Saudi Arabia Exits China Backed mBridge Digital Currency Project
The central bank said the exit was planned after a proof-of-concept test, while the project continues with China, Hong Kong, Thailand and the UAE.
- On Sunday, Saudi Arabia's central bank, SAMA, confirmed its withdrawal from the mBridge digital currency platform after completing its proof of concept on May 13, 2025, the Financial Times reported yesterday.
- Developed by the Bank for International Settlements Innovation Hub, mBridge allows central banks to settle cross-border transactions using digital currencies, reducing reliance on dollar-based intermediaries.
- Sources familiar with the decision said it would be "inaccurate to draw any wider inference" from the withdrawal, as Riyadh's participation had been limited from the beginning.
- Meanwhile, China is expanding its financial infrastructure across Africa; Standard Bank processed more than $1.2 billion through the Cross-Border Interbank Payment System, supporting transactions in 19 countries.
- Former BIS General Manager Agustin Carstens emphasized the institution "graduated out" of mBridge, noting such departures do not indicate failure, distinguishing the Saudi move from Africa's growing adoption of Chinese payment infrastructure.
30 Articles
30 Articles
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Saudi Arabia has withdrawn from the mBridge project, an international platform for cross—border payments in digital currencies of central banks, which is being developed with the active participation of China
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