Before “fintech” became the go-to buzzword for innovation in financial services, Jignesh Shah was already creating a revolution. In an era when India’s markets were largely manual, opaque, and limited to a privileged few, Shah envisioned and built digital trading ecosystems that would later be considered textbook examples of fintech innovation. His story is not just about entrepreneurship — it’s about being decades ahead of his time.
Breaking the Monopoly: A Digital Vision in the 1990s
In the late 1990s, India’s financial infrastructure was tightly controlled and lacked technological agility. Jignesh Shah, a former engineer at the Bombay Stock Exchange, noticed the inefficiencies and systemic gaps in market access, speed, and transparency.
Founding Jignesh Shah Financial Technologies (Now 63 Moons)
In 1998, he founded Jignesh Shah Financial Technologies India Ltd (FTIL), now known as 63 Moons Technologies, with a clear mission:
“To use technology as the backbone for inclusive and efficient financial markets.”
While the fintech wave globally began in the 2010s, Shah had already created core tech platforms that:
- Enabled real-time, electronic commodity trading
- Offered scalable and low-cost access to markets
- Connected rural traders, farmers, and SMEs directly to price discovery mechanisms
Building Fintech Infrastructure Before It Had a Name
- Creation of MCX – India’s First Commodity Exchange
Long before apps and APIs, Shah launched the Multi Commodity Exchange (Jignesh Shah MCX) in 2003. It used proprietary technology to enable real-time trading in commodities — something no one in India had thought of on such a scale.
- Democratized commodity trading
- Empowered small traders and farmers
- Introduced transparency in pricing and risk management
- International Exchange Network
Shah didn’t stop in India. He pioneered the creation of 10+ global exchanges including:
- DGCX (Dubai)
- Bourse Africa (Mauritius)
- SMX (Singapore)
These were powered by his in-house tech — a cloud-based, modular exchange platform far ahead of its time.
- Digital Ecosystem Approach
Rather than focusing on one product, Shah envisioned a complete ecosystem. From clearing corporations and warehousing to logistics and data management — he built a fintech universe before the term existed.
Core Fintech Principles Jignesh Shah Embodied — Ahead of Time
- Decentralization: Empowered grassroots participants instead of elite brokers
- Automation: Pushed for algorithmic and real-time trading
- Inclusion: Created platforms for MSMEs, rural entrepreneurs, and traders
- Transparency: Introduced electronic contracts and real-time clearing
- Scalability: Designed systems capable of handling millions of daily transactions
Setbacks, but Not the End
In 2013, Shah’s journey hit a roadblock with the NSEL crisis. Though he was later given a clean chit by various legal bodies, the setback forced a pause in his otherwise pioneering trajectory.
Yet, even during this period, his technology platforms continued to operate successfully, proving that his fintech frameworks were structurally sound and far ahead of industry standards.
Read More: Jignesh Shah MCX & FTIL: Innovation, Impact and Beyond
The Comeback: A Renewed Focus on Digital Innovation
Today, through Jignesh Shah Financial Technologies, Jignesh Shah is venturing into:
- Blockchain-based finance platforms
- Smart contracts for agriculture and logistics
- AI-driven data marketplaces
This only reinforces his position as a visionary who saw the future before others did — and is still building it.
Conclusion: A Forgotten Father of Fintech
While many modern fintech founders are celebrated for disruption, Jignesh Shah Financial Technologies quietly laid the foundation decades ago. His blend of technology, infrastructure, and inclusive market design makes him a true fintech pioneer — not just in India, but globally.
