Saudi Arabia has ended its formal participation in mBridge, a China-led project that uses central bank digital currencies and blockchain technology for cross-border payments.
The Saudi Central Bank (SAMA) completed its proof of concept on May 13, 2025, and ended its membership afterward, according to the Financial Times. The move had not been publicly disclosed until now.
SAMA joined mBridge as an observer in 2023 under the Bank for International Settlements (BIS), then became involved in developing the platform’s minimum viable product and proof of concept in 2024. The central bank said its participation ended as planned once the proof-of-concept phase was complete.
mBridge is designed to let participating central banks settle transactions directly using their own digital currencies. Its backers say the model could reduce settlement times, foreign exchange costs and reliance on intermediary currencies.
The project has involved China, Hong Kong, Thailand, the UAE and Saudi Arabia. The BIS left the initiative in October 2024, saying it had “graduated out” as responsibility shifted to the participating central banks.
SAMA’s exit does not signal an end to its work on central bank digital currencies or payment infrastructure. Its mBridge participation was part of a broader research effort in those areas.
Source: Waya
