Saudi Arabia has withdrawn from mBridge, the cross-border central bank digital currency (CBDC) platform led by China, according to a Financial Times report.
The project was launched in 2021 as a collaboration between the central banks of China, Hong Kong, Thailand, and the United Arab Emirates, with Saudi Arabia subsequently joining as a full participant. The platform uses blockchain technology to enable direct local currency transactions between participating central banks, reducing international payment costs and decreasing reliance on the US dollar.
The Bank for International Settlements, which had served as coordinator of the project, previously withdrew from mBridge as well.
Saudi Arabia’s exit marks a significant development for a platform that had been seen as one of the most advanced cross-border CBDC initiatives globally. Analysts have argued that the global payments ecosystem is gradually evolving from a structure heavily centered on SWIFT toward a landscape of multiple interoperable and competing payment networks — a trajectory that mBridge had been positioned to accelerate.
