Mastercard signs memorandum of understanding with Central Bank of Syria to collaborate on developing a national payments ecosystem

(MENAFN- Weber Shandwick) Mastercard has signed a landmark memorandum of understanding (MoU) with the Central Bank of Syria to collaborate on the development of a national payments ecosystem in the country.

In a pivotal step toward exploring ways to advance the country’s digital payments capabilities, this strategic alliance will explore opportunities to expand access to essential financial services for millions of people. It reflects a shared vision for fostering inclusion, resilience and opportunity through technology.

The partnership is expected to explore integration opportunities between banks, and other financial institutions within Syria in line with global best practices. Furthermore, it will ensure knowledge transfer on-ground through dedicated training and technical exchanges to build local expertise in digital payments and financial technology.

“With its global network, customized technology solutions, and in-depth knowledge of the payments landscape, Mastercard is one of our most important strategic partners in building a robust financial system in Syria. The formal signing of this MoU establishes a collaborative framework for sharing and exchanging expertise to strengthen our country’s payments infrastructure and advance our financial inclusion agenda. Undoubtedly, our alliance will make great strides in the economic empowerment of our people and businesses,” said Dr. Abdulkader Husrieh , Governor of the Central Bank of Syria.

“This MoU is a testament to our shared belief that inclusive financial ecosystems are built through partnership, innovation and local engagement. We welcome the opportunity to work with the Central Bank of Syria and the Government of Syria to explore opportunities to create a payments system that works for both local citizens and international travelers in this high-potential market. We look forward to opening doors to the world of global payments for the people of Syria, bringing best-in-class payments innovation to the country and offering local ecosystem support,” said Adam Jones, division president, West Arabia, Mastercard.

The MoU represents an initial framework for cooperation between the Central Bank of Syria and Mastercard, primarily aimed at exchanging expertise and knowledge and exploring global best practices in digital payments. Follow-up steps will 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 aspirations of individuals and businesses and support Syria’s economic development journey.

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