The Central Bank of Syria has signed a Memorandum of Understanding with global company Mastercard to cooperate on developing Syria’s digital payments system.

According to a statement published by the bank on its Facebook page on Tuesday, September 23, the agreement aims to enhance the infrastructure of digital payment systems in Syria, facilitate knowledge exchange, and promote financial inclusion. It also seeks to expand access to essential financial services for millions of people, reflecting a shared vision to strengthen resilience and equal opportunities through technology.

The partnership is expected to foster integration between Syrian banks and other financial institutions in line with global best practices. It also includes hands-on knowledge transfer through specialized training programs and technical exchanges to build local expertise in digital payments and financial technology.

Central Bank Governor Abdul Qader Hasriyeh said that Mastercard, with its global network, advanced technological solutions, and extensive expertise in the payments sector, is “one of the most important strategic partners to support Syria’s efforts to build a strong financial system.” He described the memorandum as a framework for cooperation that will bolster payment infrastructure and advance financial inclusion, adding that this partnership would be “a cornerstone in empowering the Syrian economy, its people, and the business community.”

Adam Jones, Mastercard’s Regional President for West Arabia, said the MoU reflects the company’s belief that building inclusive financial systems requires partnership, innovation, and local participation. He highlighted opportunities to develop payment systems that serve both local citizens and international travelers, opening Syria up to wider access to global payment services and innovations.

The two sides emphasized that this agreement lays the groundwork for future cooperation, including training programs, technical workshops, and joint initiatives to strengthen financial inclusion and improve Syria’s payment infrastructure.

What is Mastercard?

Mastercard is a global company operating in more than 200 countries and territories. It provides a wide range of advanced digital payment solutions designed to facilitate secure, flexible, and accessible financial transactions. Its technologies and partnerships help individuals, businesses, and governments grow and achieve their full potential.

Banking sector reform

Governor Hasriyeh recently announced a series of banking reforms, forecasting growth over the next five years despite challenges such as liquidity shortages and limited international integration.

In an interview with Sky News Arabia on September 16, he reiterated the state’s commitment to protecting citizens’ deposits, rejecting what he called “forced deductions,” and urging Syrians to support the economy instead of hoarding cash or resorting to foreign currencies. He also stressed the importance of financial inclusion, noting that the bank is working to facilitate domestic money flows and restore confidence in the banking system.

Hasriyya revealed that annual remittances from the United Arab Emirates alone amount to between $700 million and $800 million. He also claimed that the exchange rate in the official market has become nearly aligned with the black market.