India's largest IT services company Tata Consultancy Services Ltd. on Tuesday said it has signed an agreement to modernise the depository system of Muscat Clearing and Depository.
MCD—Oman's central securities depository—provides comprehensive clearing, settlement, and depository services to all market participants.
According to a release, the IT services company will implement its flagship offering, TCS BaNCS, for market infrastructure and Quartz to 'future-proof' MCD's operations.
The release did not specify the financial details of the deal.
In addition to CSD solutions, MCD will benefit from TCS' 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 modernisation initiative," it said.
TCS will also implement its digital and cloud-enabled solutions to transform customer experience and meet MCD's transformation objectives.
Mohammed Al Abri, chief executive office, Muscat Clearing & Depository, said, "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."
R Vivekanand, President, BFSI Products and Platforms at TCS, said the company is excited to partner with MCD on this modernisation 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," Vivekanand added.
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