TCS signs digital transformation partnership with Oman’s central securities depository

IT services firm TCS has signed a digital transformation agreement with Oman’s central securities depository Muscat Clearing and Depository (MCD). Under the agreement, TCS will implement its software suite TCS BaNCS for market infrastructure and Quartz to future-proof MCD’s operations. 

MCD provides comprehensive Clearing, Settlement & Depository (CSD) services to all market participants. The partnership is expected to help MCD with TCS’ global expertise and ability to offer new services to the market such as collateral management, central counterparty clearing, and risk management. TCS will also implement its digital and cloud-enabled solutions to transform customer experience and meet MCD’s transformation objectives.

TCS will deploy cloud-based deployments and digital solutions. Additionally, Quartz Gateway will enable seamless integration of the market infrastructure solution with the stock exchange and investors for MCD.

"TCS is experienced in deploying mission-critical solutions across the globe, with several implementations in Middle Eastern as well as global markets. We are pleased to collaborate and enter a longstanding partnership with TCS in this modernisation initiative for Oman's capital market infrastructure. MCD aims to enhance market functionality, introduce advanced features for participants, and facilitate the expansion of our capital markets by leveraging TCS' expertise,” said Mohammed Al Abri, CEO, Muscat Clearing & Depository.

TCS has been in the Middle East and Africa region (MEA) for the last 30 years and across nine countries. It has a workforce of more than 9,000 associates serving over 150 customers regionally. In a recent media interaction, Sumanta Roy, president and head of the Middle East and Africa business region of the TCS said that the company is set to inaugurate a country office in Oman by the end of this month.