Saudi Arabia quits China-led mBridge digital currency program
Saudi Arabia confirmed to the Financial Times that it quit the China-led mBridge digital currency platform in 2025 as part of an original plan, a move not previously public. mBridge was created by China, Hong Kong, Thailand, the UAE and the BIS to reduce dependence on the US dollar and cut time and cost for cross-border central bank payments. Despite Saudi leaving and political questions about US influence, the project has expanded: the Monetary Authority of Macao joined in 2026 and enabled participating banks to run transactions, completing 23 cross-border payments on day one.
Saudi Arabia left mBridge in 2025 as a planned exit
Context
Several countries and the BIS joined mBridge in 2024. Saudi Arabia left the project in 2025 as a planned step. The platform then expanded with Macao joining and live bank transactions in 2026.
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