Saudi Arabia withdraws from China-led mBridge blockchain payment project

The Saudi Central Bank (SAMA) has ended its participation in mBridge, a blockchain-based cross-border payment platform led by China. The withdrawal coincided with the conclusion of the project's pilot phase on May 13, 2025, as originally scheduled. While the project was designed to facilitate direct digital currency exchanges between central banks and bypass the dollar-based SWIFT system, the Saudi central bank characterized the exit as a formal conclusion rather than a policy shift. The project had previously drawn scrutiny from Washington due to concerns regarding its potential to circumvent Western financial sanctions.