The Syrian Future Movement is following with great interest the announcement issued by the Central Bank of Syria on Tuesday, August 18, 2026, regarding the adoption of an electronic payment and transformation system in Syria, pursuant to Decree No. 124 issued by the General Secretariat of the Presidency of the Republic. This aims to develop a national payment system and expand payment and transfer options for citizens and the business sector.
The Syrian Future Movement commends this regulatory step, which embodies the state’s commitment to modernizing the financial infrastructure, enhancing financial inclusion, and keeping pace with global technological developments in the field of digital financial services.
The Movement views this decision as a pivotal step towards building a modern digital economy capable of attracting investments, improving transaction efficiency, and enhancing transparency and oversight, thereby contributing to strengthening confidence in the national banking sector.
The Syrian Future Movement emphasizes that adopting the regulatory framework is only the first step, and that the real challenge lies in the speed and effectiveness of its implementation. This includes ensuring the achievement of the desired objectives in terms of expanding financial inclusion, improving user experience, and building national capacities capable of managing and developing this system, while maintaining the highest standards of cybersecurity and data protection.
The Syrian Future Movement indicates that this decision represents a qualitative leap in modernizing the Syrian financial sector, as it establishes a comprehensive regulatory and technical framework for developing payment services and linking them between financial institutions and entities under unified regulatory rules.
We see this as a fundamental pillar for comprehensive digital transformation in Syria, contributing to raising the efficiency of the national economy and attracting investments in the financial technology (FinTech) sector.
The Syrian Future Movement asserts that the new system regulates the work of three main types of entities (payment service providers, electronic money service providers, and payment system operators), thus allowing for broader competition and innovation, and providing citizens and companies with multiple payment and transfer options, thereby contributing to the integration of non-banking segments into the national financial system. The bank has confirmed that the system “does not eliminate cash transactions, nor does it impose a specific payment method on users.”
The Syrian Future Movement emphasizes that the decision constitutes an important preparatory step to enhance the capacity of the Syrian financial infrastructure to integrate with regional and international payment systems in the future. This strengthens the opportunities for opening the Syrian economy to the world, facilitates financial transfers and international trade, and contributes to attracting foreign investment, in line with the bank’s confirmation that the system “constitutes a regulatory framework upon which to build in the future to develop these services.”
In this context, the Syrian Future Movement reiterates its consistent positions, published on its official website, which emphasize the priority of economic reform and digital transformation as two fundamental pillars for building the new state:
- The statement regarding the “Ministerial Circular on Nepotism” (dated August 5, 2026) stressed the importance of transparency and combating corruption, values that are reinforced by digital transformation in public finance.
- The statement regarding the “Launch of the ‘Civil Affairs’ Application” (dated June 21, 2026) commended the efforts toward digital transformation in government services, considering that automating services contributes to reducing corruption and nepotism, the same principle that applies to digital transformation in the financial sector.
The Syrian Future Movement believes that implementing the electronic payment system, despite its importance, faces challenges and opens up opportunities that require further attention:
- The challenge of digital infrastructure: The system’s success depends on the availability of advanced digital infrastructure and reliable communication networks, especially in rural and remote areas, to ensure access to services for all citizens. Investment in developing this infrastructure is essential concurrently with the system’s launch.
- The challenge of cybersecurity and data protection: With the expansion of digital services, the risks of cybercrime increase, necessitating the strengthening of cybersecurity mechanisms and the application of the highest standards for protecting personal and financial data, as stipulated in the system regarding “requirements related to governance, oversight, risk management, cybersecurity, and user protection.”
- The challenge of awareness and digital financial literacy: Digital transformation requires extensive awareness campaigns to inform citizens and businesses about the benefits of electronic payments and their secure use, ensuring the achievement of the targeted financial inclusion, especially while emphasizing the continued parallel use of cash transactions.
- An opportunity to enhance transparency and combat corruption: Digital transformation contributes to reducing undocumented cash transactions and strengthening oversight of financial flows, thus helping to combat corruption and money laundering, which aligns with the state’s efforts in this area.
- An opportunity to attract investments in financial technology: Establishing a “regulatory sandbox” to test innovative financial solutions creates an attractive environment for startups and investors in the fintech sector, contributing to job creation and stimulating innovation.
Based on its economic and national responsibility, the Syrian Future Movement recommends the following:
- Accelerating the development of digital infrastructure in cooperation with the Ministry of Communications and Technology to ensure network readiness and coverage across all regions, guaranteeing access to digital financial services for all Syrians, and establishing a clear timeline for expanding the scope of services.
- Strengthening cybersecurity and data protection mechanisms by developing a national cybersecurity strategy for the financial sector, training national personnel, and adopting international data protection standards, in accordance with the requirements of the new system.
- Launching national awareness campaigns on electronic payments in cooperation with financial and media institutions to promote digital financial literacy among citizens and businesses, explain the system’s benefits and usage mechanisms, and ensure the achievement of the targeted financial inclusion.
- Enhancing transparency and oversight in the system’s implementation by establishing independent monitoring mechanisms, ensuring periodic reporting on the system’s performance, and evaluating its impact on the national economy, thereby strengthening confidence in the banking sector. Encouraging steadfastness
- The Syrian Future Movement supports investment in financial technology by activating the role of the “regulatory sandbox,” attracting startups, providing necessary incentives, and building partnerships with specialized international institutions to transfer expertise and modern technologies.
The Syrian Future Movement supports the adoption of an electronic payment system, viewing it as a pivotal step towards modernizing the financial sector and enhancing financial inclusion and transparency.
It emphasizes that digital transformation is not an end in itself, but rather a tool for achieving economic and social development, improving citizens’ lives, and building a strong and sustainable national economy.
The Syrian Future Movement affirms that the success of this system depends on serious implementation, investment in infrastructure and human resources, and promoting digital financial literacy.
The Syrian Future Movement will remain a supporter of all that strengthens economic reform and digital transformation, a critic of all that hinders development, and a monitor of all that is accomplished on the ground, striving for a new, strong, transparent, and prosperous Syria.
