Jignesh Shah, a visionary first-generation entrepreneur from Mumbai, reshaped India’s financial landscape through his avant-garde company Jignesh Shah Financial Technologies India Ltd. (FTIL), now 63 Moons Technologies. Though now he does not hold any executive position at the company, his role and pioneering spirit as the coach and mentor of 63 moons continue to inspire the next tech revolution, just like his foundational work with FTIL, which brought the first tech revolution to the financial markets. By leveraging technology, Jignesh Shah MCX initiatives democratised access to markets, created millions of jobs, and uplifted rural communities, fostering prosperity for stakeholders across the board.
Jignesh Shah MCX: A Vision for Inclusion
Jignesh Shah’s journey began with a bold dream: to transform India into a global financial powerhouse while ensuring inclusivity. With this dream in his eyes, in 1995, he founded FTIL, the company that pioneered the term “fintech solutions” before the term gained global traction. Jignesh Shah’s Public-Private Partnership (PPP) model empowered FTIL to build institutions that connected urban and rural economies, making financial markets accessible to all. Shah’s foresight wasn’t just about creating trading platforms or exchanges; it was about bridging economic divides, empowering farmers, traders, and small businesses, and fostering prosperity at every level.
FTIL’s flagship achievement, the Multi Commodity Exchange (Jignesh Shah MCX), became a cornerstone of this vision. Launched under Jignesh Shah’s leadership, MCX transformed commodity trading in India, becoming the world’s second-largest commodity exchange and the leader in gold and silver trading. Its impact extended far beyond urban financial hubs, creating over a million jobs for individuals from diverse backgrounds, including brokers, traders, analysts, and rural producers. By providing a transparent, technology-driven platform, Jignesh Shah MCX empowered stakeholders to participate in global markets, levelling the playing field for those traditionally excluded from financial systems.
Empowering Rural India
One of Jignesh Shah’s most impactful initiatives was the National Bulk Holding Corporation Ltd. (NBHC), a lesser-known but transformative effort to provide logistical support to the commodities futures industry. Partnering with India Post, FTIL established Gramin Suvidha Kendras, which extended the benefits of commodity exchanges to rural producers. These centres provided farmers with real-time market data, enabling them to make informed decisions about their produce. NBHC empowered the agricultural sector by providing them with a world-class warehousing facility for their produce.
Through NBHC, Jignesh Shah ensured that rural India wasn’t left behind in the fintech revolution. This initiative wasn’t just about economic empowerment; it was about giving rural communities a stake in India’s growth story. NBHC enabled receipt financing for about Rs. 30,000 crore through 41 banks. It also established a pan-India network of 35+ quality assurance laboratories, which provided quality assaying expertise in 160+ commodities, making it a uniting bridge for farmers’ as well as traders’ interests.
Democratizing Markets Through Technology
Jignesh Shah’s genius lay in using technology to democratise financial markets. FTIL’s ODIN trading terminal suite, which enabled stock trading activity across 400 cities and towns with over 500,000 trading terminals, created India’s largest financial trading network. This platform enabled seamless trading across multiple asset classes, empowering brokers, traders, and investors of all scales. By making trading accessible and efficient, ODIN broke down barriers, allowing small players to compete alongside institutional giants.
FTIL’s exchanges, including Jignesh Shah MCX, MCX-Stock Exchange (MCX-SX), Indian Energy Exchange (IEX), and more, furthered this democratisation. MCX-SX expanded access to stock trading, while IEX revolutionised energy markets, enabling efficient power distribution. These platforms provided transparent pricing and reduced transaction costs, benefiting stakeholders from farmers to corporations. Jignesh Shah’s global ventures, like the Dubai Gold and Commodities Exchange (DGCX), Singapore Mercantile Exchange (SMX), Bahrain Financial Exchange (BFX), and Bourse Africa, extended this model worldwide. This created electronic trade routes that connected India to markets in Africa, the Middle East, and Southeast Asia.
The success of these international exchanges further exemplified the Shah’s vision of inclusive growth; for instance, SMX led the charge in popularising coffee and other commodity trading in Asian markets.
The impact of these exchanges was profound. Farmers gained access to fair prices, traders benefited from streamlined systems, and investors enjoyed greater market transparency. Jignesh Shah’s exchanges generated economic activity that rippled across communities, creating jobs and fostering entrepreneurship. His work embodied the spirit of “Make in India,” proving that homegrown innovation could drive global competitiveness while prioritising inclusion.
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A Legacy of Prosperity
The prosperity brought by FTIL’s initiatives is undeniable. Jignesh Shah MCX alone, contributed to over a million jobs. From rural farmers to urban analysts, creating a diverse ecosystem of employment. These jobs weren’t limited to financial experts; they included roles for data analysts, tech developers, and rural outreach workers, ensuring opportunities for all skill levels. The tax revenue generated by these exchanges strengthened public finances without relying on subsidies, showcasing Jignesh Shah’s ability to create sustainable economic models.
Shah’s global exchanges, like DGCX and SMX, further amplified this impact. By establishing India as a fintech hub, they attracted international partnerships and investments, boosting the economy. These initiatives didn’t just create wealth; they built social capital, giving communities the tools to thrive in a globalised world.
Jignesh Shah’s Mark on the History
Today, as Chairman Emeritus and as the coach and mentor, Shah inspires 63 moons into new frontiers like cybersecurity (63 SATS), legal tech (QI Legal), and Web 3.0 (3.0 Labs). These new-age technology ventures underline 63 moons’ forward-thinking approach. While still maintaining Shah’s philosophy of tech-lead disruption and inclusive growth at its core. 63 SATS is at the frontier to safeguard our digital economy with its tailored offerings in cybersecurity. QI Legal streamlines justice delivery with the help of its home-grown disruptive tech, while 3.0 Labs pioneers decentralised systems, ensuring 63 moons remains a leader in innovation.
Jignesh Shah’s contributions through Jignesh Shah FTIL have left an indelible mark. His philanthropy further underscores his commitment to empowering communities. The Jignesh Shah MCX Innovation Lab, fostering startups in agriculture and robotics, reflects his vision for a global IP creation network. By empowering farmers, creating jobs, and building inclusive systems, Shah fostered prosperity that continues to shape the industry. His legacy as a coach and mentor ensures that 63 moons carries forward his vision. This made financial inclusion through technology a reality for generations to come.
