is taking proactive steps to mainstream technology and innovation to achieve financial inclusivity.

In a statement, Vishal Dev, Principal Secretary of Electronics & IT, Odisha, pointed out the state’s immense potential and its commitment to becoming one of India’s leading FinTech hubs. The government’s generous policy incentives, coupled with the state’s skilled workforce, make Odisha an ideal destination for FinTech innovation.

“Financial inclusivity is at the heart of Odisha’s developmental agenda,” said Saswata Mishra, Principal Secretary of Finance, Odisha. “A strong FinTech ecosystem will be instrumental in achieving this vision.”

The signing of the MoU was part of a broader series of engagements between Odisha and Singapore. In the presence of Singapore’s President, Odisha exchanged a total of eight MoUs with various Singaporean entities to strengthen collaboration in diverse sectors, including skill development, renewable energy, semiconductors, and data centers.

Earlier in the day, President Tharman visited the World Skill Center in Bhubaneswar, where he was welcomed by CM Majhi and received a detailed briefing on Odisha’s initiatives and opportunities for collaboration with Singapore. The President also toured the Vertical Transportation Lab and Travelator Lab, interacting with students and instructors, underscoring the growing partnership between the two regions.

With these agreements in place, Odisha is well on its way to becoming a central hub for FinTech innovation, contributing to India’s broader financial inclusion goals while fostering sustainable economic growth.

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