QNB expands into Syria after receiving Mastercard license

Mastercard has granted Qatar’s QNB Group a license to expand card issuing and acquiring services in Syria, allowing the bank to offer Mastercard payment solutions to individuals and businesses locally and internationally.

The move follows a memorandum of understanding signed in September 2024 between Mastercard and the Central Bank of Syria, aimed at modernizing the country’s digital payments infrastructure. Mastercard said the license will help improve access to secure and seamless digital transactions.

Adam Jones, President of Western Arabia at Mastercard, said the company is strengthening its commitment to Syria as the market undergoes major transformation, while fully complying with regulatory standards.

QNB Group executive Youssef Mahmoud Al-Neama said the decision aligns with the bank’s regional expansion strategy, describing Syria as an economically promising market amid ongoing banking sector modernization.

The announcement comes after the U.S. Congress permanently lifted sanctions on Syria following the fall of former president Bashar al-Assad, paving the way for renewed foreign investment and large-scale banking sector reforms.