Syria’s Ministry of Communications and Information Technology and global payments firm Visa have signed a cooperation agreement aimed at accelerating the nation’s digital transformation and laying foundations for a modern and inclusive digital economy. The accord, signed in San Francisco, establishes a framework to develop digital payments infrastructure, expand financial inclusion and foster innovation within Syria’s burgeoning fintech sector. The move marks a pivotal effort to reintegrate Syria into global financial systems after years of economic isolation. Officials from the Ministry and Visa outlined plans to prioritise key areas such as digital banking infrastructure, the rollout of secure payment systems and support for technology start-ups. The agreement encompasses a regulatory sandbox concept that will allow local fintech businesses to test products and services with regulatory flexibility, a step seen as central to stimulating local innovation and entrepreneurship.
Abdulsalam Haykal, Syria’s Minister of Communications and Information Technology, underscored the accord’s significance as part of the country’s long-term economic strategy, highlighting the need to modernise payment systems and bridge gaps in financial access. Visa’s regional leadership, including Senior Vice President and Group Country Manager Leila Serhan, emphasised the importance of public-private cooperation in realising a payments ecosystem that can support both urban and rural communities, as well as small and medium enterprises.
The initiative complements earlier steps taken by international payment firms to engage with Syria’s financial landscape. Last December, Visa reached a strategic understanding with the Central Bank of Syria to build a secure digital payments ecosystem and progressively reintroduce operations in the country, targeting global interoperability and the adoption of standards such as EMV chip technology for card payments. At the same time, Mastercard signed a memorandum with the central bank to collaborate on building national payments infrastructure, reflecting a broader trend of international fintech engagement.
Visa’s efforts include building technical capacities that adhere to global best practices, with a focus on risk management, fraud controls and digital identity frameworks. During an industry gathering and workshop hosted by Visa earlier this year, the company brought together Syrian financial institutions and policymakers to discuss foundational elements of a modern payments ecosystem, signalling commitment beyond the initial agreement.
Financial inclusion is a core pillar of the partnership. By enabling digital wallets, merchant acceptance of electronic payments and mobile services tailored to local markets, the agreement seeks to lower entry barriers for individuals and businesses traditionally excluded from formal financial channels. Syrian authorities have framed this as a critical element in broader socio-economic recovery efforts, with the potential to increase economic participation across diverse demographics.
Observers note that the move comes against a backdrop of evolving geopolitical and economic dynamics in Syria. The country has been emerging from a protracted period of conflict and sanctions, which had severed many international financial ties. The central bank’s outreach to global payment networks, including Visa and Mastercard, represents a strategic shift towards economic normalisation and external investment attraction.
Visa’s roadmap for Syria includes phased implementation measures, beginning with foundational infrastructure projects working closely with licensed financial institutions. This phased approach aims to ensure that security, compliance and interoperability are embedded into the country’s payment landscape from the outset, potentially enabling cross-border transactions and facilitating trade and remittances.
Analysts say that success will depend on a combination of regulatory clarity, technological capacity building and sustained engagement with local stakeholders. Challenges such as building trust among consumers and merchants, navigating legacy banking constraints, and harmonising local regulations with international norms will test the partnership’s ability to deliver tangible outcomes within anticipated timelines.
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