Saudi Central Bank leaves the mBridge platform

The Saudi Central Bank announced that it has withdrawn from the mBridge digital platform, which was developed under China's leadership and aims to create a payment system as an alternative to the dollar in international payments.

Statement on Departure from the mBridge Platform

The Saudi Central Bank stated in remarks to the British newspaper Financial Times that it has ended its participation in the China-led mBridge platform.

The statement noted that SAMA successfully completed the mBridge proof-of-concept study on May 13, 2025, and is no longer a participating member following that study.

Past Process and Membership Steps in the Project

The Saudi Central Bank joined the mBridge project in 2023 under the umbrella of the Bank for International Settlements as an observer member.

In 2024, SAMA continued its work by joining the active participants, which included China, Hong Kong, Thailand, and the United Arab Emirates.

Purpose and Technological Structure of the Platform

Using blockchain technology, the mBridge platform aims to enable central banks to conduct direct cross-border transactions through their own digital currencies.

In this way, the system offers an infrastructure designed to reduce the duration and cost of international foreign exchange transactions.

Assessments Regarding the Decision

A source close to the matter noted that Saudi Arabia has assumed a limited role in the project from the very beginning and that it would be wrong to draw broader conclusions from this decision.

Additionally, the source's statement addressed discussions over whether SAMA withdrew from the platform under US pressure.