Syria's central bank discusses payment channels and bank licensing in Amman

Syrian Central Bank Governor Mohammed Raslan said on Wednesday that banking cooperation with Jordan is already underway. He noted the need to attract more capital, expertise and international institutions to rebuild Syria's financial sector, according to the Jordan News Agency (Petra).

During meetings in Amman, Raslan spoke with leaders of Jordan Ahli Bank, Bank al Etihad and Commercial Bank of Jordan about opening new payment channels and licensing new banks in Syria. No final agreement was announced after the talks. The initiative aims to bring new institutions into Syria, increase market competition and diversify financial services.

Petra said cooperation between Amman and Damascus is important for trade and investment financing, cross-border payments and transfers, and financial services for businesses and investors. Developing correspondent banking relationships and cross-border payment channels is described as essential to facilitating trade and settling obligations more efficiently. Progress will depend on continued investment in financial infrastructure and compliance with regulatory requirements, including measures against money laundering and terrorist financing.

Syria's central bank is also exploring financial technology and artificial intelligence to modernize banking operations. In an interview with Petra, Raslan said the bank was studying how neighboring countries and other economies use AI in banking, with a view to adopting relevant practices and sharing expertise with banks operating in Syria.

He said these technologies could reduce processing times and improve the quality of banking operations, and that discussions were underway with specialized companies to explore their potential. Raslan stressed the need for clear supervisory frameworks to protect data and banking confidentiality, and said technological transformation must go hand in hand with governance.