The Saudi Central Bank (SAMA) ended its participating membership in the China-led mBridge platform after completing its proof-of-concept work on May 13, 2025.
SAMA told the Financial Times that the work had been completed successfully as planned. The central bank announced that it was no longer a participating member of mBridge following this phase.
mBridge aims to enable direct transactions using digital currencies
The blockchain-based platform aims to enable central banks to conduct direct cross-border transactions using their own digital currencies. Reducing the time and costs of foreign exchange transactions is among mBridge’s objectives.
SAMA joined the platform as an observer member under the Bank for International Settlements in 2023. In 2024, Saudi Arabia joined the active participants, alongside China, Hong Kong, Thailand and the United Arab Emirates.
Limited role cited in response to question about US pressure
A person familiar with the matter, responding to a question about whether SAMA had left the platform because of US pressure, said Saudi Arabia’s role in the project had been limited from the outset. The person said it would be wrong to draw broader conclusions from the decision.
Plans to open mBridge for commercial use have prompted debate in the United States over its potential to reduce reliance on the SWIFT system used for international money transfers and on the dollar as an intermediary currency in transactions.