Syria Accelerates Financial Modernization Amid Regional Tensions

Syria is accelerating its efforts to modernize its financial infrastructure by ratifying a new electronic payment system, despite ongoing regional tensions. The Central Bank of Syria announced that the creation of the e-payment system was approved under a presidential decision, which will allow Syrians to transfer funds between banks and wallets, make digital payments, and send/receive money more quickly.

The development is part of Syria's efforts to innovate its financial infrastructure, with the government optimistic that this project will encourage competition through a planned regulatory sandbox. The sandbox will enable fintech companies to test and develop new payment products in a controlled environment before mass rollout.

Meanwhile, Pakistan has given virtual asset service providers (VASPs) until September 5 to file for a no-objection certificate (NOC), which is a preliminary clearance issued by the Virtual Assets Regulatory Authority (PVARA). VASPs that fail to submit an NOC application risk having their operations suspended.

Pakistan's move follows the enactment of its Virtual Asset Act, with PVARA Chairman Bilal Bin Saqib stating that the rules now provide a clear regulatory pathway for virtual assets in the country.