Damascus, SANA- With the lifting of Western and American sanctions and the economic openness that Syria is experiencing, digital transformation has become an urgent necessity to rebuild the national economy, especially after the activation of the SWIFT financial transfer system (SWIFT), which provides the Syrian banking sector with a valuable opportunity to restructure it in line with international standards.
The Director General of the Industrial Bank, Wajih Baytar, affirmed in a statement to SANA’s reporter that digital transformation is a strategic choice for both the public and private sectors, including the banking sector, in order to achieve digital financial inclusion, which is reflected in sustainable development across all sectors, including banking and industry.
Bitar pointed out that Syria is currently on the cusp of economic openness and a revival of production, particularly in the industrial sector, which requires keeping pace with global developments in digitization, e-government, and the digital economy to integrate into the global economy.
The Director General of the Industrial Bank stressed the need to focus on cybersecurity risks and enhance technical readiness and programs for all concerned parties and all government sectors, especially economic ones.
The activation of the financial transfer system “SWIFT” in Syria represents an important step towards reintegration into the global financial system, after the fall of the defunct regime, as Syria implemented at the beginning of last June the first direct international bank transfer via “SWIFT” in 14 years, and it was the first commercial transaction from a Syrian bank to an Italian bank.
In this context, the Governor of the Central Bank of Syria, Dr. Abdul Qader Hasriya, stated in previous statements to the British newspaper “Financial Times” that reconnecting Syria to the payments system “SWIFT” contributes to encouraging foreign trade, reducing import costs, and facilitating export operations, adding: “We have developed a road map to restructure the financial system and monetary policy in the country in order to rebuild the exhausted economy”.
Noura /Fedaa
