MCDC launches SWIFT financial messaging service

MUSCAT: Muscat Clearing and Depository Company (MCDC) has launched the SWIFT financial messaging service to strengthen the infrastructure of the capital market sector in the Sultanate of Oman and enhance connectivity with global financial institutions.
The service provides a unified and secure communication channel for exchanging financial messages between market participants using internationally recognised encryption standards and protocols for data protection and confidentiality.
SWIFT serves as a standardised platform for financial messaging, enabling institutions to exchange financial instructions in a secure and consistent format. By joining the network, Oman will connect to more than 11,000 financial institutions across over 200 countries, improving transparency and facilitating cross-border financial transactions.
The launch forms part of MCDC’s five-year strategy for 2024–2028, which aims to automate financial processes, standardise operational procedures and reduce risks associated with manual transactions. The initiative also supports efforts to integrate Oman’s capital market infrastructure with global financial systems.
The project will be implemented in two phases under the company’s digital transformation programme. The first phase focuses on enabling the exchange of SWIFT messages between users and applications and is expected to be fully implemented by the second quarter of 2026. The second phase will integrate SWIFT with financial applications and systems to establish a comprehensive end-to-end electronic transaction network by the end of the year.
Mohammed bin Said al Abri, Chief Executive Officer of Muscat Clearing and Depository Company, said the initiative forms part of broader efforts to strengthen the capital market’s role in supporting Oman Vision 2040 and facilitating the upgrade of the Muscat Stock Exchange to emerging market status.
He added that the SWIFT service will provide secure operational solutions capable of handling large transaction volumes while improving communication between market participants, including custodians, settlement banks and regulatory institutions. The system will also serve as a reliable backup communication channel in the event of operational disruptions.
MCDC recently announced plans to replace its current central depository system with a more advanced platform capable of supporting new financial products and integrating advanced global technologies such as SWIFT, thereby enhancing market efficiency and helping attract foreign investment to Oman. — ONA