Mastercard has signed an MoU with the Central Bank of Syria to partner on the development of a national payments ecosystem in the country.
The company and the bank are exploring new ways to accelerate the country’s digital payments capabilities, and the alliance will explore opportunities to expand access to essential financial services in the country, reflecting a shared mission to foster inclusion through technology.
Supporting Syria’s development journey
The collaboration will explore integration opportunities between Syrian banks and other financial institutions in line with global best practices. This aims to ensure knowledge transfer on-ground through training and technical exchanges that build local expertise in financial technology and digital payments.
Mastercard was chosen for its global network, customised technology solutions, and in-depth knowledge of the payments landscape. The partnership will strengthen the country’s payments infrastructure and advance its financial inclusion agenda, supporting both businesses and individuals.
The MoU reflects a shared mission to contribute to inclusive financial ecosystems that are built through innovation and local engagement. Mastercard expressed positive feelings regarding the opportunity to work with the Central Bank of Syria and the Government of Syria and create a payments system that works for both local citizens and international travellers in this high-potential market. The company wants to create more opportunities regarding global payments for the people in Syria, bringing optimised payment innovation and offering local ecosystem support.
The MoU is an initial framework for cooperation between the Central Bank of Syria and Mastercard, aimed at exchanging expertise and knowledge to explore global best practices. Next steps in the alliance include studying future collaboration opportunities, such as training programs, technical workshops, and joint initiatives to promote financial inclusion and develop payment infrastructure. Both parties affirm that this MoU is a foundational step toward building broader partnerships that serve the goals of individuals and businesses and support Syria’s economic development journey.
