June 17, 2024
Jignesh Shah

Jignesh Shah: A Real Gem in FinTech Sector

“Results matter, efforts don’t.” – These words inscribed on a vintage wooden signboard in the settlement system room of BSE inspired Jignesh Shah while working overtime shaping the online trading platform at the age of 24. There has been no turning back since then. He wanted to bring in the entire mass of the country under the umbrella of true financial inclusion, keeping the cost low, ensuring the product is excellent, and the process explicit. He knew he could never realise this dream as just a part of the financial sector. After acquiring enough expertise and experience in the financial aspect from BSE, he established his entrepreneurial venture, Financial Technologies India Limited (FTIL), now known as 63 Moons Technologies Limited. He remained undeterred in his conviction of success. As a result, FTIL became a massive success in a flash, contributing enormously to India’s GDP and employment generation for the youth.

The rest is history.

Shah’s trailblazing visions rescued the Indian financial market infrastructure when it required keys to global integration and capacity building. It went beyond the conventional market structure to program the best-in-class trading systems in the country. Driven by the victory of his dream company, he launched many exchanges in and around the globe. The most noteworthy of them is the Multi Commodity Exchange of India (MCX) which also gained momentum as India’s premier commodity exchange and was the 6th massive commodity futures exchange according to the Futures Industry Association (FIA) in 2009. MCX beat NCDEX in market share and, currently, is among the top 10 market exchanges worldwide. National Spot Exchange Limited (NSEL) was Shah’s next move. He became a superpower in India’s financial sector and brought the market to the masses.

Jignesh Shah earned the title of the ‘Innovator of Modern Financial Markets’ for his aid in creating a successful Public-Private Partnership (PPP) model to construct exceptional financial institutions. ODIN is the most phenomenal by-product of Jignesh Shah, which helped seize the second colossal market share in the trading terminal segment as a cost-effective brokerage technology solution. His company was the only organization from India to set up electronic silk and spice routes across Africa, the Middle East, and South East Asia. His modern IP-centric financial markets transformed the silhouettes of exchange trading in India and many emerging economies.

Jignesh Shah was listed in the ‘Top 30 Global Innovators in e-finance’ in 2008, the ‘Dominant Financial & Futures Industry Leaders for 2008’ in Washington, and inducted into CLSA’s Hall of Fame. World Economic Forum (WEF), Geneva, selected him as the ‘Young Global Leader’ and honoured him with the ‘US-India Businessman of the Year’ award and the ‘Ernst & Young Entrepreneur of the Year’ award for business evolutions. Among his accolades, the most prestigious glory, the ‘Indian Express Innovation Award’ was presented by the then President, Late Dr. A. P. J. Abdul Kalam.

Shah’s goal was to bridge the gap between rural and urban communities. His passion for the role of markets in Corporate Social Responsibility (CSR) helped him achieve that. He initiated ‘Gramin Suvidha Kendra’ along with India Post and ‘Pragati’ with Rotary International to elevate impoverished communities through education and training. Jignesh Shah is a man of substance who proved that relentless hard work and efforts are the only keys to success.

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