Syria has approved a new framework to license and regulate electronic payment, e-money and payment system operators, giving the Central Bank of Syria authority over the sector.
The framework was adopted under Presidential Decision No. 1124, according to the central bank. It aims to support a national payments system and expand payment and money transfer options for individuals and businesses, while keeping cash in use and not imposing a specific payment method.
Three types of providers will require prior licensing: payment service providers, electronic money service providers and payment system operators. The rules also establish a regulatory sandbox where financial technology companies can test new products in a controlled environment before wider deployment.
According to the bank, licensed businesses will be subject to governance, risk management, cybersecurity and user protection requirements. The framework is also intended to prepare Syria’s financial infrastructure for future integration with regional and international payment systems.
However, the announcement does not mean that international transfers or cross-border connectivity will become available immediately. The measure focuses first on establishing a regulated domestic payments market and could create a formal entry point for local and regional fintech companies.
Source: Annahar
