The Muscat Clearing and Depository Company has launched the SWIFT financial messaging service as a unified and secure communication channel aimed at enhancing the efficiency, transparency, and security of financial transactions within Oman’s capital market infrastructure.
The new service will enable the secure exchange of financial messages and data between the depository and relevant stakeholders using internationally recognized encryption protocols and global standards designed to protect the confidentiality and integrity of financial information.
According to the company, the SWIFT service provides a standardized format for financial messaging that facilitates the accurate interpretation of financial instructions among participating institutions.
The platform will serve as a secure channel for transmitting messages related to deposit and settlement activities between market participants both within and outside Oman, ensuring high levels of operational safety and data protection.
By joining the SWIFT network, Oman’s financial infrastructure will connect with a global ecosystem of more than 11,000 financial institutions operating across over 200 countries.
The integration is expected to enhance transparency in financial operations by providing detailed transaction records while also supporting compliance with regulatory requirements through advanced reporting and audit tools.
The initiative forms part of the company’s five-year depository strategy for 2024–2028, which focuses on automating financial transactions, unifying operational standards, and reducing risks associated with manual processes.
The strategy also aims to strengthen the Sultanate’s integration with the global financial system, facilitating capital flows and improving the investment environment.
The project will be implemented in two phases as part of the broader digital transformation plan. The first phase, scheduled to begin in the second quarter of 2026, will focus on enabling the secure exchange of SWIFT messages between users and applications.
The second phase will involve integrating SWIFT with the company’s systems to create a fully automated end-to-end transaction processing environment, with completion targeted by the end of the year.
Mohammed bin Said Al Abri CEO Muscat Clearing and Depository Company
“The launch of the SWIFT service represents an important step in strengthening the role of the capital market in supporting national economic objectives and aligns with the aspirations of Oman Vision 2040. The company has been working to modernize the capital market infrastructure through initiatives that include upgrading the central depository system and reviewing regulatory frameworks to ensure alignment with international standards. Adopting the SWIFT platform is a strategic move that will enable seamless access to global financial markets. International investors require reliable and advanced financial infrastructure, and this system will provide secure operational solutions across the range of services offered by the depository, benefiting investors and market participants while enhancing the efficiency and integrity of financial transactions.”
Following the launch, the company plans to gradually connect with local financial institutions and international partners once their systems are technically ready.
Market participants will be able to apply for digital connectivity through the SWIFT platform, with testing procedures conducted to ensure system compatibility before final activation.
The SWIFT platform enables secure communication with key financial infrastructure providers, including central banks, settlement banks, custodians, and international central securities depositories such as Euroclear and Clearstream.
This connectivity is expected to strengthen operational resilience and reduce risks by providing a reliable backup communication channel in case of disruptions to primary systems.
The platform will support a wide range of services, including messaging before and after settlement; notifications related to cash and securities transfers, corporate actions, and shareholder voting during general assemblies; securities lending; guarantee management; and other investor-related services.
