Pioneering Innovation in India's Commodity Markets: MCX and IAMAI Collaborate

MCX and IAMAI have inked an MoU to establish the Commodity Markets Innovation Council, aiming to foster fintech solutions for India's evolving commodity ecosystem. The collaboration was announced at the Global Fintech Fest 2026 and seeks to engage startups and stakeholders in driving market efficiency and innovation.

The Multi Commodity Exchange of India Ltd (MCX) and the Internet and Mobile Association of India (IAMAI) have joined forces in a strategic move to advance India's commodity markets through innovation. The entities have signed a Memorandum of Understanding (MoU) to establish the Commodity Markets Innovation Council (CMIC), a platform designed to integrate fintech companies, commodity-market stakeholders, and startups.

The announcement, made at the Global Fintech Fest 2026, highlights the council's industry-led role in expanding participation and digital solutions within the commodity market ecosystem. "India’s commodity markets are at a pivotal step in their evolution," noted Praveena Rai, Managing Director and CEO of MCX, emphasizing the critical role of fintech in enhancing market access and operational efficiency.

The CMIC aims to be a consultative, developmental, and advisory body, encouraging stakeholders across sectors to identify opportunities and tackle challenges in the commodity market. It will particularly focus on engaging startups for real-world industry projects. IAMAI President Subho Roy remarked on the council’s potential to harness the strengths of technology and commodity sectors in creating innovative market opportunities. The council’s establishment is slated for the next three months, with a comprehensive charter outlining its structure and agendas.