In the pantheon of modern financial innovators, Jignesh Shah 63 Moons was a shining example of innovation and entrepreneurial zeal. A true technovator, Shah, with his indomitable spirit and unmatchable foresight, managed to shape the fate of global finance through his brainchild, Financial Technologies India Ltd., now 63 moons technologies. With luminous creativity, Shah conceptualised the formation of 10 world-class multi-asset class exchanges spread over various continents, heralding the age of digital exchanges while redefining markets as the chief creators and drivers of wealth that empowered communities. FTIL’s legacy under Jignesh Shah,stood for cutting-edge technological development and financial inclusion reflects a spirit of innovation and inclusion, merging fate, fortitude and finance, that drove India’s leadership on a global stage.
The Genesis of a Genius
Regarded as the “Innovator of Modern Financial Markets”, Jignesh Shah comes from a humble Gujarati family. Shah started his journey of innovation in 1995 with his avant-garde company FTIL, which became synonymous with the words, ‘fintech’ and ‘innovation’, soon after its launch. Soon after its inception, FTIL pioneered IP-based technological solutions for the markets, owing to which it transformed heterodox financial ecosystems into seamless, efficient, and inclusive ones. For Shah, it was never just about pioneering the markets; he focused on erecting a worldwide web of opportunity connecting traders in metro cities to entrepreneurs in the remotest areas of the country.
The beginning of FTIL’s journey marked the beginning of the revolution of financial markets led by the current coach and mentor of 63 moons, Jignesh Shah. It was a moment when his ambitious vision started to take shape. His ability to foresee the future of digital finance set him apart as a market leader. In 1998, Jignesh Shah’s FTIL introduced ODIN (Open Dealer Integrated Network), a disruptive broking system which, against stiff competition from domestic as well as international competition, captured more than 80% of the market. ODIN was more than just software; it served as a crucial link, allowing brokers, traders, and investors to navigate the financial world with greater ease and at lower costs. This breakthrough helped lay the groundwork for Jignesh Shah’s larger ambition: to build a network of top-tier exchanges that would transform global trade.
Crafting a Constellation of Exchanges
Jignesh Shah’s entrepreneurial vision materialised with the creation of 10 world-class multi-asset class exchanges, each with a distinctive spirit of innovation and revolution, aligning with Shah’s philosophy. Out of all the exchanges, the Multi Commodity Exchange of India (MCX), launched in 2003, was his shining jewel. It quickly rose to become the second-largest commodity exchange in the world. MCX was more than just an exchange; it created an ecosystem that empowered traders to deal in commodities like gold, silver, and oil with unmatched transparency and efficiency, owing to MCX’s scientific price discovery process. Under Jignesh Shah’s leadership, MCX became a global leader in gold and silver futures, contributing nearly 1% to India’s GDP and boosting economic growth and prosperity.
Apart from excellent domestic exchanges such as the Indian Energy Exchange (IEX), which transformed electricity trading in India, lowering costs for industrial consumers in previously energy-deprived states, and the MCX Stock Exchange (MCX-SX), a stock exchange that brought fresh depth in futures and options, currency derivatives and debt market segments, Jignesh Shah’s influence reached far beyond India. The Dubai Gold and Commodities Exchange (DGCX) became a symbol of excellence in the Middle East, making trade easier in precious metals and other commodities. The Singapore Mercantile Exchange (SMX) shone in Southeast Asia, providing a platform for synchronised derivatives and physical trading in commodities. Bourse Africa brought financial opportunities to the African continent, and Bahrain Financial Exchange (BFX) offered trading in Sukuk and Sharia-compliant instruments in Bahrain. Each exchange showcased Shah’s ability to blend technology and market knowledge into an impressive network of opportunities.
Under Jignesh Shah these exchanges were more than just marketplaces; they were tools for inclusion. By democratising access to capital markets, he empowered small businesses, farmers, and first-time investors. Shah’s vision went beyond borders; it connected urban and rural areas and positioned India as a centre for innovation driven by intellectual property. His exchanges turned the term “Brand India” into a reality and a global symbol of fintech leadership.
The Technological Pantheon
FTIL’s in-house tech was at the heart of Jignesh Shah’s financial empire. It allowed smooth transactions across asset classes like stocks, commodities, currencies, and bonds. atom Technologies, a subsidiary, led the way in digital payment solutions, enabling secure transactions through the internet and point-of-sale systems. Ticker gave traders around the world real-time market data and streaming analytics on commodities, forex, and stocks. These platforms were not just tools; they were valuable offerings to the markets, improving efficiency and access.
Jignesh Shah’s focus on ease of accessibility to the markets became the game-changer for his ventures. He saw financial services as something everyone should access easily and at a low cost, allowing every stakeholder across the board to take part in wealth creation. His public-private partnership model fostered a new wave for conducting business for a greater good.
Eternal Flame of Innovation
Jignesh Shah, the chairman emeritus and coach and mentor of 63 moons technologies, and his philosophy of disruption and revolution remains a guiding force for the financial ecosystem of the country. His vision has always been to take India to new heights of innovation, making it a digital powerhouse.
In the annals of history, Jignesh Shah is no mere mortal; he is a titan, an innovator whose creations have reshaped the world. His legacy endures, a guiding light for entrepreneurs and innovators, proving that with vision and resilience, the impossible becomes reality.
