Saudi Arabia ended its formal participation in mBridge, a cross-border payments project. It uses central bank digital currencies to facilitate direct transactions between participating central banks.

The Saudi Central Bank (SAMA) completed its proof of concept for the platform on May 13, 2025, and subsequently ended its formal participation, as reported by the Financial Times. The move had not been publicly disclosed until now.

Why You Should Care

mBridge is part of ongoing efforts by central banks to explore how digital currencies and blockchain technology could improve cross-border payments.

The platform is designed to allow transactions between participating central banks using their own digital currencies, potentially reducing transaction times, foreign exchange costs and the need for an intermediary currency.

For Saudi Arabia, the project formed part of SAMA’s research into central bank digital currencies and new payment infrastructure.

The Details

According to the Financial Times, SAMA initially joined mBridge as an observing member in 2023 under the umbrella of the Bank for International Settlements (BIS).

In 2024, the Saudi central bank participated in developing the platform’s minimum viable product and in a proof of concept. SAMA said it completed that proof of concept in May 2025, in line with its original plan, and was no longer a participating member after its completion.

mBridge uses blockchain technology to enable direct transactions between central banks through their respective digital currencies. The project has involved China, Hong Kong, Thailand, the UAE and Saudi Arabia, with the BIS participating during its earlier stages. The Monetary Authority of Macau joined the platform in 2026 and launched the system in June.

The BIS left the project in October 2024. Its former general manager, Agustín Carstens, said the institution had “graduated out” of the initiative as the project moved into the hands of its central bank participants.

SAMA’s withdrawal does not mean that it has stopped exploring digital currency infrastructure. Its participation in mBridge was part of a broader research effort into central bank digital currencies.

The Ripple

mBridge has attracted attention in the United States because of its potential to facilitate cross-border payments outside traditional dollar-based payment channels.

US officials have previously raised concerns about China’s potential influence over standards for the platform, including areas such as privacy, security, interoperability and sanctions.

At the same time, economists cited by the Financial Times have pointed to potential efficiency benefits from new cross-border payment infrastructure. The platform’s development therefore reflects a broader interest among central banks in reducing the cost and complexity of international transactions.

Saudi Arabia’s departure leaves the People’s Bank of China, Hong Kong Monetary Authority, Bank of Thailand and Central Bank of the UAE among the central banking institutions involved in the project, alongside Macau’s newer participation.

What to Watch

The focus now shifts to how mBridge develops as it moves toward commercial use and how participating central banks apply the infrastructure beyond its testing phase.

For SAMA, its future work on central bank digital currencies and payment infrastructure will offer a clearer indication of how Saudi Arabia approaches digital payments as the technology develops.