About 15 hours from the successful launch of the Dubai Gold and Commodities Exchange (DGCX) Khaleej Times caught up with Jignesh Shah, the entrepreneur vice-chairman of DGCX as he was giving final touches to a new global venture soon to be launched from Dubai.
The new business initiative Financial Technologies Middle East (FTME) is targeted at making Dubai a technology driven financial hub.
The project encompasses creation of new generation automated equity, commodities and currency exchanges, trading platforms and a fully automated banking and financial services industry. A formal announcement on the plans of the company is awaited soon. Shah wants make Dubai the global platform for Financial Technologies India Limited (FTIL). "It has to be Dubai." Shah said his choice comes from his global research and experience.
"We had the technology to build a fully automated exchange and scouted around the world for a location. In the process we talked with various government entities, financial free zones and tax heavens, but from the moment we began talking to the authorities here, we knew it has to be Dubai. If not for the promptness of Dubai, it would not have been possible to set a global exchange in such short time frame."
A pioneer in the development of Indian commodity markets; Shah is credited with conceptualising and establishing the Multi Commodity Exchange of India (MCX), which crossed Rs 100 billion daily turnovers in 3 years. In 1999 he founded Financial Technologies (India) Limited in 1999, as an IT 'Products' organisation with the objective of owning and licensing financial technologies. Today, FTIL command more than 80 per cent of the market share in Indian capital markets, while the company is valued at $1.5 billion.
FTIL wants to give a global twist to its success story in Dubai and make the city a platform for its Global ambitions.
FTIL transformed the Indian capital and commodity markets, which stands second in terms of number of transactions, which makes them the second in the world after the US. Shah wants to create a similar model on a global scale for Dubai. "Dubai has the political will, the regulatory framework and the infrastructure. It is time the city became a new generation business hub of the world." Shah believes that Dubai stands a better chance than many other business centres around the world to become a technology savvy global financial hub.
"Older generation business hubs will have to give way for the new ones. Dubai has all ingredients to become a global hub. If the fully automated international financial exchanges in commodities, forex and global stocks can operate from a free economy with higher operating efficiency and savings, nothing will prevent global traders from doing business here."
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