Saudi Arabia Exits China-Led mBridge Platform Amid Dollar Dominance Debate

Saudi Arabia has withdrawn from mBridge, a China-led cross-border payments platform designed to allow central banks to transact directly using digital currencies. The Saudi Central Bank confirmed to the FT that it was no longer participating in the project after completing its proof-of-concept phase in May 2025.

Riyadh said the withdrawal was part of its original plan and not necessarily linked to US pressure. SAMA first joined mBridge as an observer in 2023 before becoming a participant in the platform's minimum viable product phase in 2024.

mBridge is a multi-central-bank digital currency platform developed with the participation of China, Hong Kong, Thailand, the UAE and the Bank for International Settlements (BIS), among others. The platform uses blockchain technology to facilitate direct cross-border transactions involving central bank digital currencies.

The system is designed to reduce the time and cost involved in foreign exchange transactions and potentially reduce the need for the US dollar to act as an intermediary currency.