Indian IT services giant TCS has signed a digital transformation agreement with Oman’s Muscat Clearing and Depository (MCD). Under the partnership, TCS will implement its software suite, TCS BaNCS for market infrastructure and Quartz, to help future-proof MCD’s operations and enhance the capital market infrastructure in Oman.
MCD, which provides comprehensive Clearing, Settlement & Depository (CSD) services, will benefit from TCS’s global expertise in areas such as collateral management, central counterparty clearing, and risk management. The agreement also includes the deployment of cloud-based digital solutions to transform MCD’s customer experience and meet its modernization goals.
Quartz Gateway will enable seamless integration between MCD’s market infrastructure solution, the stock exchange, and investors, ensuring smooth operations and improved functionality. Mohammed Al Abri, CEO of MCD, expressed excitement over the collaboration, noting that it will help enhance market functionality, introduce advanced features, and expand the capital markets in Oman.
TCS has been serving the Middle East and Africa region for over 30 years, with a significant presence in nine countries and more than 9,000 associates. Sumanta Roy, president and head of TCS Middle East and Africa business, revealed that TCS is set to open a new office in Oman by the end of the month, reinforcing its commitment to the region’s growth.
