Saudi Arabia’s formal mBridge participation ended after completing a planned CBDC trial in May 2025, although the development only became widely public in September 2026. The move is significant because of mBridge’s potential role in reshaping cross-border settlement, but available evidence does not establish that Riyadh’s decision resulted from U.S. pressure.
Saudi Arabia has ended its formal participation in mBridge, the cross-border wholesale central bank digital currency platform involving China, Hong Kong, Thailand and the United Arab Emirates. The Saudi Central Bank (SAMA) confirmed that it successfully completed its planned mBridge proof-of-concept on May 13, 2025, after which it was no longer a participating member. The decision became publicly reported by the Financial Times on September 20, 2026.
Saudi Arabia had initially joined mBridge as an observer in 2023 and became a full participant in the platform’s Minimum Viable Product phase in June 2024. SAMA said at the time that its participation was intended to study how wholesale CBDCs could improve the efficiency of cross-border payments and settlement between commercial banks. The platform was originally developed through cooperation involving the BIS Innovation Hub and the central banks or monetary authorities of China, Hong Kong, Thailand and the UAE.
The withdrawal has attracted attention because mBridge could reduce dependence on conventional dollar-intermediated cross-border payment infrastructure. However, there is currently no confirmed evidence that U.S. pressure caused Saudi Arabia to leave the project. SAMA maintains that completion of the proof-of-concept was part of its original plan, while a source familiar with the matter told the Financial Times that broader conclusions about U.S. pressure should not be drawn from the decision. Meanwhile, mBridge itself continues to develop, including the addition of Macao in 2026.
https://www.ft.com/content/ac104987-f43d-4e7d-97b6-057d98f7e422