Saudi Central Bank Exits China-Led mBridge Digital Currency Project
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The Saudi Central Bank has ended its formal participation in Project mBridge, the China-led cross-border multi-central bank digital currency platform. According to a report by the Financial Times, the kingdom withdrew from the initiative last year as part of its original project roadmap, a move not previously made public. In an official statement to the publication, SAMA confirmed that it initially joined mBridge under the umbrella of the Bank for International Settlements as an observing member in 2023 to support its internal CBDC research, and subsequently participated in efforts to develop a minimum viable product and establish a proof of concept in 2024. The central bank said it successfully completed its mBridge proof of concept on 13 May 2025 and is no longer a participating member of the project. Project mBridge uses distributed ledger technology to facilitate direct, bilateral foreign exchange settlement between central banks using digital currencies, aiming to lower foreign exchange costs and reduce settlement times, and it has drawn regulatory and geopolitical scrutiny over concerns it could provide an alternative channel to bypass dollar clearing and financial sanctions. The platform continues under its core participants: the People's Bank of China, the Hong Kong Monetary Authority, the Bank of Thailand, and the Central Bank of the United Arab Emirates, with the Monetary Authority of Macao joining earlier this year and launching its integration in June.