Saudi Arabia Exits China-Led mBridge Payments Project
Saudi Arabia has left the mBridge cross-border payments platform. The central bank completed its pilot phase and will not join the commercial rollout. This marks a significant geopolitical shift in digital currency infrastructure.
Saudi Arabia has withdrawn from mBridge, the China-led cross-border payments platform. The Saudi Central Bank completed its proof-of-concept phase on May 13, 2025, and exited the project. This move signals a retreat from China-led financial infrastructure. The bank had joined as an observer in 2023 and became a full participant in June 2024. Its involvement lasted less than a year before the exit.
The platform processed approximately $55.5 billion in transactions by late 2025. Remaining members include China, Hong Kong, Thailand, and the UAE. These central banks continue to develop the system for commercial use. A new Hong Kong-based entity will manage the rollout. The Bank for International Settlements also exited the project in October 2024. It cited project maturity as the reason for its departure.
Strategic exit from digital ledger
Riyadh views the platform as bypassing SWIFT and dollar clearing. This creates channels outside Western sanctions enforcement. The kingdom balances ties with Washington and Beijing. It joined BRICS while maintaining defense and energy links with the US. SAMA describes its work as exploratory, not operational. The exit avoids locking the kingdom into a commercial relationship.
Saudi Vision 2030 includes goals for payment modernization. The distinction lies between researching technology and joining a multilateral platform. The bank remains interested in digital currency experimentation. However, it rejects specific commitments to this consortium. This approach allows flexibility in its geopolitical positioning.
Impact on remaining consortium members
Saudi Arabia was a strategically significant member of the group. Its presence lent credibility to the project. There was a possibility that oil settlements could flow through non-dollar channels. Without this participation, mBridge faces questions about governance. It also faces scrutiny on international standards compliance. The platform must now operate independently of the BIS. According to GN markets/fx (en-US), this transition raises concerns about sanctions compliance.
