Mastercard Incorporated (MA) and Central Bank of Syria to Collaborate on Developing National Payments Ecosystem

Mastercard Incorporated (NYSE:MA) is among the 10 Best Money Making Stocks to Invest In. On September 23, the company announced that it had signed an MoU with the Central Bank of Syria to partner on developing a national payments ecosystem in the country.

Under the strategic alliance, the two organizations will work together to explore ways to expand financial services for millions of Syrians. The MoU represents an initial framework for cooperation, primarily aimed at knowledge-sharing and exchanging expertise. Follow-up steps are likely to include technical workshops, training programs, and joint initiatives to advance financial inclusion and develop payment infrastructure.

Adam Jones, division president, West Arabia, Mastercard Incorporated (NYSE:MA), stated the following on the collaboration:

“This MoU is a testament to our shared belief that inclusive financial ecosystems are built through partnership, innovation and local engagement. We welcome the opportunity to work with the Central Bank of Syria and the Government of Syria to explore opportunities to create a payments system that works for both local citizens and international travelers in this high-potential market. We look forward to opening doors to the world of global payments for the people of Syria, bringing best-in-class payments innovation to the country and offering local ecosystem support.”

The partnership will also focus on exploring integration opportunities between Syrian banks and other financial institutions that are in line with the global best practices, said Mastercard Incorporated (NYSE:MA) in the press release shared last week.

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