Syria approves creation of new electronic payment system

Syria has approved the creation of a new electronic payment and money transfer system aimed at modernizing its financial infrastructure and expanding digital transactions for individuals and businesses, the central bank said Tuesday.

The system was authorized under a presidential decision, the Syrian Arab News Agency (SANA) reported, citing the Central Bank of Syria.

The bank said the framework is designed to build a modern national payments system, facilitate money transfers and broaden payment options without abolishing cash or requiring the use of a specific payment method.

It establishes regulatory and technical rules for payment services and covers three main categories: payment service providers, electronic money providers and payment system operators.

The framework also opens the sector to greater competition, investment and financial technology innovation.

It allows new financial products and services to be tested under regulatory supervision before being introduced more widely.

The central bank said the system also sets standards for governance, risk management, cybersecurity and consumer protection.

It could eventually pave the way for Syria's financial infrastructure to connect with regional and international payment systems, subject to legal, technical and commercial requirements.

The bank stressed, however, that the move does not mean international transfers or cross-border payment links will become immediately available.

In May, the central bank authorized licensed Syrian banks and electronic payment companies to work with global payment providers including Visa and Mastercard as part of efforts to modernize the country's financial sector and expand digital financial services.