Saudi Arabia withdraws from China-led digital currency platform

Saudi Arabia has pulled out of a China-led digital currency platform aimed at facilitating cross-border payments outside the US dollar, the Financial Times (FT) reported. 

Riyadh joined the mBridge project in 2024 with China, Hong Kong, Thailand, the United Arab Emirates and the Bank for International Settlements, but the Saudi Central Bank said that it completed its participation in May 2025.

The mBridge platform uses blockchain technology that allows central banks to make transactions directly via digital currencies, which could reduce transaction costs and the dollar’s intermediary role.

The Saudi Central Bank said it was involved as part of a planned research programme and it was no longer a participating member after completing its proof of concept. 

But the FT reported that a second person familiar with the matter said the Saudi central bank remained quietly involved with the project.