Saudi Arabia Exits mBridge Platform as Africa Deepens Yuan Payment Links
Saudi Arabia's central bank has officially exited the mBridge platform, which allows participating institutions to settle cross-border transactions using central bank digital currencies. The exit was confirmed by SAMA to the Financial Times and is in line with their initial plan after completing a proof of concept on May 13, 2025.
mBridge was developed by the Bank for International Settlements (BIS) Innovation Hub alongside the central banks of China, Hong Kong, Thailand, and the UAE. It aims to reduce the time and cost involved in international payments, potentially reducing the role of intermediary currencies such as the US dollar.
Africa is moving deeper into China's yuan payment network, with Standard Bank becoming the first African-based bank authorised by China's central bank to clear renminbi transactions. It has partnered with China's ICBC to operate the Renminbi Clearing Bank of Africa, with capacity to clear yuan transactions across 19 African countries.
Standard Bank had already become the first African bank authorised to participate directly in China's Cross-Border Interbank Payment System (CIPS), which enables banks to settle Africa-China transactions directly in renminbi. By July, Standard Bank said it had processed more than CNY8 billion ($1.2 billion) through CIPS since receiving approval in 2025.