Visa and Central Bank of Syria to build Syrian digital payments ecosystem

Core Insights - Visa has partnered with the Central Bank of Syria and other financial authorities to implement a strategic roadmap for digital payments integration in Syria, aiming to support the country's entry into the global digital economy [1] - The initiative includes launching operations in Syria and establishing a phased digitization plan for the payments sector, focusing on collaboration with licensed financial institutions to create a secure payments infrastructure [1][2] Group 1: Digital Payment Infrastructure - The collaboration will involve the issuance of payment cards and the introduction of digital wallets utilizing EMV chip technology and tokenization for enhanced security and global interoperability [2] - Visa will facilitate the adoption of the Visa Acceptance Platform for merchants, providing open and cost-effective acceptance solutions [2] Group 2: Support for MSMEs - The initiative aims to create an accessible and inclusive payments network across Syria, particularly benefiting micro, small, and medium enterprises (MSMEs) that are crucial to the economy [3] - By enabling MSMEs to participate in the digital economy, the plan is expected to support job creation and economic participation [3] Group 3: Economic Recovery and Capacity Building - Visa's senior vice president emphasized that a reliable payment system is essential for economic recovery and attracting broader investment into Syria [4] - The company plans to invest in targeted programs for capacity building and local talent development to support a robust payments ecosystem [4] Group 4: Entrepreneurial Support - Visa will introduce initiatives to assist local entrepreneurs in developing and expanding new payment solutions, leveraging its global platform and connecting with regional and international fintech partners [5] - The Central Bank of Syria governor highlighted that Visa's vision offers a powerful path to modernize the economy, enhance transparency, and provide necessary tools for rebuilding and thriving [5]