Mastercard and the Central Bank of Syria have signed a memorandum of understanding (MoU) to collaborate on developing a national payments ecosystem in Syria.
This strategic alliance aims to advance the country’s digital payments capabilities and expand access to essential financial services for millions of people.
The partnership will explore integration opportunities between banks and financial institutions in Syria, aligning with global best practices.
It will also ensure knowledge transfer through dedicated training and technical exchanges, building local expertise in digital payments and financial technology.
Governor of the Central Bank of Syria Dr. Abdulkader Husrieh said: “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.”
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By GlobalDataMastercard West Arabia division president Adam Jones said: “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.”
The MoU outlines an initial framework for cooperation, focusing on exchanging expertise and exploring global best practices in digital payments.
Follow-up steps will include studying future collaboration opportunities, such as training programmes, technical workshops, and joint initiatives to promote financial inclusion.
Earlier this month, Mastercard partnered with HyperPay, a payment gateway provider in the Middle East and North Africa (MENA) region, to launch commercial card products in Saudi Arabia.
