Saudi Arabia Withdraws From China Backed Cross-Border Digital Currency Platform

Saudi Arabia has exited mBridge, a China backed digital currency platform designed to enable direct cross border transactions between central banks, according to a Financial Times report.

Details of the Withdrawal

The Saudi central bank joined the project as a full participant in mid-2024 and ended its involvement after completing a planned trial phase in May 2025, according to a statement cited in the report. The bank said the exit had been planned from the outset rather than a sudden departure.

What mBridge Is

The platform was launched in 2021 through a joint effort between an international financial institution and the central banks of China, Hong Kong, Thailand, and the United Arab Emirates, aiming to make cross-border payments faster and less costly. Rather than relying on a single shared currency, the system allows each participating central bank to issue and transact in its own digital currency across a shared ledger. Oversight of the project was handed over to the participating central banks in late 2024 after reaching a functional development stage.

Scrutiny From US Policymakers

The initiative has drawn attention from US officials, with a government commission warning in a past report that the platform could eventually offer an alternative payment system for countries looking to bypass US-led financial sanctions. Meanwhile, China’s central bank has signaled growing interest in the broader role of digital currencies and stablecoins in global payments, calling for closer monitoring and stronger international coordination as their use continues to expand.