Muscat – In a strategic step toward deeper integration with the global financial ecosystem, Muscat Clearing and Depository Company (MCD) has launched the SWIFT service as a unified, secure, and internationally recognized financial messaging channel. The initiative is aimed to enhance operational efficiency, strengthening security standards, reducing operational risks, and enabling the seamless exchange of data and information with relevant stakeholders in line with global best practices.
The SWIFT service operates exclusively as a secure carrier of financial messages, and does not involve the holding of funds or the management of accounts. Its activation is limited to the secure and confidential transmission of standardized messages between the depository and market participants, as well as between the depository and financial institutions. By ensuring data integrity, confidentiality, and operational resilience, SWIFT represents a core component of modern financial market infrastructure.
The launch of SWIFT forms part of the MCD’s five-year strategy (2024–2028), which focuses on automating financial transactions, standardizing operational practices, reducing operating costs, mitigating risks associated with manual processes, and minimizing human error in day-to-day operations.
The implementation of SWIFT will be carried out in a phased manner, aligned with MCD’s digital transformation roadmap: initially, Phase 1 – Manual flows (U2A), scheduled for implementation by Q2 2026, enabling users to initiate and receive SWIFT messages through secure user interfaces; subsequently, Phase 2 – Automation flows (A2A), planned for year-end 2026, delivering full end-to-end automation and straight-through processing between systems.
Commenting on the launch, Mohamed bin Said Al Abri, Chief Executive Officer of MCD, stated: “Since the commencement of the company’s current five-year plan, we have worked closely with the Board of Directors and in collaboration with all employees to support the Muscat Stock Exchange (MSX) in its plan to upgrade to emerging market status, while contributing to national economic diversification in line with Oman Vision 2040. Key milestones in this journey have included the development of the state-of-the-art central depository system, the strengthening of regulatory frameworks, and the adoption of advanced solutions aligned with international standards. The launch of the SWIFT service is a strategic outcome of these efforts.
Reaching foreign investors and global markets requires a robust, reliable, and scalable infrastructure capable of delivering sustainable solutions for all stakeholders. The SWIFT service provides secure, practical, and efficient operational solutions across the full spectrum of services offered by the depository to all parties, including individual investors. It is also capable of handling high transaction volumes of while ensuring secure connectivity and timely notifications. We look forward to establishing connectivity will be established with local financial institutions and our international partners, subject to the readiness of their systems”.
Al Abri added: “All participants who are ready to establish connectivity with MCD through SWIFT may directly coordinate with MCD to initiate testing and finalize the SWIFT connection.”
The SWIFT service provides MCD with direct access to the local and international financial community without the need to establish and maintain multiple bilateral connections. This includes connectivity with central banks, settlement banks, clearing houses, custodians, central securities depositories, and international infrastructures such as Euroclear. This service offers highly secure and flexible connectivity capable of supporting increasing transaction volume and facilitating foreign investment through MSX.
Through SWIFT, MCD will support a comprehensive set of standardized financial messaging functions across key business areas, including trade settlement and clearing, pre-settlement and post-settlement notifications, cash and securities movement confirmations, and reconciliation and reporting. The service will also enable investor and issuer-related communications, such as corporate actions processing, general meeting (AGM/EGM) announcements and voting, and other issuer services. In addition, SWIFT will facilitate securities financing activities, including securities lending and borrowing, along with other depository and post-trade market services, in line with international market practices.
At the current stage, the launch of SWIFT enables connectivity with participating market entities, such as custodians, settlement banks, the Central Bank, and other stakeholders, subject to the readiness of their systems. In addition, SWIFT will serve as a critical backup communication channel in the event of core system disruptions, thereby reducing operational risks.
It is worth noting that Muscat Clearing and Depository Company has recently announced an upgrade to its central depository system. This upgrade supports the integration of advanced global technology solutions, including SWIFT, and their alignment with internationally adopted standards. These developments contribute to improved market assessments, enhanced investor confidence and the advancement of the MSX toward emerging market status.
About Muscat Clearing and Depository Company
Muscat Clearing and Depository Company (S.A.O.C.) is a closed joint-stock Omani company established under Royal Decree No. (82/98) issued on November 25, 1998, and commenced operations on February 1, 1999. The company’s paid-up capital amounts to five million Omani rials. It is licensed and supervised by the Financial Services Authority. It is owned by the Oman Investment Authority (OIA), through Muscat Stock Exchange (S.A.O.C.) holding 89.32% of its capital, while brokerage and investment companies holding the remaining 10.68%.
