Questions Mount Over Saudi Arabia’s Withdrawal From China-Led mBridge Payment Project

The Saudi Central Bank (SAMA) has confirmed the conclusion of its formal participation in Project mBridge, a cross-border multi-central bank digital currency (CBDC) initiative developed by China, the UAE, Hong Kong, Thailand, and formerly the Bank for International Settlements (BIS). SAMA stated that its role was confined to a limited proof-of-concept phase that concluded on May 13, 2025, characterizing the exit as an outcome planned from the outset rather than an abrupt policy pivot.

Questions have surfaced across international financial circles because SAMA had earlier been designated in June 2024 as a full participant when mBridge entered its minimum viable product phase. Reports noted that the departure coincided with intensified scrutiny from United States policymakers regarding alternative, distributed-ledger payment rails capable of settling wholesale cross-border transactions outside traditional dollar-dominated mechanisms like SWIFT.

Sources familiar with the matter cited by media cautioned against drawing wider geopolitical inferences, emphasizing that SAMA's mandate had been strictly exploratory. However, another source indicated that while Riyadh preferred to end its high-profile public membership, technical engagement could continue more discreetly. The project previously saw the BIS exit active coordination in October 2024, handing management directly to the member central banks.

mBridge remains operational under the People's Bank of China, the Central Bank of the UAE, the Hong Kong Monetary Authority, and the Bank of Thailand. Public data indicates the system has processed over $55 billion in wholesale cross-border transactions, with the digital yuan accounting for the dominant share of transaction volume.