Service Documents:

1.     Written Application: The application must include the names of the founders and their respective shareholding percentages, as well as the names of the members of the board of directors or managers for the founders who are legal persons.

2.     Recent Criminal Record Extract: A recent criminal record extract or an equivalent document for all founders and members of the board of directors or managers.

3.     Regulatory authority approval: Regulatory authority approval for non-Syrian legal persons to contribute to establishing a company in Syria.

4.     Identity Documents:

5.     Copy of the personal ID card for each founder or passport for non-Syrians.

As well as commercial registration for founders contributing to the establishment, along with the company's articles of association or deed of association.

6.     Identity Documents for Board Members and Executives: Copy of the personal ID card or passport for non-Syrians for each member of the board of directors of the legal person participating in the establishment and its general manager, the board of directors, or the board of partners, according to the legal form of the legal person.

7.     Articles of Association: The draft articles of association, including the services to be provided in accordance with Legislative Decree No. /29/ of 2011. It shall include the role of banks in providing the service - depending on its type - through the company's obligation to conclude a contract with one of these banks in accordance with the provisions of Law No. /28/ of 2001, Law No. /23/ of 2002, and Legislative Decree No. /29/ of 2011. The Central Bank of Syria may request the amendment of the articles of association or the inclusion of provisions that do not conflict with the laws and regulations in force in order to ensure the proper performance of the service and the rights of customers.

8.     Statement of Experience and Knowledge: A detailed statement of experience and knowledge in the field of electronic payment and collection, prepared in accordance with the template approved by the Central Bank of Syria.

9.     A copy of the Statement of Means: A statement of the electronic means and channels for providing the services and their mechanisms.

REQUIREMENTS:

1.     The applicant must clearly define the electronic payment and collection services it intends to offer in its articles of association or deed of association. Any new electronic payment and collection services proposed by the company require prior approval from the Central Bank of Syria. If necessary, the company's articles of association or deed of association must be amended to reflect the approved services.

2.     The founders must have financial solvency commensurate with the services provided.

3.     Applicants for incorporation must have at least two years of experience in the field of electronic payment and collection, provided that the contribution percentage of founders with experience is not less than 25% of the capital.

4.     The licensed company must adhere to:

ü  The minimum-security standards aligned with internationally recognized standards pertaining to electronic payment and collection services.

ü  The establishment of a dedicated risk management unit.

ü  Ensuring Service Continuity.

ü  Electronic banking operations controls according to the nature of the services they provide

5.     Supervision and Oversight by the Central Bank of Syria: The company's operations are subject to the supervision and oversight of the Central Bank of Syria in accordance with the applicable laws and regulations.

6.     Issuance of Electronic Payment Cards: All types of electronic payment cards are exclusively issued by Syrian banks operating in Syria.

7.     Companies wishing to operate in the field of electronic payment may enter into agreements with banks to issue co-branded cards (Co-branded) under special contracts. These contracts shall define the roles and responsibilities of each party, ensuring compliance with the following: The management of electronic payment balances remains exclusively the responsibility of banks, regardless of the funding method, whether through cards of all types or any other means.

8.     All electronic payment balances, regardless of the funding method, whether through cards of all types or any other means, are guaranteed 100% by Syrian banks operating in Syria.

9.     The mechanisms for covering and replenishing electronic payment balances, as well as the distribution of payment tools and channels, are determined by special agreements between Syrian banks operating in Syria and electronic payment companies. These agreements must comply with the aforementioned controls.

10.  The Central Bank of Syria may revoke its initial approval for granting an electronic payment license if the company fails to complete the registration procedures within one year from the date of the initial approval decision. An extension may be granted if the company provides justified reasons and the Management Committee of the Central Bank of Syria deems it appropriate.

11.  The Central Bank of Syria may revoke an electronic payment license by a reasoned decision in case of the company's violation of the laws, regulations, and instructions issued by the Central Bank or other competent authorities.

12.  Administrative measures, penalties, and fines imposed for violations related to electronic payment activities shall be governed by Legislative Decree No. 21 of 2011 and its related instructions. The severity of these penalties will be determined based on the seriousness of the violation and any instances of repetition

13.  Cards specifically issued by telecommunications companies and internet service providers for collecting payments for their services are not subject to the provisions of this decision, provided that these cards are not used for any other payment services, and these companies may not partner with banks to practice this activity.

Service Classification:

Businesses

- Service Documents:

1.     Commercial Register: The company's commercial registration certificate.

2.     Service Delivery System: A detailed description of the company's service delivery system and procedures for the services it seeks to obtain a license for.

3.     Contracts: Copies of all relevant contracts entered into with banks, outlining the respective roles and responsibilities of the bank and the company in providing the services, including the terms and conditions.

4.     Board of Directors' List: A list of the names, titles (President, Vice President, General Manager), and addresses of the members of the company's board of directors, or the members of the company's administrative body, as applicable based on the company's type.

Service Classification:

Businesses

Required Documents for Establishment Application:

1.     Establishment Application: A formal application form detailing the names of the founders and their respective shareholding percentages.

2.      Identity Documents: Copies of the personal identity documents for each founder. For legal entity founders, provide the commercial registration certificate, the company's articles of association or deed of association, and copies of the personal identity documents for each member of the legal entity's Board of Directors.

3.     Draft Articles of Association: A copy of the draft articles of association for the company, which must include the following:

·       Company Type (The legal structure of the company (e.g., limited liability company, joint stock company).

·       Company Duration: The specified period for which the company is established.

·       Company Purpose: A clear description of the company's primary business objectives and the scope of its operations.

·       Company Capital.

·       Increase in Company Capital.

·       Wavering of Share.

·       Modification of Company Purpose.

o   An economic feasibility study for the proposed electronic payment, prepared by a specialized entity. This study should be accompanied by detailed information about the electronic payment system, its tools, and its channels.

Terms and conditions of Licensing, Registration, Authorization of Commencement and Necessary Documents:

1.     Providing Suitable Headquarters for the Company:  The company must secure appropriate premises for its headquarters at the address specified in the company's articles of association or commercial register. The office space must meet the standard specifications that suit the company's activity.

2.     Supplying, Installing and Operating the Technical Infrastructure and Information Systems: The company must supply and install the technical infrastructure and information technology systems necessary to practice the activity, according to the relevant applicable decisions.

3.     Providing Sufficient and Qualified Personnel: The company must provide sufficient qualified personnel with the competencies necessary for the company's administrative, financial, legal, investment, technical, and technological works.

4.     Preparing detailed operations manuals and policies and work mechanisms for all the company’s activities, provided that they include at a minimum the following:

ü  Processes and mechanisms of providing the services of the company for which a license is required.

ü  The company’s administrative structure and internal instructions, including at a minimum and clearly (a risk management unit - a continuity and emergency response plans unit - an internal audit unit - a technical and technical management unit - a customer service management unit).

ü  Record of Data for the general manager and heads of units in the company, including the following documents and information: Copies of personal identification documents - Non-public servant status document - non-convicted document - Curriculum vitae and educational certificates and qualifications - Job title in the company.

ü  The risk management system, privacy and information security policies, continuity and emergency plan, sound governance policy for carrying out the activity, and executive procedures, which must include, at a minimum, procedures for securing and protecting electronic operations and preserving and storing data associated with the electronic payment system and customers against disclosure, misuse, damage, destruction, loss and theft, especially in the event of Service interruption at one of the stages of the electronic process, and data protection procedures in accordance with national laws and standards.

o   Nominating a general manager for the company who possesses the necessary qualifications and experience to manage the company’s activity. The company shall provide a statement of the general manager’s experience according to the following:

5.     The Experience Statement must be submitted in Arabic or, if originally issued in another language, translated into Arabic by a certified translator and then duly certified.

6.     The Experience Statement must be issued within the same year as its submission.

7.     The general manager must have a minimum of 10 years of relevant experience. Multiple Experience Statements may be submitted to meet the minimum experience requirement.

8.     Supporting documentation must be provided to verify the accuracy of the information contained in the Experience Statement.

9.     The entity issuing the Experience Statement for the general manager must be a Syrian or foreign company or institution that demonstrably operates in the field of electronic transactions or electronic payments. The company submitting the Experience Statement must provide supporting documentation, such as certificates or business licenses, to verify the issuing entity's area of operation.

10.  The general manager must hold at least a Bachelor's degree in Economics, Business Administration, or Information Technology.

11.  The general manager's experience must be technical or technological in nature and directly related to electronic services, transactions, e-commerce, or electronic payments.

12.  Concluding an agreement with at least one bank or social banking financial institution, taking into account the roles, responsibilities and terms and conditions of the services that are the subject of the agreement in accordance with the relevant effective decisions.

Provisions and Conditions Relating to the Company's Activities:

a.     The licensed company may collaborate with one or more banks or social banking financial institutions, subject to the approval of the Central Bank of Syria in accordance with applicable regulations.

b.     The company may enter into contracts with entities that issue bills or financial claims, upon obtaining approval from the relevant bank or social banking financial institution, in accordance with applicable regulations and without conflicting with the mandates and tasks of the Syrian Electronic Payments Company.

c.      All operational and service delivery systems implemented by the licensed company must obtain approval from the bank or social banking financial institution it collaborates with and from the Central Bank of Syria.

d.     The licensed company's activities are subject to the supervision and oversight of the Monetary and Credit Council in accordance with applicable regulations.

e.     The licensed company is not permitted to own real estate except for those necessary for its operations.

f.       The company's license shall be revoked by law if the company fails to commence its activities within six months from the date of notification of the license decision.

g.     The company's license shall be revoked in the following cases:

1.     The company's license shall be revoked if it fails to enter into an agreement with a commercial bank or a social banking financial institution within six months from the expiration date of the company's last agreement.

2.     The company's license shall be revoked if it ceases its activities for a continuous period of one month or more.

3.     The company's license shall be revoked if it violates any laws while carrying out its activities.

4.     The licensed company may not engage in cash-out or cash-in operations while performing electronic payment activities in collaboration with commercial banks or social banking financial institutions.

5.     The licensed company must implement information security, encryption, and national electronic signature standards in its electronic payment services.

6.     The licensed company shall be subject to all relevant Syrian laws and regulations, particularly: The Banking Secrecy Law. The Anti-Money Laundering and Counter-Terrorism Financing Law. The Electronic Transactions Law. The Electronic Signature Law. The Network Services Law. The Electronic Crime Law. Decision No. 115/M.C of 2017 concerning the Central Bank of Syria's commissions. Decision No. 741/M.C of 2021 concerning the determination of the maximum commission for payment or purchase transactions collected by commercial banks and electronic payment companies through electronic payment channels.

7.     Companies implementing a locally or internationally developed system for the first time must submit local or international standard test certificates for the system that comply with CMMI/ISO standards to prove its reliability and efficiency of continuity within the banking sector.

Financial institutions must adhere to the following conditions when submitting an application for a new product:

1.     Compliance with Decision No. 117/M.C of 2021.

2.     Compliance with Decision No. 613/M.C of 2021 concerning the Controls for Electronic Payment Channels.

3.     Compliance with Decision No. 96/M.C of 2019, amended by Decision No. 116/M.C of 2021, comprising the instructions for practicing the activity of providing electronic banking payment services