Tata Consultancy Services (TCS), a global leader in IT services, consulting, and business solutions, has signed an agreement with Muscat Clearing and Depository (MCD) to modernize the depository system in Oman. TCS will implement its TCS BaNCS for Market Infrastructure and Quartz solutions to future-proof MCD’s operations.
MCD provides comprehensive clearing, settlement, and depository (CSD) services to all market participants. The partnership will enable MCD to benefit from TCS’ global expertise, paving the way for new services 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.
Mohammed Al Abri, CEO of MCD, expressed his enthusiasm for the partnership, stating that TCS’ extensive experience in deploying mission-critical solutions worldwide, particularly in the Middle East, makes them the ideal partner for this modernization initiative. R Vivekanand, President of BFSI Products & Platforms at TCS, emphasized that the selection of TCS BaNCS for Market Infrastructure is a testament to the solution’s success globally, including in the Middle East and African markets.
This partnership further solidifies TCS’ position as a digital transformation partner of choice in the MEA region, where they have had a strong presence for over three decades. With over 9,000 associates serving over 150 customers regionally, TCS has been recognized as a Top Employer by the Top Employers Institute for eight consecutive years in the UAE, Saudi Arabia, and South Africa.
The implementation of TCS BaNCS for Market Infrastructure and Quartz solutions will enable MCD to enhance market functionality, introduce advanced features for participants, and facilitate the expansion of the capital markets. The partnership is expected to modernize MCD’s operations, providing a more efficient and effective way to serve its customers.