Tata Consultancy Services (TCS), a global leader in IT services, consulting, and business solutions, has signed an agreement to modernize the depository system of Muscat Clearing and Depository (MCD), Oman’s central securities depository. TCS will implement TCS BaNCSTM for Market Infrastructure and QuartzTM to future-proof MCD’s operations.
MCD provides comprehensive Clearing, Settlement & Depository (CSD) services to all market participants. In addition to providing best-in-class CSD solutions, MCD will now benefit from TCS’s global expertise and ability to offer new services to the market such as collateral management, central counterparty clearing and risk management. MCD will also collaborate with TCS to implement solutions from Quartz as part of this modernization initiative. TCS will also implement its digital and cloud-enabled solutions to transform customer experience and meet MCD’s transformation objectives.
Mohammed Al Abri, CEO of Muscat Clearing & Depository, said, “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 modernization 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.”
TCS BaNCS for Market Infrastructure is an offering designed for central securities depositories (CSDs), central counterparty clearing houses (CCPs), exchanges, and central banks. It is a world-class, multi-asset CSD solution, providing end-to-end services for settlement, asset servicing, and investor services across various asset classes. TCS will deploy state-of-the-art technology for MCD, including 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.
Also Read: TCS extends its partnership with Danish mobile operator Telenor for another five yearsR Vivekanand, President of BFSI Products & Platforms, TCS, said, “We are excited to partner with MCD on this modernization journey of their capital markets platform. Our selection stands as a testament to the success of TCS BaNCS for Market Infrastructure in delivering such programs globally, including in the Middle East and African markets. This unique global knowledge, innovation leadership through Quartz, and commitment to the GCC (Gulf Cooperation Council) markets positions us to be MCD’s partner in this transformation.”
This partnership reaffirms TCS’ position as a digital transformation partner of choice in the MEA region. With operations in nine countries across MEA, TCS has had a strong presence for more than three decades. With a workforce of more than 9,000 associates serving over 150 customers regionally, it has been recognized as a Top Employer by the Top Employers Institute for eight consecutive years in the UAE, Saudi Arabia, and South Africa.
