Saudi Arabia exits China-led mBridge digital currency platform

September 20, 2026 at 05:23 PM1 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Saudi Arabia's central bank (SAMA) has ended its participation in the China-led mBridge digital currency platform. SAMA said it completed its proof-of-concept work on May 13, 2025, and is no longer a participating member. The move comes as the platform aims to reduce reliance on the dollar and SWIFT.

Key Facts

SAMA completed its mBridge proof-of-concept work on May 13, 2025.
SAMA is no longer a participating member of mBridge.
SAMA joined mBridge as an observer in 2023 and became an active participant in 2024.
mBridge uses blockchain technology to enable direct cross-border transactions between central banks using their own digital currencies.
The platform aims to reduce transaction time and cost, and potentially lessen dependence on SWIFT and the dollar.

Saudi Withdrawal

Saudi Arabia's central bank (SAMA) announced its withdrawal from the China-led mBridge digital currency platform in a statement to the Financial Times. SAMA stated that it had completed its proof-of-concept work on May 13, 2025, and was no longer a participating member. A source close to the matter said Saudi Arabia's role in the project had been limited from the start and cautioned against drawing broader conclusions from the decision.

Platform Objectives

mBridge uses blockchain technology to allow central banks to transact directly with each other using their own digital currencies. The platform aims to reduce the time and cost of foreign exchange transactions. It is planned for commercial use and has the potential to reduce dependence on payment systems like SWIFT and the dollar's role as an intermediary currency.

Saudi Participation History

SAMA joined mBridge as an observer member in 2023 under the Bank for International Settlements. In 2024, Saudi Arabia became an active participant alongside China, Hong Kong, Thailand, and the United Arab Emirates.