Saudi Arabia Concludes Formal Participation in Cross-Border CBDC Platform Project mBridge

Saudi Arabia has concluded its formal participation in Project mBridge, a multilateral central bank digital currency platform co-founded with the People's Bank of China, the BIS Innovation Hub, and the Central Bank of the UAE. According to a statement from the Saudi Central Bank, the departure was planned after the institution completed its limited proof-of-concept phase on May 13, 2025.

Project mBridge was established to facilitate real-time cross-border settlements in local digital currencies, including the digital yuan, without relying on US dollar clearing mechanisms. In response to inquiries from the South China Morning Post, the Saudi Central Bank stated that it is no longer a participating member of the platform.

Despite the conclusion of Saudi participation, Chinese commercial banks and international financial partners continue to expand digital yuan payment pilots and bilateral trade corridors across the Middle East. Analysts, including Matteo Giovannini of the Industrial and Commercial Bank of China, noted that the move carries symbolic significance rather than posing a direct operational threat to the viability of the project.