During the late ’80s, the Indian FinTech sector was facing difficulty in surviving in the market but the first generation entrepreneur, Jignesh Shah, with his innovative strategies completely changed its outlook. It offered various solutions to other sectors that were desperately needed for them to develop and grow. The banking sector of India highly benefitted from their products and showed massive development. Other than that, his flagship product, Financial Technologies (India) Limited, currently known as 63 Moons Technologies created millions of job opportunities across the country. Jignesh Shah wanted to develop his organization while enriching India and empowering its citizens at the same time. He built an ecosystem inside FTIL that resembled the ideologies of the ‘Make In India’ campaign of our prime minister Narendra Modi before it was even launched. Today, FTIL is among the pillars that support the development of the country.
After completing graduation, Jignesh Shah was working at the Bombay Stock Exchange (BSE). However, today he is known as the king of commodity exchanges. During his time at BSE, he fathomed the various opportunities and strategies of the stock market. He knew that the way he could achieve his dream of creating new-generation markets and segments that are people-centric and have a comprehensive market structure is by being an entrepreneur. Further, he wanted to establish a Public-Private Partnership (PPP) model to build world-class financial institutions and modern IP-centric financial markets to extend India’s reach. After gaining the experience he required, he resigned from his position at the BSE. With strong determination and will, he introduced the world to FTIL in 1988.
Over the years, FTIL has introduced many share market software that facilitated any trading and settlement in the Multi-Asset and Multi-Currency products. This enabled any exchange to seamlessly operate in both local and cross-border markets. Further, for creating transparent and efficient next-generation financial markets he enabled technology IP (Intellectual Property) with domain expertise and strong techno-functional teams. Also, FTIL introduced a highly versatile, scalable and robust system known as Exchange Technology Framework Product Suite (ETFPS) that covered every aspect from the trading to settlement in the exchange operations.
One of the biggest successes of FTIL, ODIN was introduced to the world in 2016. It was a tremendous initiative whose success caught the attention of the whole world. Unbelievably, ODIN captured the second largest market share in the trading terminal segment. With the help of this application, one could trade in Multi-Exchanges, Multi-Segment Dealing Desk and Risk Management System. Other features introduced in advanced technology as well that facilitated higher accessibility, provided speedy performance, and advanced risk management. The total contribution made by FTIL to date amounts to 1% of the overall GDP.