A new national framework for electronic payments and money transfers has been established in Syria. Syria’s central bank announced that the system was adopted through Decision No. 1124 of the General Secretariat of the Presidency and aims to expand electronic payment options for citizens and businesses.
The new regulation does not end the use of cash or require any particular payment method. Instead, it establishes a technical and regulatory foundation to facilitate the movement of money and provide payment services more efficiently.
Licensing requirement for three types of institutions
The framework provides for the licensing and regulation of three main types of institutions: payment service providers, electronic money service providers and payment system operators.
According to the Communications and Media Management Department of Syria’s central bank, the regulation will support the development of different payment solutions in the finance and technology sectors. The same framework is also expected to create opportunities for innovation, competition and investment.
Under the rules, a regulatory sandbox will also be established where innovative financial activities and solutions can be tested in a controlled manner. This will allow new services to be assessed before being made available for wider use.
Cybersecurity and user safety
The regulation includes provisions on governance, oversight, risk management, cybersecurity and user protection. These requirements are intended to improve the security of financial transactions and strengthen trust in digital services.
Syria’s central bank said the system would eventually lay the groundwork for integrating Syria’s financial infrastructure with regional and international payment systems. However, it stressed that the regulation does not immediately make international money transfers or payment connections available for use.
Visa and Mastercard decision
In May, Syria’s central bank allowed licensed banking institutions and electronic payment companies operating in the country to conduct transactions with global electronic payment companies such as Visa and Mastercard.
The earlier decision was aimed at updating Syria’s financial infrastructure and increasing digital financial inclusion.
