Saudi Arabia withdraws from China-led digital currency platform

Saudi Arabia has withdrawn from the China-led digital currency platform mBridge, which aims to enable cross-border payments outside the US dollar, according to the Financial Times. The Saudi Central Bank joined the platform in 2024 alongside China, Hong Kong, Thailand, the United Arab Emirates, and the Bank for International Settlements.

However, it completed its participation in May 2025. The mBridge platform employs blockchain technology, allowing central banks to conduct transactions directly through digital currencies, potentially lowering transaction costs and reducing the dollar's intermediary role. The Saudi Central Bank's involvement was part of a planned research program, and it ceased to be a participating member after completing its proof of concept.

Nevertheless, a second source familiar with the matter indicated that the Saudi central bank continued to maintain a discreet interest in the project.