Saudi Arabia exits mBridge CBDC platform after completing proof of concept
Key points
- Saudi Arabia's central bank, SAMA, has officially withdrawn from mBridge after completing a proof of concept in May 2025, having never publicly settled live transactions on the platform.
- SAMA described the departure as planned from the start, framing it as a successful completion of its engagement rather than a change of direction.
- mBridge is operated by the central banks of China, Hong Kong, Thailand, and the UAE; Macau went live on the platform earlier in 2025.
- The digital renminbi represented 95% of mBridge transaction volumes through 2025, running on a distributed ledger built on People's Bank of China technology.
- Saudi Arabia's exit follows the BIS's own withdrawal from the project and comes amid US tariff threats against BRICS nations pursuing non-dollar payment alternatives, underscoring the platform's growing geopolitical weight.
Saudi Arabia has withdrawn from mBridge, the wholesale central bank digital currency platform designed to facilitate cross-border payments among participating central banks, according to a Financial Times report citing official confirmation from the Saudi central bank, SAMA (Saudi Arabian Monetary Authority). SAMA characterised the exit as planned from the outset, noting that it had successfully completed a proof of concept in May 2025. Saudi Arabia had announced its participation in 2024 but never publicly processed live transactions on the platform.
mBridge was built through collaboration among the central banks of China, Hong Kong, Thailand, and the UAE, with Macau joining in live operation earlier in 2025. The Bank for International Settlements (BIS) had already stepped back from the project shortly after Saudi Arabia joined, framing its exit as the project having “graduated” rather than a withdrawal under pressure. That departure came as debate grew over whether mBridge might evolve into a BRICS Bridge infrastructure that could encompass sanctioned jurisdictions including Russia, a political complication the BIS was evidently keen to avoid.
The platform’s strategic character has sharpened considerably around the renminbi. Through 2025, the digital yuan accounted for 95% of transaction volumes on a distributed ledger built on technology developed by the People’s Bank of China. That concentration, combined with the platform’s explicit goal of increasing local-currency settlement that bypasses dollar rails, has attracted attention from Washington: President Trump has threatened BRICS-aligned countries with 100% tariffs should they actively pursue dollar alternatives. Saudi Arabia’s exit, whatever SAMA’s stated rationale, removes the kingdom from a structure increasingly freighted with geopolitical exposure on both sides.