TCS to modernise Muscat Clearing & Depository system under new agreement

TCS will implement its flagship platform, TCS BaNCS for Market Infrastructure, alongside Quartz, to enhance MCD's Clearing, Settlement, and Depository services

Tata Consultancy Services (TCS), India’s largest IT services company, has announced an agreement to modernise the depository system of Muscat Clearing and Depository (MCD), Oman’s central securities depository, according to a report by the PTI.

 

As part of the deal, TCS will implement its flagship platform, TCS BaNCS for Market Infrastructure, alongside Quartz, to enhance MCD’s Clearing, Settlement, and Depository (CSD) services. The financial details of the agreement were not disclosed by the TCS.

 

Through this collaboration, MCD will leverage TCS’ global expertise to introduce advanced financial services, including collateral management, central counterparty clearing, and risk management. Additionally, the integration of digital and cloud-enabled solutions will transform customer experience and support MCD’s long-term growth objectives.

 

MCD, TCS partner for modernisation

 

Mohammed Al Abri, CEO of MCD, 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 of BFSI Products and Platforms at TCS, expressed the company’s excitement in partnering with MCD to modernise 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 said.

 

TCS financial performance

 

According to the media reports, in the fiscal year ending March 31, 2024, TCS reported consolidated revenues of $29.08 billion, reflecting a 4.1 per cent year-over-year growth. The company achieved an operating margin of 24.6 per cent and a net margin of 19.3 per cent, with a net income of $5.62 billion, marking a 7.8 per cent increase from the previous year.

 

However, for the quarter ending December 31, 2024, TCS reported net sales of Rs 63,973 crore, representing a 5.6 per cent year-over-year increase. The net profit for this period rose by 12 per cent to Rs 12,380 crore.

 

As a part of the Tata Group, TCS operates in 150 locations across 46 countries, offering a comprehensive range of services to clients worldwide.

 

[With inputs from PTI]