Muscat Clearing and Depository Partners with TCS to Enhance Market Infrastructure and Customer Experience

Varahi mdia.com online news,Mumbai, February 12, 2025: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a global leader in IT services, consulting, and business solutions, has signed an

Varahi mdia.com online news,Mumbai, February 12, 2025: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a global leader in IT services, consulting, and business solutions, has signed an agreement with Muscat Clearing and Depository (MCD) to modernize its central securities depository system. This strategic collaboration will leverage TCS BaNCS™ for Market Infrastructure and Quartz™ to enhance MCD’s operations and service offerings.

As Oman’s central securities depository, MCD plays a crucial role in providing clearing, settlement, and depository (CSD) services to market participants. Through this partnership, MCD will benefit from TCS’s global expertise in financial market infrastructure, enabling it to introduce advanced functionalities such as collateral management, central counterparty clearing, and risk management. Additionally, the adoption of digital and cloud-based solutions will enhance customer experience and streamline market operations.

Speaking about the partnership, Mohammed Al Abri, CEO, Muscat Clearing & Depository, stated, “TCS has a proven track record of implementing mission-critical financial solutions worldwide, including in the Middle East. This partnership will accelerate our efforts to enhance Oman’s capital market infrastructure by incorporating advanced features, strengthening market functionality, and expanding capital market opportunities.”

TCS BaNCS for Market Infrastructure is a comprehensive multi-asset CSD solution designed to support central securities depositories, central counterparty clearing houses (CCPs), exchanges, and central banks.

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TCS will deploy state-of-the-art technologies, including cloud-based platforms and seamless digital integrations to modernize MCD’s infrastructure. Additionally, Quartz Gateway will enable smooth connectivity between MCD, the stock exchange, and investors.

R Vivekanand, President, BFSI Products & Platforms, TCS, commented, “We are thrilled to support MCD in its transformation journey. The selection of TCS BaNCS for Market Infrastructure underscores our expertise in delivering complex financial infrastructure solutions across the Middle East and Africa. Our innovation leadership, combined with our commitment to the GCC region, positions us as MCD’s ideal technology partner.”

With a presence in nine MEA (Middle East & Africa) countries, TCS has been a trusted digital transformation partner in the region for over three decades. Serving more than 150 regional clients with a workforce of over 9,000 associates, TCS has been recognized as a Top Employer for eight consecutive years in the UAE, Saudi Arabia, and South Africa.

This collaboration marks another milestone in TCS’s commitment to strengthening financial market infrastructure in the Middle East, ensuring seamless digital transformation and improved market efficiency.