Mastercard signs a memorandum of understanding with the Central Bank of Syria to develop the digital payments system in the
Mastercard announced the signing of a memorandum of understanding with the Central Bank of Syria. This partnership aims to develop the infrastructure of national payment systems within Syria. It also seeks to explore opportunities to expand basic financial services for millions of citizens.
This step reflects a common vision based on promoting financial inclusion, providing flexibility, and ensuring equal opportunities through modern technology. In addition, the partnership opens up new horizons for banks and financial institutions.
Knowledge transfer and local capacity building
The memorandum is expected to contribute to effective integration between banks and financial institutions in Syria. It is also in line with international best practices in the field of digital payments.
This vision will be translated into practice through customized exercises and technical exchange to build local expertise in financial technology. Through this, the sector will be able to benefit from the global expertise offered by Mastercard.
Statements by officials on the agreement
Dr. Abdelkader Exclusive, Governor of the Central Bank of Syria, said:
“Mastercard, with its global network and advanced solutions, is a strategic partner in our efforts to build a strong financial system. The signing of this memorandum enhances our cooperation to develop the payment infrastructure and expand financial inclusion. This cooperation will be a key pillar in supporting the Syrian economy and the local community.”
For his part, Adam Jones, Regional President for the Western Arab Region at Mastercard, explained:
“The MoU reflects our conviction that building inclusive financial systems is based on partnership and innovation. We are pleased to cooperate with the Central Bank of Syria and the Syrian government to develop a payment system that serves citizens and travelers. We also seek to provide the latest innovations to support the financial services system in Syria.”
Future steps of the partnership
The MoU represents an initial founding step for cooperation between the two parties. Subsequent initiatives will include training programmes, technical workshops and joint projects.
Through these steps, the two sides seek to promote financial inclusion, develop a strong payments infrastructure, and build broader partnerships that support economic development in Syria.
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