Mumbai, Sep 09: Multi Commodity Exchange of India Ltd. and the Internet and Mobile Association of India have signed a Memorandum of Understanding to constitute a Commodity Markets Innovation Council at the Global Fintech Fest.
The Council will serve as a consultative and industry-led platform for innovation and market development across India’s commodity-market ecosystem. It will focus on increasing participation, enabling digital solutions, and supporting the evolution of India’s commodity markets.
The Council will be consultative, developmental and recommendatory in nature, providing an open platform for stakeholders to identify opportunities and challenges affecting the development of India’s commodity markets.
The Council will bring together stakeholders from across the fintech financial services and commodity ecosystem to foster collaboration, exchange knowledge and explore practical solutions that can contribute to the continued development of India’s commodity markets.
“India’s commodity markets are at an important stage of evolution. As participation grows and the ecosystem becomes more sophisticated, fintech and innovation can play an important role in improving market access, efficiency, and meet user requirements. The Commodity Markets Innovation Council will provide a platform for stakeholders across the fintechand markets ecosystem to collaborate, exchange ideas and develop practical solutions that can contribute to the next phase of India’s commodity-market development.” said Ms. Praveena Rai, MD and CEO, MCX.
The MoU also envisages engagement with startups to address real-world industry challenges through innovation and pilot projects. It will provide a platform for stakeholders to share their views on issues affecting the development of India’s commodity-market ecosystem.
Highlighting the importance of this collaboration, quote of Dr. Subho Ray, President of IAMAI said
“The Council will bring together the strengths of India’s technology and commodity ecosystems to foster innovation and create new opportunities for the development of the commodity markets. We look forward to working with MCX and industry stakeholders to build a collaborative platform that encourages new ideas, solutions and greater participation
The council will be established within the next three months, along with a charter defining its structure, priorities and annual activities. The charter will be prepared jointly and will be in line with the charter prepared for other IAMAI councils such as FCC and PCI.