The Central Bank of Syria has announced the approval of a new electronic payment and money transfer system, authorised under a presidential decision. The initiative is intended to modernise the country's financial infrastructure and expand digital transaction options for both individuals and businesses.
Framework structure and scope
According to the central bank, the new system is designed to build a modern national payments infrastructure, facilitate money transfers, and broaden the range of available payment options. The bank clarified that the framework does not eliminate the use of cash, nor does it mandate the use of any specific payment method.
The regulatory structure establishes technical and operational rules covering three main categories of participants: payment service providers, electronic money providers, and payment system operators. In addition to defining these categories, the framework is intended to open the payments sector to greater competition, investment, and financial technology innovation.
A notable feature of the new regulatory approach is the provision for a supervised testing environment, allowing new financial products and services to be trialled under regulatory oversight before wider market introduction. This approach is commonly associated with regulatory sandbox models used in other jurisdictions to balance innovation with consumer and systemic safeguards.
Governance and risk considerations
The Central Bank of Syria stated that the framework also sets standards for governance, risk management, cybersecurity, and consumer protection. These provisions support the operational integrity of the payment ecosystem as new providers and services are introduced under the regulatory structure.
Looking ahead, the central bank indicated that the new system could eventually support the integration of Syria's financial infrastructure with regional and international payment systems. However, this would remain contingent on meeting legal, technical, and commercial requirements. The bank was explicit in stating that the current approval does not mean international transfers or cross-border payment links will become immediately available.
Context: broader financial sector modernisation
This development follows an earlier step taken in May 2026, when the Central Bank of Syria authorised licenced Syrian banks and electronic payment companies to work with global payment providers, including Visa and Mastercard. That move was similarly framed as part of broader efforts to modernise the country's financial sector and expand access to digital financial services.
Taken together, the two initiatives suggest a phased approach by Syrian authorities toward rebuilding and digitising the country's payment infrastructure, combining domestic regulatory groundwork with steps toward eventual international connectivity. The pace and scope of further integration will depend on how the newly established legal and technical requirements are implemented in practice.
