The CBUAE and Central Bank of Syria signed a memorandum of understanding on Friday covering payment systems, monetary policy, cash management and financial technology. The agreement also provides for co-operation on financial inclusion, sustainable finance, climate-risk management, credit information, reporting and risk-management frameworks.

For Syria, the agreement comes as Damascus seeks to rebuild banking infrastructure and restore links with the international financial system after years of isolation. The Syrian central bank has been working to reconnect correspondent banking relationships and expand official channels for cross-border payments.

International card networks have already begun returning to the Syrian market. Visa and Mastercard processed their first international card transactions in Syria in August, following the removal of key US restrictions and months of technical and regulatory preparation.

The central bank said broader reintegration would still require progress on compliance, governance, cybersecurity and regulatory oversight.

The UAE agreement could therefore provide a channel for technical expertise as Syria modernises its financial system. Khaled Balama, the Governor of CBUAE, stated that the accord aims to enhance financial infrastructure, develop institutional capacity, and stay abreast of advancements in financial technology.

Syrian central bank Governor Mohammad Raslan said it could support more efficient banking services, monetary and banking stability and wider banking partnerships.

The relationship also has a growing commercial base. UAE-Syria non-oil trade reached USD 1.4 billion in 2025, up 132% from the previous year, according to Reuters.

Emirati companies are also examining opportunities in sectors including construction, infrastructure, tourism, logistics and energy as Syria seeks investment for reconstruction.

The UAE is pursuing a similarly broad financial integration agenda with Morocco.

On Saturday, the CBUAE and Bank Al-Maghrib signed two memoranda covering banking supervision, Islamic finance and the potential interlinking of payment and financial messaging systems.

One agreement focuses on regulatory co-operation, including the exchange of supervisory information and expertise, institutional capacity building and co-ordination on Islamic banking. It also envisages developing cross-border Sharia-compliant financing for areas such as trade finance and infrastructure investment.

The second memorandum directly addresses payments technology.

The central banks will explore linking instant-payment platforms, national card switches and financial messaging systems to facilitate cross-border transactions and settlement. The framework also envisages mutual acceptance of domestic payment cards.

The UAE and Morocco will additionally exchange expertise on retail and wholesale central bank digital currencies and explore their use in cross-border payments.

Co-operation will extend to fintech and regulatory frameworks for virtual assets, including crypto-assets and stablecoins, alongside consumer-protection mechanisms.

The initiatives underline the UAE central bank’s focus on building payment connectivity alongside conventional regulatory relationships. The CBUAE operates several national payment systems, including the UAE Funds Transfer System and UAE Switch, and has been developing digital-payment infrastructure as part of its Financial Infrastructure Transformation programme.

The moves also fit a wider pattern of UAE central-bank engagement across the region. This week, the CBUAE renewed a Dh5 billion (USD 1.36 billion) currency-swap agreement with Egypt for another five years, aimed at supporting bilateral trade and financial settlements.

Such arrangements point to a broader effort to make regional financial links more efficient while expanding the use of local payment infrastructure and strengthening the UAE’s position as a financial hub for banks and businesses across MENA.

For banks and businesses, greater interoperability could eventually reduce friction in cross-border settlements, broaden payment acceptance and create new channels for trade. However, the agreements serve as exploratory frameworks, not guarantees for the implementation of specific payment links or digital-currency projects.

Taken together, the Syria and Morocco agreements show two different dimensions of the UAE’s regional financial strategy: helping a rebuilding economy strengthen its banking infrastructure, while working with an established North African financial system on more advanced payment, Islamic-finance and fintech connectivity.

The next stage will depend on technical implementation, regulatory alignment and the ability of financial institutions in the three markets to translate the memoranda into operational services.

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