Tata Consultancy Services (TCS) has announced a strategic partnership with Muscat Clearing and Depository (MCD), aiming to modernize the operations of Oman’s central securities depository. This collaboration will focus on enhancing Oman’s capital market infrastructure by deploying TCS’s cutting-edge BaNCS™ for Market Infrastructure and Quartz™ technologies. TCS will provide a future-proof solution to transform MCD’s processes, ensuring that it remains competitive and effective for years to come.

The TCS BaNCS for Market Infrastructure is a world-class solution designed to streamline operations in central securities depositories (CSDs), central counterparty clearing houses (CCPs), and exchanges. This platform offers comprehensive settlement, asset servicing, and investor services for various asset classes. Through this partnership, MCD aims to enhance the services it provides to market participants by offering advanced solutions such as collateral management, central counterparty clearing, and risk management.

The modernization plan includes the cloud-based deployments of TCS’s solutions to further enhance MCD’s digital infrastructure. By leveraging Quartz Gateway, a digital integration tool, MCD will integrate market infrastructure solutions with local stock exchanges and investors more seamlessly. This will improve the overall customer experience and help meet the long-term transformation goals of MCD.

Mohammed Al Abri, the CEO of Muscat Clearing and Depository, expressed his enthusiasm about the collaboration, stating, “We are pleased to partner with TCS, given their global expertise in deploying mission-critical solutions. This partnership will play a pivotal role in enhancing Oman’s capital market infrastructure and introducing advanced features to market participants.”

The partnership marks a significant milestone in TCS’s commitment to the GCC (Gulf Cooperation Council) region, which includes operations in nine countries across the Middle East and Africa. This move reinforces TCS’s role as a leader in digital transformation and market infrastructure modernization in the region. R Vivekanand, President of BFSI Products & Platforms at TCS, added, “We are excited to help MCD transform its platform with our globally proven technologies. Our innovative solutions like TCS BaNCS and Quartz make us the right partner for this journey.”

As TCS embarks on this transformational journey with MCD, it reaffirms its position as the digital partner of choice for capital markets across the globe, particularly in Middle Eastern and African markets.

This initiative will not only help MCD improve its operational efficiency but also expand the market functionality of Oman’s capital markets. By adopting best practices and international standards, the partnership aims to foster a trustworthy and secure investment environment.

TCS has been a trusted partner for many of the world’s leading businesses over the last 56 years. The company’s commitment to innovation and excellence has earned it a global reputation for delivering transformative IT solutions. With over 607,000 employees, TCS continues to expand its footprint and influence in the technology landscape.

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