Syria's central bank approves a licensing framework for electronic payments and transfers

The Central Bank of Syria has approved a national electronic payment and money transfer system under a presidential decision, creating licence categories for payment providers and a supervised testing route for new products. What changed The framework sets technical and operational rules for three classes of participant: payment service providers, electronic money providers and payment system operators. It also lays down expectations on governance, risk management, cybersecurity and consumer protection, and creates a supervised environment in which new products can be trialled before general release. The central bank was explicit that the decision neither removes cash nor mandates any particular payment method, and that it does not by itself open cross-border transfers or links to foreign payment systems — that would depend on separate legal, technical and commercial conditions being met. It follows a May 2026 step allowing licensed Syrian banks and payment companies to work with international networks including Visa and Mastercard.