Mastercard and Central Bank of Syria sign MoU for digital payments

Core Insights - Mastercard and the Central Bank of Syria have signed a memorandum of understanding (MoU) to develop a national payments ecosystem in Syria, aiming to enhance digital payment capabilities and expand access to financial services for millions [1][2] - The partnership will focus on integrating banks and financial institutions in Syria with global best practices, ensuring knowledge transfer through training and technical exchanges to build local expertise in digital payments [2][4] Group 1 - The MoU establishes a collaborative framework for sharing expertise to strengthen Syria's payments infrastructure and advance financial inclusion [3][4] - Mastercard's West Arabia division president emphasized the importance of partnerships, innovation, and local engagement in building inclusive financial ecosystems [3] - The agreement outlines initial cooperation focusing on expertise exchange and exploring global best practices in digital payments [4] Group 2 - Follow-up steps will include studying future collaboration opportunities such as training programs, technical workshops, and joint initiatives to promote financial inclusion [5] - Earlier this month, Mastercard partnered with HyperPay to launch commercial card products in Saudi Arabia, indicating a broader strategy in the MENA region [5]