Saudi Arabia exits China-led mBridge digital currency project: Report
The departure comes amid US concerns that mBridge could provide an alternative to dollar-dominated payment networks such as Swift.
Saudi Arabia has ended its participation in mBridge, a multi-central bank digital currency initiative focused on improving cross-border payments through distributed ledger technology, according to the Financial Times.
The China-led project was launched in 2021 by the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People’s Bank of China and the Hong Kong Monetary Authority. Saudi Central Bank joined in 2024.
mBridge reached the minimum viable product stage in mid-2024 after testing real-value transactions and developing infrastructure for instant settlement. It was designed to address inefficiencies in cross-border payments, including high costs, slow processing and complex operations.
The withdrawal came after the completion of a proof of concept last year. The Saudi Central Bank said it completed its mBridge proof of concept on May 13, 2025, and was no longer a participating member after that.
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mBridge developed the mBridge Ledger, a blockchain-based platform capable of real-value transactions and foreign exchange activity. Its EVM compatibility also enables testing of additional technologies and use cases. In October 2024, the BIS said it was handing the project over to its participating partners, while numerous central banks and international financial institutions remained observers.