Saudi Arabia Steps Away From China-Led mBridge Platform

Saudi Arabia Steps Away From China-Led mBridge Platform

Riyadh — September 20, 2026: Saudi Arabia has stepped away from Project mBridge, a cross-border payments initiative designed to test the use of multiple central bank digital currencies (CBDCs) for international transactions.

The Saudi Central Bank joined mBridge as a full participant in 2024, when the project reached its minimum viable product stage. According to a report published by the Financial Times today, Saudi Arabia completed its proof-of-concept work in May 2025 and subsequently ceased active participation. Saudi officials have described the involvement as a limited technological experiment rather than a broader realignment of the country's international relationships. 

What is mBridge?

mBridge is a blockchain-based platform developed to facilitate cross-border payments and foreign-exchange transactions using CBDCs. The project was originally developed through cooperation involving the Bank for International Settlements (BIS), the central banks of China, Hong Kong, Thailand and the United Arab Emirates. Saudi Arabia became a full participant in 2024. 

The technology was designed to address some of the traditional problems associated with international payments, including high costs, slower settlement and complex intermediary arrangements. BIS testing in 2022 involved 20 commercial banks and 164 payment and foreign-exchange transactions worth more than $22 million. 

Saudi Arabia's participation ends

The Saudi Central Bank's departure does not mean that Riyadh has abandoned research into digital currencies or financial technology. Rather, the available reporting indicates that the Saudi participation in mBridge was tied to a defined proof-of-concept exercise.

The Financial Times reported that the Saudi decision had been part of a predefined plan and that the central bank completed its proof of concept on May 13, 2025. 

Not a replacement for the global payment system

mBridge has attracted attention because its architecture could allow participating institutions to settle certain cross-border transactions directly using digital central-bank money.

However, describing mBridge as an established replacement for the US dollar or the SWIFT network would go beyond what the project has demonstrated. BIS describes mBridge as an experimental multi-CBDC platform aimed at improving cross-border payments rather than as a completed replacement for existing global financial infrastructure. 

BIS currently lists Project mBridge as “Concluded”, while noting that the project reached the minimum viable product stage in 2024. 

What the move means

Saudi Arabia's exit adds another development to the rapidly evolving field of central-bank digital currencies and tokenised financial infrastructure. China, Hong Kong, Thailand and the UAE were among the jurisdictions involved in the project's development, while Saudi Arabia joined later as a full participant. 

The Saudi decision, however, should not by itself be interpreted as evidence of a wider shift in Riyadh's alliances. The documented explanation is that Saudi Arabia completed its planned technological experiment and subsequently stopped participating in the project.

Bottom line: Saudi Arabia tested the mBridge infrastructure, completed its proof of concept in 2025, and has since stepped away from active participation. The development highlights the continuing experimentation around CBDCs and cross-border digital payments, but it does not establish that mBridge has become a full alternative to the existing global dollar-based payment architecture.