Saudi Central Bank exits China-backed mBridge digital currency project

The Saudi Central Bank (SAMA) has officially exited mBridge, a China-backed digital currency platform designed for cross-border payments using central bank digital currencies (CBDCs). SAMA confirmed it completed its proof of concept on May 13, 2025, and is no longer a participating member of the project.

Launched in 2021 by the Bank for International Settlements (BIS) Innovation Hub, mBridge utilizes blockchain technology to allow central banks to settle transactions directly in their own digital currencies. The platform includes participants such as China, Hong Kong, Thailand, and the United Arab Emirates. While Saudi Arabia joined as an observer in 2023 and became a full participant in June 2024, its withdrawal follows the BIS leaving the project in October 2024.

Reports indicate that mBridge transaction volumes have grown significantly, exceeding $55 billion according to Atlantic Council data. The platform has been viewed as a potential alternative to the SWIFT system and a tool for reducing global reliance on the US dollar, a trend often linked to efforts by various nations to mitigate the impact of US sanctions.