A transformation story does not fail to amaze anyone, and Jignesh Shah, the founder of FTIL, now 63 Moon technologies, has a similar story. Jignesh Shah hasn’t restricted the growth and prosperity to himself and has moved forward with the firm belief of collective development of the society by adopting a model that will benefit him and the society to grow financially.
Shah has passionately worked as a scientist to use technologically advanced and innovative methods to create a financial market for the people. The founder of Multi Commodity Exchange of India (MCX) switched to new matters like energy, logistics, mobile technology and foreign exchange and made it possible for MCX to drop the traditional commodity exchange method and introduce electronic trading platforms. These platforms were introduced at a large scale to be used for trading agricultural and metal products.
While Shah, the electronics engineer from the University of Mumbai, worked tirelessly on revolutionising the financial market, he also started making the payment process easier and transparent. He took this as an opportunity to reach the rural masses by providing them with a safe and cheapest payment method through their mobiles. ATOM Tech was designed specially to minimise the use of liquid cash while shopping, and people make credit/debit cards the direct means of payment. When he began working on ATOM Tech, he was confident enough that this idea would boom and would be a game changer for FTIL.
In addition to developing a payment system, Shah worked on setting up a bulk trading corporation. This helped in electronically linking the warehouses. This enabled the warehouse managers to get a clear understanding of the warehouse’s layout and inventory, which ultimately revolutionised the management. By developing the advanced generation financial markets, Financial Technologies enabled the general public to profit from globalisation through technology and price transparency.
Initially working as the assistant manager at the Bombay stock exchange Shah became one of India’s youngest entrepreneurs. He set up the nation’s first commodity exchange, known as Multi Commodity Exchange (MCX), which was established in 2003. And within a short time, MCX became well-known worldwide and was acknowledged as one of the top three commodity futures exchanges. Jignesh founded the India Energy Exchange and other overseas exchanges, like the Singapore Mercantile Exchange and Dubai Gold & Commodities Exchange, to mention a few, after being inspired by the success of MCX and went on to establish 14 stock exchanges, including the National Spot Exchange(Nse). Within a decade, Shah achieved all this and created about 10 lakh job opportunities.
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