In a move expected to help break the country’s financial isolation, the Syrian government and MasterCard discussed strengthening electronic payment systems and their importance in driving economic development during a meeting between Syrian Finance Minister Muhammad Barnieh and a high-level delegation from the global company.
The meeting, led by Adam Jones, Executive Vice President of MasterCard, culminated in the signing of a Memorandum of Understanding (MoU) between the Central Bank of Syria (CBS) and the company, aiming to introduce advanced electronic payment systems to the Syrian market. The memorandum includes developing the payment infrastructure, issuing local and international cards, and linking Syrian banks to global payment networks, in an effort to integrate the Syrian economy more deeply into the global financial system.
Pivotal Discussions and Ambitious Plans
In a Facebook post, Minister Barnieh expressed his happiness with the meeting, saying, “I was pleased to welcome a delegation from MasterCard, led by the Executive Vice President.” He added that “the discussions highlighted the pivotal role of modern payment systems in driving economic development in Syria.”
The minister also explained that the two sides had outlined plans to “strengthen the financial infrastructure by expanding electronic and digital payment systems, led by the Central Bank of Syria,” considering these efforts essential to promoting financial inclusion, improving efficiency, and enabling the Syrian people to access financial services.
Confidence in Potential and a Step Toward Breaking Isolation
Barnieh welcomed MasterCard’s interest in engaging with the Syrian market, considering this move reflects their commitment and confidence in Syria’s economic potential and represents an important step toward deepening integration with the global financial system.
This interest by the global payments giant is a remarkable development, especially given the difficult circumstances Syria is experiencing and the international sanctions that imposed financial isolation preventing international financial institutions, including MasterCard, from operating in the country.
A Look to the Future
Syria’s Finance Minister is looking to the future, emphasizing Syria’s desire to see “MasterCard contribute beyond traditional card operations, by collaborating on innovative payment solutions that can accelerate digital transformation and support a more inclusive economy.”
Syria and MasterCard’s MoU represents more than just a technical partnership, it’s a powerful economic signal and a potential gateway to ease the burden on Syrian citizens by simplifying financial transactions, contributing to financial inclusion, and opening new communication channels with the world, in an ambitious effort to reconnect the Syrian economy to global financial networks.
