The state government of Odisha has announced the creation of the Integrated Global Financial Technology Capability Hub (I-GFTCH) in the city, a landmark decision that has the potential to transform the state’s digital economy.

The government inked a Memorandum of Understanding (MoU) with the Asian Institute of Digital Finance at the National University of Singapore (NUS-AIDF) and the Singapore-based Global Finance and Technology Network (GFTN) during President Tharman Shanmugaratnam’s January visit.

After the first group of students is chosen, Chief Minister Mohan Charan Majhi will officially launch the I-GFTCH on August 21.

The first-of-its-kind FinTech competence center will teach professionals in the FinTech and InsurTech fields, preparing more than 7,000 graduates for employment over the course of the next five years.

With I-GFTCH, Odisha not only joins the FinTech race but also hopes to lead it, according to Minister for Electronics and IT Mukesh Mahaling. Under Vision Odisha 2036 and 2047, the financial services industry in Odisha, which presently contributes around 8% of the state’s gross state value added (GSVA), is expected to grow rapidly. By concentrating on advanced banking, insurance, payments, and cutting-edge FinTech solutions, the state hopes to raise its GSVA share to over 49 percent by 2047,” he said.

Job applicants selected through an online exam will be offered a future-proof FinTech and InsurTech professional certification program by I-GFTCH as part of the project. This five-month hybrid course is intended for postgraduate and final-year undergraduate students who want to progress in their financial careers. It consists of online courses, on-campus sessions, and internship placements.

“This initiative puts Odisha on the global map of digital skilling, perfectly aligning with India’s broader technological aspirations,” said Minister of Higher Education Suryabanshi Suraj. “We are committed to building a talent pipeline that can power India’s innovation economy, and certification is a powerful step forward,” stated the chief executive officer. Additionally, I-GFTCH will have a Center of Excellence (CoE) to support business acceleration and digital innovation.

The center will provide all-encompassing support, including incubation, coaching, bootcamps, market readiness programs, and venture development help, with the goal of acting as a launching pad for regional startups and SMEs.

I-GFTCH will serve as the centerpiece of a globally integrated, multifaceted strategy to support inclusive growth, digital transformation, and international cooperation, according to Vishal Kumar Dev, Principal Secretary of Electronics and IT. “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,” he said.

Odisha’s goal to become a global hub for FinTech innovation is being realized, according to Sopnendu Mohanty, group CEO of GFTN, thanks to top-notch certification programs and a state-of-the-art capabilities hub that opens up international prospects for local talent and creates a digital economy prepared for the future.

In addition, the government said that in the first quarter of next year, Odisha will host the India edition of the Black Swan Summit (BSS), a prestigious worldwide gathering that aims to investigate disruptive ideas such as digital infrastructure, tokenization, artificial intelligence, and quantum computing.

The summit, which was introduced this year in Perth, Western Australia, now serves as the focal point of the Black Swan Network, GFTN’s premier multi-location, worldwide platform for group vision and cross-border cooperation.