Mumbai (Maharashtra) [India], September 9 (ANI): Multi Commodity Exchange of India Ltd (MCX) and the Internet and Mobile Association of India (IAMAI) have signed an MoU to set up a Commodity Markets Innovation Council (CMIC), bringing together fintech firms, commodity-market participants and startups to develop new solutions for India’s commodity markets.
The Memorandum of Understanding (MoU) was signed at the Global Fintech Fest 2026. According to a joint press release, the council will serve as an industry-led platform focused on increasing participation, enabling digital solutions and supporting the development of the country’s commodity-market ecosystem.
“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, Managing Director and Chief Executive Officer of MCX.
She added, “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 that can contribute to the next phase of India’s commodity-market development.”
The council will be consultative, developmental and recommendatory in nature and will allow stakeholders to identify opportunities and challenges affecting commodity markets. It will bring together participants from the fintech, financial services and commodity sectors.
A key focus will also be on engaging startups to work on real-world industry challenges through innovation and pilot projects. The platform will allow market participants to share their views on issues affecting the development of the commodity-market ecosystem.
IAMAI President Subho Roy 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,” he added.
The council is expected to be established within the next three months. MCX and IAMAI will jointly prepare a charter outlining its structure, priorities and annual activities. (ANI)