Jignesh Shah’s vision of democratising the access to finance stands as the cornerstone of 63 moons technologies, the company he continues to mentor and inspire, a force that has reshaped financial markets and now stands at the forefront of next-generation innovation. Founded by Shah in 1995 as Financial Technologies India Limited (FTIL), the enterprise remains a living embodiment of Shah’s entrepreneurial spirit, driven by a legacy of intellectual property-led solutions that have fueled economic advancement and democratized opportunity. Although he no longer holds an executive position, Shah’s guiding principles and strategic mentorship continue to propel 63 moons toward pioneering initiatives across a diverse spectrum of emerging sectors. This article delves into the company’s transformative journey and the profound impact it continues to exert across global financial landscapes.
A Vision for Financial Democratisation
● Founding FTIL: In 1995, Jignesh Shah, an engineer-turned-entrepreneur, established FTIL in Mumbai with a vision of modernising India’s financial infrastructure. His vision was to create technology-driven platforms that integrated India with global markets while bridging economic divides.
● Early Innovation with ODIN: In 1998, Jignesh Shah introduced ODIN (Open Dealer Integrated Network), a pioneer multi-asset class trading platform that revolutionized brokerage operations. Against all odds, it captured more than 80% market share and enabled stock trading activity across 400 Indian cities. With about 5 million trading terminals, ODIN became the backbone of multi-asset trading, empowering brokers and investors.
● Public-Private Partnership (PPP) Model: Jignesh Shah’s PPP approach combined entrepreneurial innovation with institutional support, laying the foundation for world-class financial institutions that created millions of jobs and contributed to India’s growth.
How Shah’s Vision Reshaped the Markets
FTIL, under Jignesh Shah, built ten multi-asset class exchanges across the globe, establishing India as a global financial epicentre. These platforms transformed trading, risk management, and economic connectivity.
Multi Commodity Exchange (MCX): Launched in 2003, MCX became India’s #1 commodity derivatives platform and #2 in the world. It revolutionised trading in gold, oil, and agricultural products, enhancing price discovery and risk management for all the stakeholders. According to a survey conducted by TISS, MCX also created more than a million jobs and contributed 1% of India’s GDP. Its 2012 IPO drew $7 billion in subscriptions for a $132 million issue, reflecting market confidence.
MCX Stock Exchange (MCX-SX): When century-old stock exchanges were struggling to create market depth, Jignesh Shah’s MCX-SX brought financial inclusion by democratising the trade in futures & options, currency derivatives, and debt market segments.
Indian Energy Exchange (IEX): IEX revolutionized electricity trading, making power markets efficient and accessible. It reduced costs for industrial consumers in various states, fostering energy security and economic growth. Global Exchanges: Jignesh Shah’s vision extended globally with exchanges like the Dubai Gold and Commodities Exchange (DGCX), which was the only of its kind venture between MCX and the Government of United Arab Emirates, the Singapore Mercantile Exchange (SMX), which connected Asia to world markets, the Bahrain Financial Exchange (BFX), which introduced Shariah-compliant trading offerings, Bourse Africa and Gbot further expanded financial inclusion, energizing bond markets and rural investment.
Tech Solutions: Beyond exchanges, FTIL developed tools like atom Technologies pioneered mobile payments way before its popularity, and Ticker, that delivered real-time market data, empowering all the stakeholders in the trade to make well-informed decisions, reinforcing India’s fintech leadership.
Following the Trail of Shah’s Genius in New-Age Technologies
As markets evolved, Shah’s mentorship inspired 63 moons’ pivot towards disruptive new-age technologies with ventures in domains like cybersecurity, legal tech, and Web 3.0, positioning the company as a global tech leader.
Cybersecurity: 63 SATS
● Market Need: Jignesh Shah firmly believes that “If the data is oil, AI is brain, then cybersecurity is oxygen.” With cyberattacks posing a $10.5 trillion annual risk by 2025, cybersecurity is critical. 63 SATS promises to address this need of the hour through innovative solutions.
● Products: 63SATS offers comprehensive cybersecurity for individuals, enterprises, as well as the nation against cyber-attacks via three state-of-the-art offerings: CYBX , 63CSF, and CYBERDOME.
● Global Partnerships: Collaborations with firms like Blackberry, Resecurity, and many more ensure world-class solutions. Advised by Yigal Unna, former Director of Directorate’s Cyber Technologies Unit in the INCD, 63 SATS aims to protect India’s cyber infrastructure.
● Expansion: 63 SATS has conducted multi-city roadshows to build a nationwide franchise network, targeting a ₹1 lakh crore Indian cybersecurity market by 2029.
● Impact: By addressing these cyber threats, 63 SATS strengthens India’s digital infrastructure, fostering trust in its growing digital economy.
Legal Tech: QiLegal
● Market Potential: The Supreme Court currently faces a backlog of over 80,000 pending cases, making technological adoption in the legal field unavoidable. QiLegal aims to digitize India’s judicial system.
● Features: QiLegal aims at providing an AI-powered, cloud-based SuperApp that digitalizes legal workflows by providing arbitrators, mediators, and dispute resolution professionals with an impartial, technology-driven alternative to traditional court litigation.
● Vision: Jignesh Shah’s mentorship inspires QiLegal to empower justice delivery, aligning with PM Modi’s push for judicial digitization. It streamlines legal processes for professionals and citizens, reducing delays.
● Impact: By modernizing the legal framework, QiLegal supports India’s ambition to become a global digital hub, ensuring faster, transparent justice delivery.
Web 3.0 and Blockchain: 3.0 Labs
● Emerging Opportunity: With the digital economy at the path of surpassing the physical, blockchain’s potential for asset tokenization is immense. 3.0 Labs leverages blockchain, AI, and the metaverse to redefine digital markets.
● Applications: 3.0 Labs enables businesses to establish a presence in Web 3.0, facilitating tokenized assets and decentralized platforms. It aligns with Shah’s goal of creating “decacorns” in tech.
● Impact: 3.0 Labs positions Jignesh Shah’s 63 moons at the forefront of Web 3.0, driving innovation in wealth management and digital ecosystems.
Shah’s Philosophy that Guides the Future
Jignesh Shah’s role as the coach and mentor fosters a culture of innovation, evident in 63 moons’ shift from financial markets to tech frontiers. His belief in technology’s societal impact drives the company’s new ventures.
A Legacy of Disruption
From its inception as FTIL to its current avatar as 63 moons, Jignesh Shah’s vision brought disruption to the financial markets. The company’s exchanges revolutionized trading, while tech solutions set global benchmarks. And now, as the coach and mentor of the company, Shah’s legacy of disruption continues to shape the future of technology.
Vishal