Govt Eyes Funds Boost In Fintech Sector At Biz Conclave | Bhubaneswar News – Times of India

BHUBANESWAR: The state government is eyeing to make

Odisha

a potential destination for financial technology (fintech) companies after putting an ecosystem in place and its push for digitization. During his recent visit to Mumbai, chief minister Naveen Patnaik had met many leading bankers and representatives of financial institutes to seek investments in the state and the government is hopeful of attracting investments in

fintech

sector during the Make in Odisha (MIO) conclave from November 30.
“Fintech is one of the emerging sectors that the state government is strongly promoting. There are many home-grown fintech startups that have been doing extremely well. With a growing need to deliver financial services and government-led financial transactions, there is enough ground for fintech companies for testing their ideas and getting into business,” said

Omkar Rai

, executive chairman,

Startup Odisha

. Fintech companies provide financial solutions to people like various types of loans, e-payments and e-commerce, mobile banking, insurance, credit scores, investment and trading, among others.

The state government is planning to attract both domestic and overseas financial institutions and to develop requisite supporting infrastructure to accommodate companies which offer banking, non-banking financial services, financial BPOs, regulatory institutions, financial market operations and training centres, official sources said. “At the MIO-3, the government is giving emphasis on sectors that have little or no presence in the state. Since Mumbai is the financial capital of India, during the road show ahead of MIO-3, the chief minister met many leading bankers and attempted to lure more investment from fintech, investment and commercial banks, financial agencies, stock markets, besides the traditional sectors. We are hopeful of attracting investment in the fintech sector,” said Hemant Sharma, principal secretary, industries department. Experts said that in the Union Budget 2022, the Centre announced setting up of 75 digital banking units, which created an interesting window for banks to start and explore virtual offerings and at the same time for fintech firms to partner with banks in helping them providing various financial services.