Muscat Clearing and Depository Company has launched the Swift service as a unified and secure financial communication channel for exchanging messages.

The initiative aims to enhance operational efficiency, raise security levels, reduce risks and enable the depository to exchange financial data and information with relevant parties in accordance with the highest encryption protocols and internationally approved standards for protecting and safeguarding data.

The service acts as an exclusive carrier for a set of standardised financial messaging formats that facilitate the understanding and interpretation of financial instructions among different member financial institutions.

Activation of the service is limited to the secure and confidential transfer of messages between parties related to depository operations inside and outside the Sultanate of Oman, while ensuring the integrity and operational reliability of data. This makes it a cornerstone of the infrastructure of modern financial markets.

Joining the Swift network will connect Oman to a vast global network that includes more than 11,000 financial institutions in over 200 countries. It will also enhance transparency in financial operations by providing accurate and detailed transaction records. The system helps member financial institutions comply with various regulatory requirements through tools and reports that support auditing and review processes.

Mohammed bin Said Al Abri, Chief Executive Officer of Muscat Clearing and Depository Company, said that since the start of the current five year plan the company has been working to enable the capital market sector to play its pivotal role as one of the key enablers of Oman Vision 2040, while supporting the Muscat Stock Exchange in its plan to upgrade to an emerging market.

In a statement to Oman News Agency, he said that launching the Swift service represents one of the strategic solutions adopted in this regard. Reaching foreign investors and global financial markets requires a strong and reliable infrastructure capable of delivering sustainable solutions that serve all stakeholders.

Muscat Clearing and Depository Company recently announced the launch of a project to replace the current central depository system with a more advanced system capable of accommodating market requirements and new products and services for market participants. The new system will enable the integration of advanced global technological solutions such as Swift and others with depository systems, in line with internationally approved standards, helping achieve higher market ratings and attract foreign investment to Oman.