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Saudi Arabia exits China-led mBridge digital currency platform
The Saudi Central Bank (SAMA) has ended its participation in mBridge, a China-led blockchain platform designed for cross-border settlements using central bank digital currencies (CBDCs). SAMA confirmed that its withdrawal followed the completion of a planned proof-of-concept phase on May 13, 2025. The bank had previously joined the project as an observer in 2023 before becoming a full participant in 2024.
While the exit has drawn scrutiny regarding potential geopolitical pressures or efforts to reduce reliance on the US dollar and the SWIFT system, officials stated the departure was pre-planned and exploratory in nature. The mBridge project, developed alongside the Bank for International Settlements (BIS) Innovation Hub, continues with members including China, Hong Kong, Thailand, and the United Arab Emirates. The BIS itself had previously exited active involvement in the project in October 2024.
Concurrently, China is expanding its alternative payment infrastructure in Africa. Standard Bank has become the first African-based bank authorized to clear renminbi transactions through a partnership with ICBC, facilitating yuan clearing across 19 African countries.
Entities
Bank for International Settlements · China · Saudi Central Bank · Standard Bank · United Arab Emirates · mBridge
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 7 SOURCES] Saudi Arabia's exit from the mBridge platform was part of its original plan. www.europesays.com · www.almashhad.news · blockonomi.com · cryptobriefing.com · ethnews.com · +2 more
- [● 8 SOURCES] SAMA completed its proof of concept for the mBridge platform on May 13, 2025. www.europesays.com · www.almashhad.news · blockonomi.com · cryptobriefing.com · ethnews.com · +3 more
- [○ 1 SOURCE] Standard Bank processed more than CNY8 billion through China's Cross-Border Interbank Payment System (CIPS) by July. www.europesays.com
- [○ 1 SOURCE] The mBridge platform reportedly handled approximately $55.5 billion in transactions by late 2025. cryptobriefing.com
- [● 4 SOURCES] The Bank for International Settlements exited active involvement in the mBridge project in October 2024. www.almashhad.news · cryptobriefing.com · www.dunya.com · www.sondakika.com