JEDDAH: Syria is set to modernize its digital payments system after its central bank signed a memorandum of understanding with Mastercard, marking a major step toward reintegration into the global financial ecosystem.
The agreement aims to expand access to financial services for millions of Syrians by aligning local banks and financial institutions with international standards. The partnership also includes training programs and technical exchanges to build domestic expertise in digital payments, according to a press release.
The partnership between Mastercard and the Central Bank of Syria is a key step toward strengthening the country’s financial system and broadening digital payment services.
This comes as Syria’s economy shows early signs of recovery after more than a decade of civil conflict, sanctions, and international isolation, driven by efforts to modernize infrastructure and attract strategic partnerships.
Abdulkader Husrieh, governor of the Central Bank of Syria, said: “With its global network, customized technology solutions, and in-depth knowledge of the payments landscape, Mastercard is one of our most important strategic partners in building a robust financial system in Syria.”
He added: “The formal signing of this MoU establishes a collaborative framework for sharing and exchanging expertise to strengthen our country’s payments infrastructure and advance our financial inclusion agenda. Undoubtedly, our alliance will make great strides in the economic empowerment of our people and businesses.”
Adam Jones, Mastercard’s executive vice president and division president for West Arabia, said they welcome the opportunity to work with CBS and the Syrian government to explore opportunities to create a payments system that works for both local citizens and international travelers in what he called “a high-potential” market.
Jones added: “This MoU is a testament to our shared belief that inclusive financial ecosystems are built through partnership, innovation and local engagement.”
Mastercard described the agreement as an initial framework for cooperation with the CBS, focused on knowledge exchange and the adoption of global best practices in digital payments.
The company noted that next steps will involve exploring further collaboration opportunities, including training programs, technical workshops, and joint initiatives designed to promote financial inclusion and strengthen Syria’s payment infrastructure.
Both parties said the agreement lays the groundwork for future partnerships to support Syria’s economy and benefit businesses and citizens.
In June, the country carried out its first international bank transaction via the SWIFT system since the outbreak of its 14-year civil war — a milestone in the country’s push to reintegrate into the global financial system.
