Core Insights - Visa has announced plans to operate in Syria following an agreement with the Central Bank of Syria to develop a digital payment ecosystem [1][2] - The focus will be on collaborating with licensed financial institutions to establish a robust and secure payment infrastructure, including the issuance of payment cards and the launch of digital wallet services based on global standards [1][2] Group 1: Visa's Initiatives - Visa aims to build a secure payment foundation in Syria by working with licensed financial institutions [1][2] - The company plans to issue payment cards and introduce digital wallet services as part of its strategy [1][2] Group 2: IMF's Role - The International Monetary Fund (IMF) visited Damascus in November and expressed intentions to provide technical assistance in areas such as financial sector regulation, payment and banking system restoration, and enhancing the Central Bank of Syria's capacity [1][2] - The IMF's support aims to help the Central Bank effectively implement monetary policy to achieve low inflation stability and strengthen banking system oversight [1][2] Group 3: Historical Context - The Syrian banking system has been largely isolated from the global financial system since the onset of the civil war, following comprehensive sanctions imposed by Western countries in response to the government's crackdown on protests in 2011 [1][2] - Recent political developments, including the overthrow of President Bashar al-Assad and the establishment of a transitional government, have led to efforts to restore international relations [1][2] - Following a meeting between transitional President Ahmad Sharrah and U.S. President Donald Trump in May, the U.S. has significantly relaxed several sanctions against Syria, with multiple European governments also announcing the termination of economic sanctions [1][2]
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