The Syrian central bank in Damascus, Dec. 16, 2024. (Credit: Louai Beshara/AFP)
Mastercard announced that the Qatari multinational commercial bank, QNB Group, was granted a Mastercard license to extend its issuing and acquiring activities in Syria, according to a statement published on QNB's website on Monday.
The license would enable QNB to provide Mastercard payment solutions, accepted locally and internationally, to individuals and businesses.
The move follows a memorandum of understanding signed between Mastercard and the Central Bank of Syria in September to support the modernization of the country’s digital payments infrastructure.
According to the statement, this license will "expand access to seamless, secure, and innovative digital transactions."
“At Mastercard, we are deepening our commitment to Syria as early investors in a market undergoing meaningful transformation," said Adam Jones, Mastercard's West Arabia division president.
"Our work supports the country’s vision for sustainable economic progress, delivered with full respect for regulatory and compliance standards," he added.
For his part, QNB's Group Chief Business Office, Youssef Mahmoud al-Neama, said: “We are proud of this new step, which comes within the strategic plans of QNB Group to expand its business in the region, as the Syrian market is seen as economically promising, given the development and modernization of the banking sector in this sisterly country.”
Last month, the U.S. Congress permanently ended sanctions imposed on Syria under former Syrian President Bashar al-Assad, who was overthrown a year earlier, paving the way for the return of investment to the country.
Following Assad’s ouster, Syria has been restructuring the entire banking sector, including launching reconstruction and economic recovery projects.
