MCX, IAMAI sign MoU to bring fintech solutions to commodity markets

Multi Commodity Exchange of India and the Internet and Mobile Association of India have signed an MoU to set up a Commodity Markets Innovation Council, aimed at bringing fintech-led solutions to India’s commodity market ecosystem.

The MoU was signed at the Global Fintech Fest in Mumbai. The council will work as a consultative and industry-led platform for innovation, market development and wider participation in commodity markets.

The proposed council will bring together stakeholders from the fintech, financial services and commodity sectors to identify challenges, exchange ideas, and explore practical solutions for the development of India’s commodity markets.


Focus on access and efficiency

MCX said the council will focus on increasing participation, enabling digital solutions and supporting the evolution of commodity markets in India. It will be consultative, developmental and recommendatory in nature.

The MoU also includes engagement with startups to address real-world industry challenges through innovation and pilot projects. The idea is to create a platform where market participants can discuss issues affecting commodity markets and work on digital solutions that improve access and efficiency.

"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," said Praveena Rai, MD and CEO of MCX.

She said the Commodity Markets Innovation Council will provide a platform for stakeholders across the fintech and markets ecosystem to collaborate, exchange ideas and develop practical solutions for the next phase of commodity-market development.

Council to be formed in three months

The council will be established within the next three months. A charter defining its structure, priorities and annual activities will also be prepared jointly. The charter will be in line with those prepared for other IAMAI councils such as FCC and PCI.

Dr Subho Roy, President of IAMAI, said the council will bring together India’s technology and commodity ecosystems to encourage innovation and create new opportunities for commodity market development.

"We look forward to working with MCX and industry stakeholders to build a collaborative platform that encourages new ideas, solutions and greater participation," Roy said.

MCX is India's leading commodity derivatives exchange and the largest commodity options exchange globally, according to FIA 2025. The exchange has been operational since 2003. MCX reported FY26 throughput of Rs 1,350 lakh crore and had a market share of over 98.5% in terms of the value of commodity futures contracts traded in Q1.

The exchange offers trading across bullion, energy, metals, agri commodities and sectoral commodity indices. It also has strategic alliances with international exchanges and trade associations.

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IAMAI is a not-for-profit industry body with more than 800 members, including Indian and multinational companies as well as startups. It works across public policy, advocacy, business conferences, research, startup promotion, and consumer trust and safety.

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