Saudi Arabia exits China-led mBridge CBDC project

The Saudi Central Bank (SAMA) has concluded its participation in mBridge, a cross-border CBDC project led by China. SAMA joined as an observer in 2023 and participated in the pilot phase in 2024. Following the completion of the proof-of-concept on May 13, 2025, Saudi Arabia withdrew from the initiative. The project, which utilizes distributed ledger technology for direct cross-border settlements, continues with China, Hong Kong, Thailand, the UAE, and Macau.