Saudi Arabia has withdrawn from mBridge, a China-backed cross-border digital currency project designed to enable direct transactions between central banks, according to the Financial Times.
SAMA, Saudi Arabia’s central bank, joined mBridge as a full participant in June 2024 and ended its participation after completing a proof of concept on May 13, 2025, FT reported, citing a statement from the central bank. SAMA said it had planned to end its participation.
MBridge was established in 2021 through a collaboration between the Bank for International Settlements (BIS) Innovation Hub and the central banks of China, Hong Kong, Thailand and the United Arab Emirates, with the aim of making cross-border payments faster and cheaper.
Rather than using a single stablecoin, the platform allows participating central banks to issue and transact in their own digital currencies on a shared ledger, including for cross-border payments and foreign…
