Thursday - Dec 13, 2018

Jignesh Shah: The Man Who Revolutionized The Indian Fintech Industry

While talking about the development of the Indian FinTech sector, one of the unmistakably uttered names is Jignesh Shah. The man previously belonged from a middle-class family but today, he is listed among the billionaires of India. The entrepreneur’s path-breaking strategies opened up new opportunities for India and impacted the lives of millions. His dream of enriching himself as a by-product, while developing the FinTech sector and lives of the Indian citizens at the same time was a great success.

Before launching his flagship product Financial Technologies India Limited (FTIL), currently known as 63 Moons Technologies Limited, he was working at the Bombay Stock Exchange (BSE) where he fathomed the various opportunities of the stock market. Soon after gaining enough experience, he left the job and introduced the world to FTIL that later became one of the key factors for developing the Indian FinTech sector. It provided multiple solutions for the banking sector and soon became one of the renowned names of the FinTech industry.

When FTIL was already operating at its peak, Jignesh Shah, looking at the window of opportunity, launched several other exchanges like Multi Commodity Exchange (MCX), and Indian Energy Exchange (IEX) that are all respected organizations in their own fields. His dream was to create new-generation markets and segments that are people-centric and have a comprehensive market structure. One of his initiatives, ODIN, attained unimaginable success by generating approximately 25 lakhs jobs for the Indian citizens. Also, foreign Exchanges like Singapore Mercantile Exchange (SMX), Dubai Gold and Commodities Exchange (DGCX) opened up several foreign trade routes.

Jignesh Shah wanted to work for the welfare of the country and its people. He created a Public-Private Partnership (PPP) model to build world-class financial institutions and modern IP-centric financial markets to extend the reach of India. Before the ‘Make In India’ campaign was launched by our Prime Minister, Jignesh Shah’s FTIL had already curated an ecosystem that narrated its ideology. He emphasised on skill enhancement and job generation that were of high standard and environment-friendly. Today, his contribution results in 1% of the total GDP of the country.