Syria Signs Digital Economy Partnership with Visa to Boost Fintech and Payments
The collaboration aims to unlock greater participation in the digital economy for micro, small, and medium enterprises by supporting the adoption of digital payments, access to financial services, and the digitization of everyday business transactions, in line with global interoperability and security standards.
Syria’s Ministry of Communications and Information Technology (MOCT) and Visa, a global leader in digital payments, signed a cooperation agreement to support the country’s transformation and the development of a modern and inclusive digital economy.
The agreement was signed at Visa’s headquarters in San Francisco, attended by His Excellency Abdulsalam Haykal, Minister of Communications and Information Technology for Syria and Leila Serhan, Senior Vice President, North Africa, Levant and Pakistan. It establishes a collaboration framework to advance digital infrastructure, financial inclusion, fintech innovation, including the development of a regulatory sandbox framework tailored to Syria’s digital economy. Other areas include up-skilling and capacity building initiatives, collaboration on cybersecurity and fraud prevention, and access to Visa’s consulting services to support Syria’s broader digital economy plans.
The collaboration aims to unlock greater participation in the digital economy for micro, small, and medium enterprises by supporting the adoption of digital payments, access to financial services, and the digitization of everyday business transactions, in line with global interoperability and security standards.
Visa and MOCT plan to collaborate on the design and launch of a dedicated Syrian fintech innovation competition. Through Visa’s global fintech platforms, selected innovators will gain visibility and exposure to regional and international partners, investors, and ecosystem stakeholders.
“Enabling the digital economy is one the Ministry’s top priorities, and so is the enablement of tech startups to find sustainable solutions to digital services. Our collaboration with Visa reflects our focus on best practices, shaping digital government, payments, and innovation frameworks that serve Syria’s citizens and businesses alike.”
– His Excellency Abdulsalam Haykal, Minister of Communications and Information Technology, Syria
“The signing of the MoU today builds on our continued engagement and support for establishing a future-ready payments ecosystem in Syria. By combining the MOCT’s national digital strategy with Visa’s global payments experience, we will work together on strengthening the core infrastructure needed for a modern digital economy and help digital services in Syria function more reliably and at scale.”
– Leila Serhan, Senior Vice President, & Group Country Manager for North Africa, Levant and Pakistan, Visa
