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TCS shares rise afterdeal with QNB group

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Tata Consultancy Services announced that QNB Group, a large financial institution in the Middle East and Africa will be using TCS BaNCS Global Securities Platform (GSP) to support the digital transformation of its capital markets operations. Shares of TCS rose after the deal announcement, closing 2.13 per cent higher at Rs 2087.80 on the BSE on Wednesday.

According to a press note, QNB Group is present in more than 31 countries through subsidiaries and associate companies and wants to further expand its international operations with the help of AI and Machine Learning technologies.

The platform is intended to also support QNB’s digital transformation and future innovation plans. Adel Al-Malki, General Manager - QNB Group Information Technology, said: “We have been working with TCS since 2013, and the firm has supported our global expansion efforts through advanced IT solutions.

TCS’ services have enabled multi-market, multi-currency, straight-through settlements and corporate actions processing at depositories outside Qatar, while also strengthening our leading local presence.” The platform, according to TCS minimizes manual intervention and makes post-trade securities operations error-proof and reduces risks. R Vivekanand, Co-Head, TCS Financial Solutions, said “The TCS BaNCS Global Securities Platform offers QNB a rich set of features to meet future performance needs, and rapid growth in channels, users, markets and applications.”




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