Saudi Central Bank Concludes Participation in Cross-Border mBridge Digital Currency Platform

The Saudi Central Bank has concluded its formal participation in Project mBridge following the completion of a proof-of-concept phase in May 2025. The cross-border digital currency initiative was developed jointly with China and the UAE to facilitate non-dollar trade settlements. Operations continue among the remaining participants, including the central banks of the UAE, China, Hong Kong, and Thailand.

Published October 20, 2026 Source: Arabian Gulf Business Insight

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Issuing authority: Saudi Central Bank
Jurisdiction: Saudi Arabia
Official source: www.agbi.com

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The Saudi Central Bank has concluded its formal participation in Project mBridge, a cross-border multi-central bank digital currency (CBDC) platform developed jointly with China and the United Arab Emirates, according to Arabian Gulf Business Insight.

The central bank indicated that its departure was scheduled following the conclusion of a proof-of-concept phase conducted in May 2025. The move has led to broader discussions across Gulf financial sectors regarding regional currency policy, geopolitical pressures, and mechanisms for non-dollar trade settlement.

Project mBridge is designed to facilitate real-time, low-cost cross-border payments between commercial lenders using central bank digital currencies.

The initiative remains active among its other founding and participating central banks, which include the UAE Central Bank, the People's Bank of China, the Hong Kong Monetary Authority, and the Bank of Thailand.