Saudi Arabia Exits mBridge as African Banks Process 8B Yuan
Saudi Arabia left the mBridge digital currency platform after a successful pilot, while Standard Bank cleared 8 billion yuan via CIPS.
Key points
- Saudi Arabia exited the mBridge platform after completing its proof of concept in May 2025.
- Standard Bank cleared over CNY8 billion through China's CIPS system by July 2026.
- mBridge continues operations with participation from China, Hong Kong, Thailand, UAE, and Macau.
Saudi Arabia has formally exited the mBridge digital currency platform. The central bank confirmed its departure was executed as originally planned.
The exit followed the completion of a proof of concept in May 2025. Business Insider Africa reports that this move signals a strategic shift for the Gulf state.
Saudi Arabia completes its planned trial
SAMA joined the project as an observing member in 2023. It then participated in developing the minimum viable product and the final proof of concept.
The Financial Times disclosed the withdrawal in September 2026. The central bank stated that its participation concluded exactly when the technical tests finished.
African banks expand yuan payment links
Standard Bank became the first African institution to clear renminbi directly. It now operates the Renminbi Clearing Bank of Africa in partnership with ICBC.
The bank processed over CNY8 billion through the CIPS system by July. This volume represents approximately 1.2 billion US dollars in settled cross-border transactions.
Access extended to clients in six countries including South Africa and Kenya. Plans exist to expand services to additional nations before the end of 2026.
mBridge continues without Saudi participation
China, Hong Kong, Thailand, and the UAE remain active members of mBridge. Macau joined the platform in 2026 to broaden the network's reach.
The Bank for International Settlements handed over the project in October 2024. Former General Manager Agustín Carstens described this transition as a natural graduation process.
