Saudi Arabia exits China-backed mBridge platform amid governance and compliance concerns
Developed initially by the People's Bank of China, the Hong Kong Monetary Authority, the Bank of Thailand, and the Central Bank of the United Arab Emirates, the platform previously involved the Bank for International Settlements (BIS).
- Sep 20, 2026,
- Updated Sep 20, 2026 12:36 PM IST
The Saudi Central Bank (SAMA) has ended its participation in mBridge, a cross-border payment platform developed by multiple central banks alongside China, following the completion of its proof-of-concept trial.
SAMA had joined the project as a full participant in June 2024 to study wholesale central bank digital currencies (CBDCs) and assess their potential to improve international payments and commercial bank settlements.
According to a statement reported by the Financial Times, SAMA confirmed it "successfully completed its mBridge proof of concept on 13 May 2025" and ceased to be a participating member after that date.
The mBridge initiative uses distributed-ledger technology to allow financial institutions to conduct cross-border transactions directly using digital versions of participating currencies. Its primary objective is making international payments faster, more efficient, and less costly.
Developed initially by the People's Bank of China, the Hong Kong Monetary Authority, the Bank of Thailand, and the Central Bank of the United Arab Emirates, the platform previously involved the Bank for International Settlements (BIS).
The BIS announced in October 2024 that it was "graduating out" of the project, stating that the participating central banks were fully capable of continuing its development independently.
Geopolitical & strategic context
Saudi Arabia's exit comes amid ongoing global experimentation with alternative payment infrastructure, including China's digital yuan, which enables transactions without relying on traditional correspondent-banking networks.
Sources familiar with the matter indicated that the move does not signal a broader rejection of digital currencies by Saudi Arabia, nor does it necessarily reflect direct US pressure, despite heightened geopolitical scrutiny surrounding alternative dollar-based payment systems.
With the proof-of-concept phase complete, SAMA exits with foundational technical experience in wholesale CBDCs while continuing to build out its domestic payments infrastructure under its broader financial-sector development program. The mBridge platform continues operations with its remaining core participants.
The Saudi Central Bank (SAMA) has ended its participation in mBridge, a cross-border payment platform developed by multiple central banks alongside China, following the completion of its proof-of-concept trial.
SAMA had joined the project as a full participant in June 2024 to study wholesale central bank digital currencies (CBDCs) and assess their potential to improve international payments and commercial bank settlements.
According to a statement reported by the Financial Times, SAMA confirmed it "successfully completed its mBridge proof of concept on 13 May 2025" and ceased to be a participating member after that date.
The mBridge initiative uses distributed-ledger technology to allow financial institutions to conduct cross-border transactions directly using digital versions of participating currencies. Its primary objective is making international payments faster, more efficient, and less costly.
Developed initially by the People's Bank of China, the Hong Kong Monetary Authority, the Bank of Thailand, and the Central Bank of the United Arab Emirates, the platform previously involved the Bank for International Settlements (BIS).
The BIS announced in October 2024 that it was "graduating out" of the project, stating that the participating central banks were fully capable of continuing its development independently.
Geopolitical & strategic context
Saudi Arabia's exit comes amid ongoing global experimentation with alternative payment infrastructure, including China's digital yuan, which enables transactions without relying on traditional correspondent-banking networks.
Sources familiar with the matter indicated that the move does not signal a broader rejection of digital currencies by Saudi Arabia, nor does it necessarily reflect direct US pressure, despite heightened geopolitical scrutiny surrounding alternative dollar-based payment systems.
With the proof-of-concept phase complete, SAMA exits with foundational technical experience in wholesale CBDCs while continuing to build out its domestic payments infrastructure under its broader financial-sector development program. The mBridge platform continues operations with its remaining core participants.