MUSCAT: Muscat Clearing and Depository (MCD) Company, in partnership with the Muscat Stock Exchange, launched the ‘Oman Stocks’ app in its first phase in Oman. This will allow equity investors to access the services provided by the company and the exchange from one place, and also allow parents with an investor number to open an account for their children.
The first phase provides new investor account opening services for Omanis and residents of the Sultanate of Oman, non-resident and legal investors, non-resident foreign investors and minors who have not reached legal age. The application also provides an investor update feature for pre-registered company.
The Oman Stocks app is now available in both Android and iOS systems, which everyone can download and start using
Mohammed bin Said al Abri, Chief Executive Officer of Muscat Clearing and Depository Company, said the application of "Oman Stocks" is a qualitative shift in equity investment in the Sultanate of Oman. It is the first reference for investors' equity transactions. It also serves as the basis for investment.
He added in a statement to the Oman News Agency (ONA) that the initial step was to open a new investor's account. Bearing in mind that all steps - you open an account or any other service - are simplified and smooth to make it easier to use by everyone. The company is also working with the Muscat Stock Exchange to add many services and data of interest to the investor that we hope to finalize during the coming period, such as the service of attending the meeting of public associations, viewing the trading reports and dividends distributed, selling and buying shares without the need to deal directly with brokers, and many more.
Amima bint Salem al Maa'shari, Head of Shareholders Department at MCD and Supervisor, explained that the idea of the application came in partnership with Muscat Stock Exchange to keep pace with the steady growth and increasing demand for applications in order to encourage investment in Muscat Stock Exchange and to be present with all categories inside and outside the Sultanate of Oman with ease.
She added the ‘Oman Stocks’ application is linked with the Mala’a Centre of the Central Bank of Oman, which allows verifying the investor’s bank data without the need to fill in the data manually, explaining that cooperation with the Mala’a Centre will contribute to reducing errors in the process of entering bank data. This step also facilitates the receipt of profits to those entitled to them by using the correct investor data. — ONA
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