Saudi Arabia has ended its participation in mBridge, a China-led cross-border payments project using central bank digital currencies (CBDCs), after completing a proof of concept in May 2025.
The Saudi Central Bank (SAMA) confirmed its departure to the Financial Times, which reported the development on September 20. The withdrawal had not previously been publicly disclosed.
SAMA said it initially joined mBridge as an observing member in 2023 under the Bank for International Settlements (BIS). It then participated in developing the project’s minimum viable product and its proof of concept in 2024 and 2025.
According to SAMA, the proof of concept was successfully completed on May 13, 2025. The central bank said that, following its completion, Saudi Arabia was no longer a participating member of mBridge.
The development does not mean Saudi Arabia has stopped researching digital currencies or new payment infrastructure. SAMA’s participation in mBridge was part of a wider effort to examine whether wholesale CBDCs could improve cross-border payments and settlement between commercial banks.
What Is mBridge?
mBridge is a multi-CBDC platform designed to allow participating central banks and financial institutions to conduct cross-border transactions using digital currencies. The project uses distributed ledger technology to enable direct settlement and aims to reduce some of the costs, delays and intermediary steps associated with conventional cross-border payments.
The project was initially developed by the central banks of China, Hong Kong, Thailand and the United Arab Emirates, together with the BIS. The BIS ended its formal involvement in October 2024, saying that it had “graduated out” as the central banks became capable of continuing development independently.
The platform has attracted attention beyond payments technology because of its potential to reduce reliance on traditional dollar-based payment infrastructure. Its development has therefore been closely watched in the context of efforts to expand the use of local currencies and develop alternatives to established cross-border payment networks.
mBridge has also moved beyond its early testing phase. Data cited by Trade Finance Global indicates that the platform had processed more than 4,000 cross-border transactions, with total payment volume exceeding $55 billion.
Saudi Arabia’s Position
The circumstances surrounding Saudi Arabia’s departure have prompted questions about the geopolitical considerations surrounding mBridge.
The Financial Times reported that some sources viewed Riyadh’s decision to no longer participate publicly as potentially linked to sensitivity over US scrutiny of the project. However, this interpretation has not been confirmed by the Saudi central bank.
One source cited by the newspaper said it would be inaccurate to draw a broader conclusion about US pressure from Saudi Arabia’s withdrawal. SAMA’s own explanation is that its planned proof-of-concept exercise was completed and its participation subsequently ended.
The timing of the disclosure is therefore significant. Saudi Arabia left mBridge more than a year ago, but the information is only now becoming public as interest in alternative cross-border payment infrastructure and digital currencies continues to grow.
The project itself continues without Saudi Arabia. China, Hong Kong, Thailand and the UAE remain involved, while Macau has also joined the initiative.
Saudi Arabia’s departure leaves mBridge with one fewer participating central bank but does not end the broader experiment with multi-CBDC settlement. For SAMA, meanwhile, the exit marks the completion of one digital-currency trial rather than an end to its work on modernising cross-border payment infrastructure.
