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.”
