The bank explained, in an official statement, that the system aims to facilitate the movement of funds and raise their efficiency, while maintaining cash dealing and not imposing a specific means of payment.
The system sets regulatory and technical foundations for developing payment services and linking them between financial entities and institutions. It also regulates three main types of entities operating within the system: payment service providers, electronic money service providers, and payment system operators.
The system also allows innovative financial activities and solutions to be tested within a controlled regulatory laboratory before being rolled out on a larger scale, thus paving the way for innovation, competition and investment in the financial and technical services sector.
The system includes requirements related to governance, oversight, risk management, cybersecurity, and user protection, with the aim of enhancing the safety of financial transactions and trust in digital services.
According to the bank, the system paves the way for the future to develop the ability of the Syrian financial infrastructure to integrate with regional and international payment systems, in accordance with the approved legal, technical and commercial requirements, without this meaning making transfers or international connections available immediately.
The adoption of the system comes within the framework of modernizing the financial infrastructure in Syria and providing additional payment and transfer options for citizens and the business sector, in addition to continuing cash dealing.
