Syria adopts electronic payment and digital transformation system

Syria has embraced a new electronic payment and digital transformation system, announced by the Central Bank of Syria. The move, under Decision No. 1124 issued by the General Secretariat of the Presidency, aims to modernize the nation's payment infrastructure and broaden payment options for citizens and businesses. The system, which does not phase out cash transactions, establishes a regulatory and technical framework for the development and connection of payment services among financial entities and institutions.

It categorizes these services into three main groups: payment service providers, electronic money service providers, and payment system operators. The system opens the door to diverse payment services and solutions within a regulated environment, fostering innovation, competition, and investment in the financial and technology sectors.

It also incorporates a regulatory sandbox for testing innovative financial activities and solutions before wider implementation. The system prioritizes governance, oversight, risk management, cybersecurity, and user protection to bolster the security of financial transactions and build trust in digital services. In the future, it will aid in integrating Syria's financial infrastructure with regional and international payment networks, adhering to approved legal, technical, and commercial standards.

This adoption is part of broader efforts to modernize Syria's financial infrastructure, offering citizens and businesses more convenient, efficient, and secure payment options while retaining the ability to use cash.