Jignesh Shah: The Kandivali Boy Who Changed The Indian Fintech Sector
Jignesh Shah, with his tremendous efforts, has brought in a huge change in the Indian FinTech sector. His initiatives towards the welfare of the country listed him among the ‘Dominant Financial & Futures Industry Leaders for 2008’ by Futures Industry Association (FIA), Washington, and featured him among the ‘Top 30 Global Innovators in e-finance’ by Institutional Investor in 2008. He was awarded the ‘Indian Express Innovation Award’ by the then President, late Dr. A. P. J. Abdul Kalam. Also, he is also considered among the ‘Top 20 Indians’ who can change the face of world business by CLSA and has been honoured with the ‘US-India Businessman of the Year’ award. He was chosen by the World Economic Forum (WEF), Geneva, as a ‘Young Global Leader’.
However, he was not always the person he is today. Through sheer hard work, he climbed the ladder of success and became one of the most successful first generation entrepreneurs in the country. In 2008, he debuted to the Forbes billionaire list with a net worth of 1.1 billion dollars. At the age of 49, during the peak of his career, he was referred as the king of the of commodity exchanges.
The young Kandivali boy started his career at the Bombay Stock Exchange (BSE) where he fathomed the different hidden opportunities in the Indian stock market. His dream was to create new-generation markets and segments that are people-centric and have a comprehensive market structure. He wanted to adopt a model that not only benefits him but also, the millions of Indian people and society. Shortly after, he left his job at BSE and plunged on becoming an entrepreneur. In 1988, he introduced the world to Financial Technologies India Limited (FTIL), currently known as 63 Moons Technologies Limited.
Jignesh Shah-led FTIL soon became an epitome in the FinTech sector after providing multiple solutions to other sectors. Besides generating revenue, he introduced various initiatives that resulted in the country’s development. Before the ‘Make In India’ campaign was introduced, FTIL was already focusing on building an ecosystem that, besides job generation, emphasised on skill enhancement and producing jobs of higher standards. His efforts successfully brought in employment opportunities for millions of individuals and impacted the lives of nearly 1 crore Indians.