Amman, Oct. 21 (Petra) – Syrian Central Bank Governor Mohammed Raslan
said on Wednesday that banking cooperation with Jordan is already
underway, noting the need to attract more capital, expertise, and
international institutions to rebuild Syria’s financial sector.

Syria is ramping up efforts to attract Arab banks and foreign
investment to rebuild its financial system, modernize payment
channels, and spur economic growth.

Jordan’s geographic proximity, robust trade relations, and deep
regional expertise, alongside its current investments in Syria, make
the Kingdom a major player in advancing these financial initiatives.

With established operations like Arab Bank – Syria, the International
Bank for Trade and Finance, and Bank of Jordan – Syria, Jordanian
banks offer a platform to broaden cross-border cooperation and meet
growing corporate and consumer needs.

Jordanian banks are also exploring opportunities to deepen their
engagement with Syria.

During meetings in Amman, Raslan spoke with leaders from Jordan Ahli
Bank, Bank al Etihad, and Commercial Bank of Jordan about opening new
payment channels and licensing new banks in Syria.

The initiative seeks to bring new institutions into Syria, drive
market competition, and diversify financial services across the
sector.

Cooperation between Amman and Damascus is particularly important for
trade and investment financing, cross-border payments and transfers,
and the provision of financial services to businesses and investors.

Developing correspondent banking relationships and cross-border
payment channels is essential to facilitating trade and settling
financial obligations more efficiently. These channels can also
support trade finance instruments, including letters of credit,
documentary collections and liquidity management.

In previous remarks, Central Bank of Jordan Governor Adel Sharkas
pointed to the importance of bolstering banking cooperation with
Syria in trade finance, payment and transfer channels, supervision
and governance, risk management, and digital financial services.

Progress will depend on continued investment in financial
infrastructure, stronger correspondent banking relationships, and
compliance with regulatory and supervisory requirements, including
measures to combat money laundering and terrorist financing and
verify customers and sources of funds.

For Jordanian financial institutions, renewed banking ties with Syria
could create opportunities in trade finance, corporate banking,
transfers, digital services and project financing. Such services
could help businesses and investors operate more efficiently,
particularly in sectors requiring specialized financial support.

However, pursuing these opportunities requires careful assessment of
credit and operational risks, adequate legal and regulatory
safeguards to protect depositors and investors, clear monetary and
supervisory policies, and effective liquidity management.

Expanding banking activity will also require stronger public
confidence, improved credit assessment tools and the allocation of
financial resources to productive activities and viable projects,
rather than limiting banks’ role to processing payments and
transfers.

Banks can contribute to economic recovery by mobilizing savings and
directing them toward investment, helping businesses and individuals
access the financial services they need.

Jordan’s existing investments and regional banking experience provide
a basis for further cooperation, although any expansion will depend
on market conditions, licensing and compliance requirements,
commercial viability and the risks associated with operating in
Syria.

Alongside efforts to strengthen ties with Arab banks, the Syrian
Central Bank is exploring the use of financial technology and
artificial intelligence (AI) to modernize banking operations and
improve efficiency.

In an interview with Petra, Raslan said Syria’s central bank was
studying how neighboring countries and other economies use artificial
intelligence in banking, with a view to adopting relevant practices
at the central bank and sharing expertise with banks operating in
Syria.

He said these technologies could reduce processing times and improve
the quality of banking operations, adding that discussions were
underway with specialized companies to explore their potential
applications.

Raslan pointed to the need for clear supervisory frameworks to
protect data and maintain banking confidentiality, adding that
technological transformation must go hand in hand with governance,
risk management and oversight.

When implemented with appropriate safeguards, AI can help accelerate
transaction processing, improve customer service, strengthen data
analysis and risk assessment, and enhance the detection of suspicious
activity.

Realizing these benefits will require secure digital infrastructure,
staff training, clear data governance policies and effective
regulatory frameworks to protect banking information and ensure
reliable operations, according to the governor.

Financial technology could therefore play an important role in
modernizing Syria’s banking sector, provided it is accompanied by
improvements to systems, procedures and institutional capacity that
strengthen efficiency, security and transparency.

Jordan’s banking institutions, existing investments and technical
expertise could help improve bilateral financial services,
particularly in financing, governance, risk management and digital
transformation.

For Syria, the broader challenge remains expanding access to
financing, improving payment and transfer systems, widening the range
of banking services and restoring confidence in the financial sector.

//Petra// HA