Syria adopts electronic payment and digital transformation system
Syria has approved a new electronic payment and digital transformation system to modernize national payment infrastructure and expand options for citizens and businesses.
Key Takeaways
AISyria has adopted an electronic payment and digital transformation system under Decision No. 1124 issued by the General Secretariat of the Presidency, the Central Bank of Syria announced, in a move aimed at developing a modern national payment infrastructure and expanding payment and transfer options for citizens and businesses.
The system aims to facilitate and improve the efficiency of money transfers while maintaining the use of cash, as it does not eliminate cash transactions or mandate a specific payment method.
It establishes a regulatory and technical framework to develop and connect payment services among financial entities and institutions, organizing and licensing three main categories within the system: payment service providers, electronic money service providers, and payment system operators.
The system also enables the development of diverse payment services and solutions within a clear regulatory and supervisory environment, opening the door to innovation, competition, and investment in the financial and technology sectors.
It includes the possibility to test innovative financial activities and solutions through a regulatory sandbox, allowing them to be evaluated in a controlled environment before broader rollout.
View the post on X
The system reinforces requirements for governance, oversight, risk management, cybersecurity, and user protection, aiming to enhance the safety of financial transactions and build trust in digital services.
In the future, the system will help develop Syria’s financial infrastructure to integrate with regional and international payment networks, in line with approved legal, technical, and commercial standards, though this does not mean immediate access to international transfers or connections.
The adoption of the system is part of efforts to modernize Syria’s financial infrastructure and provide more convenient, efficient, and secure payment options for citizens and businesses, while continuing to allow cash transactions.