Syria Central Bank adopts e-payments

The Central Bank of Syria has adopted a new electronic payment system aimed at organizing and developing the national payment infrastructure in Syria, while enhancing payment and transfer options for individuals and the business sector. The system focuses on regulating payment services and connecting financial entities, without abolishing cash transactions. It represents a step toward modernizing the financial infrastructure and supporting financial innovation through the creation of a "regulatory sandbox" to test innovative financial solutions. The system also includes requirements for governance and cybersecurity to protect users. Looking ahead, it aims to strengthen the capability for international transfers and to connect the system with regional and international payment networks, although implementing these services will require time and additional developments.

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