Key facts
- Saudi Arabia has withdrawn from the China-led mBridge digital currency platform.
- The Saudi Central Bank completed its proof-of-concept phase in May 2025.
- mBridge uses blockchain technology for direct central bank transactions via digital currencies.
- The Bank for International Settlements exited its active involvement in mBridge in October 2024.
- mBridge reportedly handled approximately $55.5 billion in transactions by late 2025.
Saudi Arabia has officially withdrawn from mBridge, a China-led initiative utilizing central bank digital currencies (CBDCs) and distributed ledger technology for cross-border payments. The Saudi Central Bank (SAMA) completed its minimum viable product proof of concept in May 2025 and has decided not to continue as a participating member.
SAMA's involvement with mBridge was brief, starting as an observing member in 2023, upgrading to full participant status in June 2024, and concluding its exploratory work less than a year later. The central bank characterized its participation as exploratory rather than operational, allowing it to assess the platform's technical capabilities without committing to a commercial relationship.
The mBridge platform has processed significant transaction volumes, reportedly handling approximately $55.5 billion by late 2025 among its remaining members: China, Hong Kong, Thailand, and the UAE. These members are continuing to develop the system towards a commercial rollout under a new Hong Kong-based entity.
The Bank for International Settlements (BIS), which launched the project in 2021, also exited its active involvement in October 2024, framing its departure as a natural progression as partners became capable of independent operation.
Geopolitically, mBridge was conceived as a technical solution to slow and expensive cross-border payments, potentially reducing reliance on the US dollar and SWIFT. Saudi Arabia's withdrawal suggests a reluctance to be associated with a platform that bypasses dollar clearing channels, particularly given its efforts to balance relationships with both Washington and Beijing. However, SAMA's exit does not signal a complete retreat from digital currency experimentation, aligning with Saudi Arabia's Vision 2030 goals for payment system modernization.