Syria Partners with Visa after Rejoining Financial System

Global payments giant Visa is preparing to launch operations in Syria under a new agreement with the Central Bank of Syria, marking a major step toward reintegrating Damascus into the international financial system after more than a decade of isolation.

The agreement, announced Thursday, outlines a strategic roadmap to build a modern digital payments ecosystem aimed at expanding financial inclusion and accelerating Syria’s transition toward a global digital economy.

According to Visa, the phased strategy focuses on enabling Syrian institutions to adopt international standards in payment security and digital infrastructure, supporting the country’s reintegration into cross-border financial flows.

Under the deal, Visa will work with licensed Syrian financial institutions to develop a secure, resilient payments infrastructure, including issuing internationally compatible payment cards, enabling digital wallets, as well as implementing global standards such as EMV chips and tokenization technology.

These tools will ensure Syrian consumers and businesses can access secure digital services and conduct cross-border transactions with global readiness.

Central Bank Governor Abdelkader Housriyeh welcomed the agreement, saying Visa’s plan provides a “clear, robust roadmap” for modernizing the country’s financial system.

“This partnership marks the beginning of a new phase filled with hope and promising opportunities for the Syrian economy,” he said, highlighting the goals of greater transparency and improved access to financial tools for citizens and businesses.

Visa said it will also introduce low-cost, open-access solutions for merchants, including smartphone-based payments and QR code transactions, to help small and medium-sized enterprises fully integrate into the digital economy.

The move comes as Syria re-entered the SWIFT international payments network earlier this year, reconnecting the country with global markets after 14 years of sanctions and financial isolation.

Leila Serhan, Visa’s Senior Vice President for North Africa, the Levant and Pakistan, said establishing a transparent and reliable payments system is essential for Syria’s economic recovery.

“A trusted and clear payment infrastructure is fundamental to restoring economic confidence and attracting wider investment,” she said. “This partnership signals a new direction for Syria — one that moves beyond legacy systems to embrace open, secure platforms that support modern commerce.”

The agreement is seen as one of the most significant steps in Syria’s efforts to rebuild its financial sector and reconnect with international markets.