Jignesh Shah’s trailblazing vision and relentless drive transformed 63 moons technologies, formerly Financial Technologies India Ltd. (FTIL), into a global fintech powerhouse. From driving India’s fintech story before the word ‘fintech’ existed to pioneering revolutionary exchanges, Jignesh Shah’s genius has reshaped India’s financial landscape and elevated 63 moons to international prominence. This article explores how Jignesh Shah’s foresight and entrepreneurial spirit built a world-class fintech ecosystem, cementing his legacy as a global innovator.
The Genesis of a Visionary: Jignesh Shah’s Beginnings
Jignesh Shah inherited a sharp business acumen that he honed at the Bombay Stock Exchange (BSE), where he played a prominent role in BSE’s online trading journey. In 1995, Shah founded 63 moons, then FTIL, with a bold mission: to democratize financial markets through technology. Inspired by his journeys to global exchanges like NASDAQ and Tokyo, Jignesh Shah envisioned IP-driven platforms that would ensure equitable access to financial services by providing . His early innovation, ODIN, a broking solution disrupted markets owing to its state-of-the-art features such as comprehensive risk management system empowering over 80 real-time risk management checks per order and tracking real-time settlement position with mark-to-mark facility and scientific price discovery empowered ODIN to capture 80% of India’s market, thereby becoming the market leader against stiff competition. ODIN set the stage for 63 moons’ global ascent, showcasing Shah’s ability to bridge market gaps with disruptive technology.
Pioneering Exchanges: MCX and IEX
Jignesh Shah’s most iconic achievement was the creation of the Multi Commodity Exchange (MCX) in 2003. By introducing transparent futures trading, MCX empowered farmers and traders, mitigating price volatility. Under Shah’s leadership, MCX became the world’s second-largest commodity exchange by 2011 and #1 in gold and silver, generating more than 1 million jobs and contributing 1% to India’s GDP and became India’s first commodity exchange to go public. Jignesh Shah’s strategic use of 63 moons’ proprietary technology enabled MCX to operate at a fraction of global costs, a testament to his operational brilliance.
When other century old exchanges were battling to create market depth, Jignesh Shah’s entrepreneurial vision gave birth to MCX-SX, an exchange for trading futures and options, currency derivatives, and debt market segments.
Equally transformative was the Indian Energy Exchange (IEX), launched in 2008. Jignesh Shah recognized India’s energy demand-supply gap and created a platform that facilitated transparent power trading. Shah’s vision ensured affordable power for energy deficient states, boosted industrial growth and job creation. These exchanges, powered by 63 moons, exemplified Jignesh Shah’s ability to turn bold ideas into economic catalysts.
Global Expansion: A Network of Exchanges
Jignesh Shah’s ambition extended 63 moons’ reach beyond India, forging a global network of exchanges. Ventures like the Dubai Gold and Commodities Exchange (DGCX) and Singapore Mercantile Exchange (SMX) and Bourse Africa integrated India into international markets, creating jobs and enhancing financial connectivity. Shah’s partnerships with international reputable entities amplified 63 moons’ influence, positioning India as a fintech leader. His Public-Private Partnership (PPP) model ensured scalability, earning him global accolades like the ‘Young Global Leader’ title from the World Economic Forum.
Jignesh Shah’s creation of 10 exchanges in a decade, including MCX, IEX, and the Bahrain Financial Exchange, demonstrated his unparalleled strategic foresight. By leveraging 63 moons’ innovative technology, Shah built exchanges for fractions of the cost compared to its global counterparts while providing the comparable or better services. This efficiency enabled Jignesh shah 63 moons to establish platforms like Bourse Africa and the Global Board of Trade, showcasing Shah’s ability to blend local innovation with global ambition, a hallmark of his “Make in India” ethos.
Innovating for the Future
After relinquishing all of his executive positions, Jignesh Shah is the coach and mentor of 63 moons. 63 moons steers the tide of innovation in the digital era of cybersecurity, legal tech, and Web 3.0. Recognizing India’s rising digital influence, Shah emphasized cybersecurity’s critical role, stating, “If data is oil and AI is the brain, then cybersecurity is the oxygen.” 63 moons’ solution, 63 SATS, protects users from cyber threats, positioning the company at the forefront of a market projected to reach ₹1 lakh crore by 2029.
With QILegal, 63 moons envisions a safe and secure digitalization of the legal system of the country, countering inefficiency and clutter of traditional ways of the BABU-lead ecosystem. In legal tech, under Jignesh Shah’s guidance, 63 moons is going to develop platforms that streamline justice delivery, enhancing access and efficiency.
In Web 3.0, with 3.0 Verse, 63 moons championed decentralized systems, aligning with blockchain trends. Shah’s mentorship model empowered leaders to advance these initiatives, ensuring 63 moons remained a pioneer. Shah’s ability to anticipate technological shifts solidified 63 moons’ role as a global fintech force, extending his legacy into the digital age.
Social Impact: Empowering Communities
Beyond financial innovation, Jignesh Shah embedded social good into 63 moons’ core. Initiatives like Gramin Suvidha Kendra, partnered with India Post, delivered futures prices to rural post offices, empowering farmers to make informed decisions. This program, alongside Pragati with Rotary International, provided education and training, creating jobs and uplifting underprivileged communities. Shah’s belief in markets as tools for social progress amplified 63 moons’ impact, particularly in rural India, where millions benefited from enhanced market access and income opportunities.
Jignesh Shah’s exchanges also fostered women’s participation in trading, IT, and research, breaking traditional barriers. The economic ripple effect, millions of jobs and significant tax contributions, underscored 63 moons’ role in India’s growth. Shah’s holistic approach ensured that financial innovation served the common man, aligning with his vision of inclusive markets and earning him the ‘Indian Express Innovation Award’ from Dr. A.P.J. Abdul Kalam.
A Legacy of Resilience
Jignesh Shah’s foundational contributions to 63 moons endure, his creation of a fintech ecosystem from the grassroots, generating millions of jobs and integrating India into global markets, stands as India’s original “Make in India” story. Jignesh Shah’s 63 Moons philosophy, “Every step we take is copied in months”, reflected his relentless innovation, setting a blueprint for future entrepreneurs. 63 moons’ continued success affirms Shah’s enduring influence.
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