Saudi Central Bank Exits China-Backed mBridge Cross-Border Currency Platform

The Saudi Central Bank confirmed on September 22, 2026, that it has concluded its proof-of-concept phase and ended its formal participation in the China-backed mBridge cross-border digital currency platform, according to the South China Morning Post.

Project mBridge was designed to enable participating central banks to clear and settle cross-border transactions directly using digital currencies, bypassing the need for US dollar clearance. Despite Saudi Arabia's withdrawal, the platform remains operational with central banks from mainland China, Hong Kong, Thailand, the United Arab Emirates, and Macau.

Analysts cited in the report stated that the departure of Saudi Arabia removes the Gulf's largest economy from direct membership, marking a symbolic geopolitical setback for non-dollar payment arrangements. Financial experts also highlighted that the move reflects ongoing scrutiny over alternative cross-border financial networks.