From Silicon Valley, Syria Signs Visa Agreement to Digitize the Economy ...Syria

The Syrian Ministry of Communications and Information Technology has signed a cooperation agreement with global payments company Visa, aiming to develop digital payments infrastructure and advance financial inclusion. The agreement was signed at Visa’s headquarters in San Francisco, United States.

The announcement came on Thursday, February 26, at the conclusion of meetings between Syrian officials and technology leaders in Silicon Valley, organized in coordination with the US Chamber of Commerce.

US Special Envoy to Syria Thomas Barrack wrote on the X platform that the step seeks to modernize Syria’s digital economy, strengthen sustainable economic ties, and expand pathways for shared growth and prosperity.

Supporting financial innovation

According to a statement issued by Visa, the cooperation focuses on building an advanced and inclusive payments ecosystem in Syria. The agreement includes the following points:

In remarks included in Visa’s statement, Minister of Communications Abdul Salam Haykal said that empowering startups and developing sustainable digital solutions are top priorities for the ministry, in service of citizens and the business sector.

Integrating into the global digital ecosystem

The Visa agreement comes as part of a series of steps to connect Syria to the global technology ecosystem. February witnessed intensified activity, beginning with the signing of the “Silk Link” project agreement with Saudi Arabia’s STC Group on February 7. The project involves a one billion US dollar investment to digitally connect continents through Syrian territory by laying 4,500 kilometers of fiber optic cables and establishing 65 data centers.

In a related development, the state run al-Ikhbariya channel reported that the ministry signed a memorandum of cooperation with Mastercard on February 11 to develop the payments system and promote financial inclusion.

The agreement also coincides with the Central Bank of Syria’s plan to reform the banking sector and attract quality investments, announced by the bank’s governor, Abdulkader Husrieh. The plan aims to strengthen confidence in the financial system, facilitate domestic money flows, stimulate the national economy, and revitalize financial activity.

What is Visa

Visa is a leading US company in digital payments technology, facilitating financial transactions between consumers, merchants, financial institutions, and governments in more than 200 countries and territories worldwide.

The company operates through its advanced VisaNet network, which provides secure and reliable payment processing, handling thousands of transactions per second.

Visa also contributes to developing financial technology solutions that enable individuals and businesses to participate in the global economy through innovative payment systems that ensure security, flexibility, and accessibility. These efforts support inclusive economic development in emerging and promising markets, and enhance operational efficiency for major financial institutions and small businesses alike.

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