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Jignesh Shah, a visionary first-generation entrepreneur from Mumbai, reshaped Indiau2019s 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.
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Fostering Financial Inclusion Jignesh Shah’s Contribution
Introduction • 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.
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. Empowering Rural India
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. Democratizing Markets Through Technology
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.
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.