In a significant move that could reshape Odisha's digital economy, the state government has announced the establishment of the Integrated Global Financial Technology Capability Hub (I-GFTCH) in the city.
During President Tharman Shanmugaratnam's January visit, the government signed an MoU with Singapore-based Global Finance and Technology Network (GFTN) and Asian Institute of Digital Finance at National University of Singapore (NUS-AIDF). The I-GFTCH will be inaugurated by Chief Minister Mohan Charan Majhi on August 21, following the selection of the first batch of students.
Key highlights
- Odisha to unveil Integrated Global Financial Technology Capability Hub in Bhubaneswar on August 21, 2025.
- Global competency centre in partnership with Singapore’s GFTN to boost InsurTech innovation and financial inclusion.
Over the next five years, the first-of-its-kind FinTech capability center will prepare over 7,000 graduates for employment by providing professional training in the FinTech and InsurTech domains.
Minister for Electronics and IT, Mukesh Mahaling, stated that with I-GFTCH, Odisha not only enters the FinTech race, but also aims to set the pace. "Odisha's financial services sector, which currently accounts for approximately 8% of the state's gross state value added (GSVA), has been targeted for rapid growth under Vision Odisha 2036 and 2047. The state intends to increase its GSVA share to nearly 49 percent by 2047 by focusing on advanced banking, insurance, payments, and emerging FinTech solutions," he stated.
As part of the initiative, I-GFTCH will provide a future-proof FinTech and InsurTech professional certification program to job seekers who are chosen via an online test. This five-month hybrid course, which includes online modules, on-campus sessions, and internship placements, is designed for final-year undergraduate and postgraduate students looking to advance their careers in finance.
Suryabanshi Suraj, Minister for Higher Education, stated that this initiative places Odisha on the global map of digital skilling, perfectly aligning with India's broader technological aspirations. "We are committed to building a talent pipeline that can power India's innovation economy, and certification is a powerful step forward," said the CEO. I-GFTCH will also include a Center of Excellence (CoE) to promote digital innovation and business acceleration.
The hub, which is intended to serve as a launchpad for local startups and SMEs, will offer comprehensive support, including incubation, mentorship, bootcamps, market readiness programs, and venture development assistance.
Vishal Kumar Dev, Principal Secretary of Electronics and IT, stated that I-GFTCH will be the focal point of a globally integrated, multi-pronged strategy to promote inclusive growth, digital transformation, and international collaboration. "It will nurture financial technology and InsurTech startups and create a talent pool of professionals to help Odisha sustain its competitive edge in the digital economy," according to him.
Group CEO of GFTN Sopnendu Mohanty said Odisha’s vision to become a global FinTech innovation hub is coming to life through world-class certification programmes and a cutting-edge capability hub unlocking global opportunities for local talent and building a future-ready digital economy.
Also Read: World FinTech Day: India's Digital Finance Revolution Takes Center Stage
The government also announced that Odisha will host the India edition of the Black Swan Summit (BSS), a premier international event, in the first quarter next year to explore disruptive innovations like tokenisation, AI, quantum computing and digital infrastructure. Launched this year in Perth, Western Australia, the summit now anchors the Black Swan Network, GFTN’s flagship multi-location, global platform for collective foresight and international collaboration.
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