Syria Approves New Electronic Payment and Money Transfer System

Thursday 20 August 2026 14:02

The Central Bank of Syria has announced the adoption of a new electronic payment and money transfer system under Decision No. 124, issued by the General Secretariat of the Presidency of the Syrian Arab Republic, as part of efforts to develop a national payments infrastructure and expand payment and transfer options for citizens and businesses.

New Framework for Digital Payments

According to an official statement, the system is designed to facilitate the movement of money and improve its efficiency while preserving cash transactions and without imposing a specific payment method on users.

The framework establishes regulatory and technical foundations for developing payment services and connecting them across financial institutions and other entities. It identifies three main categories of participants in the ecosystem: payment service providers, electronic money service providers, and payment system operators.

Regulatory Sandbox for Financial Innovation

The new system also allows innovative financial activities and solutions to be tested through a supervised regulatory sandbox before being introduced on a broader scale.

The measure is intended to create room for innovation, competition and investment in financial and financial technology services while ensuring that new solutions operate within a regulated environment.

Governance, Risk Management and Cybersecurity

The framework includes requirements covering governance, supervision, risk management, cybersecurity and user protection, with the aim of strengthening the security of financial transactions and increasing confidence in digital financial services.

The Central Bank said the system could eventually help strengthen the Syrian financial infrastructure's ability to integrate with regional and international payment systems, subject to applicable legal, technical and commercial requirements.

However, the bank stressed that the framework does not mean international transfers or cross-border connectivity will become available immediately.

The adoption of the system forms part of broader efforts to modernize Syria's financial infrastructure and provide citizens and businesses with additional payment and money transfer options, while cash transactions remain available.