MCX, IAMAI Join Hands To Promote Fintech Innovation

The Multi Commodity Exchange of India (MCX) and the Internet and Mobile Association of India (IAMAI) have signed a memorandum of understanding (MoU) to establish the Commodity Markets Innovation Council. The initiative aims to encourage fintech-driven innovation across India’s commodity market ecosystem.

The MoU was signed at the Global Fintech Fest in Mumbai. The proposed council will serve as an industry-led platform focused on innovation, market development and broader participation in commodity markets.

MCX shares closed higher on 9 September, gaining 0.24% to ₹3,350.00 on the National Stock Exchange (NSE).

Council To Focus On Digital Solutions And Market Access

The council will bring together participants from the fintech, financial services and commodities sectors. It will identify challenges faced by the industry and explore practical technology-led solutions.

MCX said the initiative will focus on expanding market participation and improving access through digital solutions. The council will also work with startups on industry-specific challenges and pilot projects aimed at improving efficiency.

MCX Managing Director and CEO Praveena Rai said fintech and innovation could play an important role as India's commodity markets become more sophisticated. She added that the council would provide a platform for stakeholders to collaborate and develop solutions for the next stage of market growth.

Council Expected To Be Established Within Three Months

The Commodity Markets Innovation Council is expected to be formed within the next three months. MCX and IAMAI will jointly prepare a charter outlining the council’s structure, priorities and annual activities.

IAMAI President Dr Subho Roy said the council would connect India's technology and commodity ecosystems. The initiative is intended to encourage new ideas, develop solutions and create opportunities for further growth in commodity markets.

MCX, which began operations in 2003, is India's leading commodity derivatives exchange. According to FIA's 2025 data, MCX is also the world's largest commodity options exchange. The exchange reported FY26 throughput of ₹1,350 lakh crore and accounted for more than 98.5% of the commodity futures market by traded value in the first quarter.

IAMAI is a not-for-profit industry association with more than 800 members. Its activities include public policy, advocacy, research, business conferences, startup promotion and consumer trust and safety initiatives.

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