Syrian Central Bank Implements Digital Payment System
The Central Bank of Syria has adopted the electronic payment and transfer system with the aim of developing a modern national payment infrastructure and expanding the options for payments and transfers for citizens and the business sector, without eliminating cash transactions. The system provides a framework for regulating payment service providers and electronic money providers, while testing innovative financial solutions within a supervised regulatory sandbox. It also emphasizes governance standards, risk management, cybersecurity, and user protection. The system's future goal is to achieve integration with regional and international payment systems in accordance with approved standards, although direct international linking is not currently available.
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