UAE Central Bank Signs Cooperation Pact With the Central Bank of Syria Covering Payments and Fintech
Central Bank of the UAE Governor Khaled Mohamed Balama and Central Bank of Syria Governor Mohammad Safwat Abdel Hamid Raslan signed a memorandum of understanding, the Emirates News Agency reported on 2 October. The memorandum covers payment systems, monetary policy, cash management and innovative financial technology. It sets a framework for bilateral cooperation, capacity building and the exchange of information on regulatory frameworks.
What the memorandum covers
Areas named in the CBUAE and Central Bank of Syria memorandum
| Theme | Areas |
|---|---|
| Payments and money | Payment systems, monetary policy, cash management |
| Technology and data | Innovative financial technologies, credit information systems |
| Supervision | Licensing of activities and institutions, regulatory enforcement, compliance, reporting and risk management frameworks |
| Customers | Financial inclusion, financial literacy and awareness, consumer protection |
| Sustainability | Climate risk management, sustainable finance |
Grouping by theme is ours; the areas are as listed in the announcement.
What the governors said
Balama said the memorandum supports the resilience of the financial system, the efficiency of financial infrastructure and its ability to keep pace with financial technology. He said he hoped the cooperation would create “broader opportunities for financial institutions in both countries”. Raslan called it an important step towards deeper banking cooperation, naming banking supervision, payment and transfer systems and banking infrastructure. He said it would help Syria’s banking sector keep pace with regional and international requirements.
The announcement gives no figures on payment or remittance flows between the two countries, and this article does not estimate any.
Why it matters: For the UAE, the agreement gives the CBUAE a formal framework for working with the Central Bank of Syria across payments, supervision and fintech, which Balama tied to the resilience of the financial system. For Syria’s central bank, it opens a structured route to the regulatory practices Raslan named as a goal.
Outlook: The first test is which payment and transfer projects the two sides take forward under the framework, and how quickly financial institutions in both countries reach the broader opportunities Balama pointed to.
Sources: Emirates News Agency.
