The Saudi Central Bank (SAMA) told the Financial Times that Saudi Arabia ended its participation in the project on May 13, 2025, after completing a pre-planned proof-of-concept programme. The decision was only publicly disclosed in September 2026.
Saudi Arabia joined mBridge as a full participant in June 2024 alongside China, Hong Kong, Thailand and the United Arab Emirates.
The project was developed with support from the Bank for International Settlements (BIS) and uses distributed-ledger technology to facilitate faster and potentially cheaper cross-border payments and foreign-exchange transactions.
What is mBridge?
mBridge is a wholesale multi-central-bank digital currency platform, rather than a cryptocurrency or retail digital wallet.
The project allows participating central banks and commercial banks to explore cross-border transactions using central bank digital currencies (CBDCs) on a shared digital infrastructure. Its developers say the system could reduce some of the costs, delays and operational complexities associated with traditional cross-border payments.
The platform reached the minimum viable product (MVP) stage in 2024 and was designed to support real-value transactions, subject to participating jurisdictions being ready.
Does the move challenge the US dollar?
mBridge has attracted attention because it could allow some cross-border transactions to be settled directly in participating countries’ digital currencies, potentially reducing the need for the US dollar as an intermediary currency in those transactions.
However, Saudi Arabia’s withdrawal should not by itself be interpreted as evidence of a broader reversal in global dollar use or as a rejection of digital-currency-based cross-border payment systems.
SAMA said its participation was part of a planned research programme and ended after the completion of its proof of concept. There is no confirmed public evidence that Saudi Arabia withdrew because of US pressure, a dispute over data governance or concerns about sanctions compliance.
BIS handed the project to its partners
The BIS announced in October 2024 that it was handing mBridge over to the participating central banks after the project reached the MVP stage. The BIS described the move as an orderly transfer to the partner institutions.
The project was originally launched in 2021 through cooperation between the BIS Innovation Hub, the central banks of China, Thailand and the UAE, and the Hong Kong Monetary Authority. Saudi Arabia joined as a full participant in 2024.
The Financial Times also reported that, despite ending its formal participation, the Saudi central bank may still have some quiet involvement with the project, according to a person familiar with the matter.
For now, the confirmed development is that Saudi Arabia has ended its formal participation in mBridge after completing its planned proof of concept.
