The Hindu Business Line : Financial Tech gets nod to set up Global Board of Trade

Financial Technologies Ltd (FTL), the promoter of Multi Commodity Exchange, has received in-principle approval from the Financial Services Commission, Mauritius, for setting up an international multi commodity exchange styled Global Board of Trade (GBOT).

Mauritius being a free economy, the proposed exchange will reach the entire pan-African region.

Investment details were not immediately available. However, FTL will hold majority stake and will be inviting global partners as stakeholders in the venture.

Commenting on the deal, the CEO of FTL, Mr Jignesh Shah, in a press statement said "This initiative is unique as it will be a modern international commodity exchange offering innovative products."

Mauritius in the midst of economic reforms plans to develop GBOT as the new generation electronic marketplace for multiple commodity contracts.

More Stories on : Commodity Exchanges | Overseas Investments | Software

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