Saudi Arabia Exits China-Linked mBridge Digital Currency Project
Saudi Arabia has exited the mBridge digital currency project after completing its proof of concept in May 2025. The country's central bank, SAMA, confirmed that it was no longer a participating member of the project, citing its original plan to test the technology.
The mBridge platform allows participating central banks to transact using their own digital currencies, reducing reliance on the US dollar and conventional correspondent banking networks. China, Hong Kong, Thailand, and the UAE were among the original participants in the project, which has drawn attention from Washington due to concerns over its potential impact on global financial systems.
The departure of Saudi Arabia from the mBridge project has been met with some speculation that it may have faced pressure from Washington. However, a person familiar with the matter told the Financial Times that SAMA's involvement in mBridge had been limited from the start and that its decision to exit was part of its original plan.
Despite Saudi Arabia's departure, the mBridge project continues to move forward, with Macau joining the network in June 2026. The platform has also expanded its cross-border payment capabilities, allowing participating jurisdictions to conduct real-value transactions using digital versions of national currencies.