TCS to Modernize Oman's Central Securities Depository System

Tata Consultancy Services (TCS) has landed a significant deal to overhaul the depository system of Muscat Clearing and Depository (MCD), Oman's central securities depository, marking another significant expansion of the Indian IT giant's presence in the Middle East.

The modernization project will deploy TCS BaNCS for Market Infrastructure and Quartz solutions to enhance MCD's operational capabilities. Beyond upgrading the core depository services, the implementation will introduce new features like critical collateral management, central counterparty clearing, and advanced risk management tools.

"TCS is experienced in deploying mission-critical solutions across the globe, with several implementations in Middle Eastern as well as global markets," said Mohammed Al Abri, CEO of MCD. "We aim to enhance market functionality, introduce advanced features for participants, and facilitate the expansion of our capital markets by leveraging TCS' expertise."

The project will integrate cloud-based deployments and digital solutions, with Quartz Gateway enabling seamless connectivity between the market infrastructure, stock exchange, and investors.

R Vivekanand, President of BFSI Products & Platforms at TCS, highlighted the company's track record in similar implementations: "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."

TCS is spreading its footprint in the Gulf, and this deal is a highlight of that.

TCS BaNCS has been specially designed for central securities depositories, clearing houses, exchanges, and central banks. It has already managed to establish itself as a leading solution for market infrastructure worldwide.

This partnership represents a strategic move for both organizations, with MCD positioning itself for future growth while TCS strengthens its presence in the GCC (Gulf Cooperation Council) markets.