When people think of fintech leadership today, darling Silicon Valley startups or Chinese super-apps tend to monopolise the discussion. But the fact is, India’s financial technology prowess demands its own spotlight, and the advancements in India’s fintech owe a lot to one man’s vision: Jignesh Shah. Years before fintech was a buzzword, Shah was busy making his blueprint real, creating platforms, connecting markets and proving that Indian ideas could lead from the front.
Setting the Stage: FTIL’s Birth
At a time when India was still finding its digital footing, Jignesh Shah founded Financial Technologies India Ltd (FTIL), now 63 moons technologies, a state-of-the-art, tech-first company. At the time, Shah saw something that few others did: the potential of technology to democratise finance. Early in his career, Shah’s role in helping the Bombay Stock Exchange in its online trading journey provided him with an early glimpse of what was possible. FTIL wasn’t just another IT company; it became a launchpad for numerous financial innovations.
By creating platforms that were swift, open, and user-friendly, he altered the perception of trading in the country. Shah’s businesses were not about copying the West but solving Indian problems with indigenous IP, which became the hallmark of his vision.
The Game-Changer: MCX
The Multi Commodity Exchange (MCX), launched in 2003, was his flagship initiative. Until then, commodity trading in India remained in the twilight, opaque and largely fragmented. Jignesh Shah MCX became the beacon of hope that would bring the much needed advancements to the system. Futures contracts for gold, silver, crude oil and agricultural commodities traded on the exchange became the benchmark for the markets. Farmers, businesses, and investors would all be on the level playing field.
MCX didn’t just succeed; it thrived, at its height, the company held an 80% market share and contributed nearly 1% to India’s GDP. By 2012, it became India’s only publicly listed exchange of its kind. For the first time, India had an exchange that was on par with the rest of the world, and, in some respects, even ahead.
Beyond Commodities: Power and Currency
Jignesh Shah’s vision transcended the asset classes; he realised that the country’s century-old exchanges were lacking to create market depth in the existing asset classes and innovation in new sectors. The Indian Energy Exchange (IEX) was launched in 2008 to help address one of the country’s major problems, namely energy shortages. IEX enabled the industries and states to trade power and manage their supply and demand effectively.
Then came the MCX stock exchange (MCX-SX), which brought innovation to the futures, options, currency derivatives, and debt markets. Each of these companies had the same DNA: a tech platform built for scale and efficiency and transparency. Taken together, they painted a picture of India as an emerging economy that is firmly integrated into and increasingly influential in global financial markets.
Going Global: India’s Tech Export
Jignesh Shah’s vision was never bound by the boundaries. By 2005, he was determined that his domestic model would do wonders in other markets as well. He leveraged FTIL’s cost-efficient, high-quality technology to create a series of global multi-asset class exchanges that disrupted markets across several continents.
Dubai Gold and Commodities Exchange (DGCX)
DGCX, established in 2005, became the Shah’s 1st exchange beyond the domestic boundaries; it marked a significant collaboration between an Indian private sector enterprise and the UAE government. This wasn’t just business; it was diplomacy through technology. By targeting Dubai as the next global financial hub and aligning his company with the city’s aspirations, Jignesh Shah set a standard for transparency. It also announced to the world that Indian innovation could travel.
Singapore Mercantile Exchange (SMX)
In 2010, Jignesh Shah looked to Singapore, one of the most prominent economic hubs of Asia. Obtaining the trading licence from the Monetary Authority of Singapore (MAS), SMX became a significant endorsement of FTIL’s credibility.
Bahrain Financial Exchange (BFX)
Set up in 2009, BFX formed a bridge between the Gulf’s markets. The exchange’s product range was not confined to traditional offerings but also included Shariah-compliant products. By doing so, Shah respected the local culture and ensured that modern markets coexisted with traditional merchants. The way he combined global technology and local culture became one of his trademarks.
Bourse Africa
Bourse Africa was the continent’s first international multi-asset exchange and offered trading in commodities, currencies and equities. For a continent often overlooked in the financial world, it was a groundbreaking attempt at independence. Jignesh Shah laid the groundwork for economic integration and job creation. It wasn’t just about the market; it was about opportunity.
The Common Thread: Collaboration
Looking across these initiatives, one thing becomes clear: Shah had a knack for collaboration. He understood that trust was the key to effective collaboration, whether it was with governments, regulators, or private partners. The success of DGCX in collaboration with the UAE government or SMX together with Singapore’s MAS was not only about technology but also about building ecosystems people could believe in. That balance became the unique selling proposition of what Shah actually built.
The Ripple Effect
As 63 moons continues to evolve, Jignesh Shah, even after relinquishing all of his executive roles, remains the company’s guiding light as its Chairman Emeritus, mentoring and nurturing new generations of innovators. His story is more than just a biography; it is a study in the power of vision and perseverance.
The evolution of the markets was not accidental, It was built on the backs of those who dared to envision what did not exist and who had the audacity to create it. Jignesh Shah was one of them. By building a platform that balanced what was necessary today with an eye on tomorrow and appealed to both consumers and companies equally, he inspired India’s current place as a global fintech leader.
The lesson is clear: leadership in tech goes beyond just building faster platforms or larger companies. It’s about building ecosystems that empower people, unlock markets, and earn the trust of customers across borders.
