TCS Partners with Muscat Clearing and Depository for Modernization

Tata Consultancy Services (TCS) has signed an agreement to modernize Oman's Muscat Clearing and Depository system using its flagship TCS BaNCS solution and Quartz. This collaboration aims to enhance market functionality, introduce advanced features, and leverage TCS' expertise in global markets for improved capital infrastructure.

India's leading IT services firm, Tata Consultancy Services (TCS), has entered into a strategic agreement to overhaul the depository system of Muscat Clearing and Depository (MCD) in Oman. This partnership aims to bolster the capabilities of Oman's central securities depository.

TCS will employ its renowned TCS BaNCS for market infrastructure platform along with Quartz solutions to safeguard the future operations of MCD. While financial details of the deal remain undisclosed, the collaboration promises to offer new services to the market, including risk management and enhanced clearing capabilities.

Mohammed Al Abri, CEO of MCD, expressed enthusiasm about the initiative, emphasizing the potential for market expansion thanks to TCS' global expertise. R Vivekanand, President of BFSI Products and Platforms at TCS, highlighted the project's significance in showcasing TCS's successful implementations across the globe.