Saudi Arabia ends formal participation in China-led mBridge, a digital payments initiative designed to support cross-border transfers outside the US dollar. NDTV reports that Riyadh completes a digital currency test in May 2025 and withdraws after that phase. The Financial Times, as cited by Middle East Eye, reports the withdrawal is linked to completing Saudi Arabia’s participation in the project.
Saudi Arabia joins mBridge in 2024 along with China, Hong Kong, Thailand, the United Arab Emirates and the Bank for International Settlements. The platform is built on blockchain technology and is intended to let participating central banks transact directly using digital currencies, with the goal of lowering transaction costs and reducing reliance on the dollar’s intermediary role. The Saudi Central Bank says its involvement was part of a planned research programme.
Middle East Eye also reports a claim by a source familiar with the matter that, despite Riyadh’s formal exit, Saudi officials remain involved in some form. Other outlets referenced in the provided materials emphasize the completion of a proof-of-concept and the end of active membership, without detailing any continued quiet role.
