The Central Bank of Syria announced the adoption of an electronic payment and transfer system to expand payment options for citizens and businesses and modernize the country’s financial infrastructure.  The system was approved under Decision No. 1124, issued by the General Secretariat of the Presidency of the Syrian Arab Republic. It aims to facilitate the movement of funds and improve efficiency without eliminating cash transactions or imposing a specific payment method.  The system establishes a licensing and regulatory framework for three main types of entities: payment service providers, electronic money service providers and payment system operators.  It also supports innovation, competition and investment in financial and technology services by allowing innovative solutions to be tested within a supervised regulatory sandbox before wider deployment.  The system sets requirements for governance, oversight, risk management, cybersecurity and user protection, while seeking to strengthen Syria’s financial infrastructure and its future capacity to integrate with regional and international payment systems in accordance with applicable requirements.  The adoption of the system marks a step toward providing citizens and businesses with easier, more efficient and secure payment options alongside cash transactions. (ICE BEIRUT)

Fonte notizia: Syrian Arab News Agency