Saudi Arabia Exits China-Led Digital Currency Platform mBridge

Saudi Arabia has quietly withdrawn from the mBridge project, a China-led digital currency platform aimed at facilitating cross-border payments. The Financial Times reported that Riyadh joined the project in 2024 with China, Hong Kong, Thailand, the United Arab Emirates, and the Bank for International Settlements.

The Saudi Central Bank said it completed its participation in May 2025 as part of a planned research programme. However, the FT stated that a second person familiar with the matter claimed the bank remained involved with the project after its initial involvement was supposed to end.