Saudi Arabia exits China-backed mBridge digital currency project

Saudi Arabia withdrew from the China-backed mBridge international digital currency platform in May 2025 after completing the project’s “proof of concept” phase, the Financial Times reports.

The Saudi Central Bank (SAMA) confirmed that it left the project on May 13, 2025, describing the move as part of its original plan. Saudi Arabia joined the initiative under the auspices of the Bank for International Settlements (BIS) as an observer in 2023 and became a full participant in the development of a minimum viable product in 2024.

According to sources cited by the Financial Times, however, the Saudi regulator continues to engage with the project informally despite no longer participating publicly.

mBridge uses blockchain technology to enable direct cross-border settlements between central banks using their respective central bank digital currencies. The system is designed to reduce reliance on traditional payment infrastructure such as SWIFT and can facilitate transactions without requiring the US dollar as an intermediary currency.

The BIS itself withdrew from the project in October 2024 amid pressure from the United States. The development comes against the backdrop of broader efforts by some countries to explore alternatives to the dollar-based international financial system.

By Vugar Khalilov