Saudi Arabia continues to calibrate its involvement in international digital-currency initiatives, with the Saudi Central Bank (SAMA) confirming its withdrawal from the mBridge platform. As of reports published around 20 September 2026, SAMA stated that it is no longer a participating member after successfully completing its planned proof-of-concept on 13 May 2025.
The exit still follows the kingdom’s earlier path from observer status in 2023 to full participant in 2024. SAMA described the step as consistent with its original plan. This comparison underscores the time-limited and experimental character of Riyadh’s engagement with the multi-central-bank digital currency project.
The Drivers of the Withdrawal
The key factor remains the completion of SAMA’s proof-of-concept work. mBridge was developed to enable direct cross-border payments and foreign-exchange transactions using wholesale central bank digital currencies (CBDCs). The project originally involved the BIS Innovation Hub together with the Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China, and the Central Bank of the United Arab Emirates. Saudi Arabia joined the effort to develop the minimum viable product before concluding formal membership after the May 2025 PoC.
For perspective, sources familiar with the matter have cautioned against drawing broader geopolitical conclusions, noting the limited nature of Saudi participation. The BIS itself had earlier stepped back from day-to-day involvement. Only central banks that choose to remain active sustain ongoing operational roles; others exit once testing objectives are met.
It is essential to distinguish: SAMA’s public position presents the withdrawal as the fulfilment of a pre-defined participation plan, whereas external analysis has examined possible strategic context. The outcome is mostly an operational central-bank decision linked to the project’s experimental phase.
Impact and Broader Context
As a major energy exporter and regional financial centre, Saudi Arabia’s departure advances the evolving membership of mBridge. The platform continues with its remaining core participants, including China, Hong Kong, Thailand and the UAE, while additional jurisdictions such as Macau have joined more recently. Cross-border CBDC experimentation grows among the active members even as individual countries reassess alignment with their domestic priorities.
This sustained evolution fuels discussions on the future of multi-CBDC platforms, their potential efficiency gains relative to traditional correspondent banking, and the interplay between technical innovation and strategic considerations. Advocates highlight faster settlement and reduced intermediation costs. Observers note that participation decisions frequently reflect national policy objectives and the still-early stage of such systems.
Central banks emphasise that proof-of-concept exercises are designed to generate technical learning without automatic long-term commitment. Saudi Arabia’s experience offers insight into how large economies are selectively engaging with collaborative digital-currency infrastructure.
As mBridge and similar projects move forward, further membership changes and technical milestones will continue to shape the cross-border CBDC landscape. Official statements from SAMA and remaining participants will clarify the initiative’s ongoing trajectory.
This analysis draws from SAMA’s confirmation reported by the Financial Times and contemporaneous coverage for precision. Project status remains subject to decisions by the participating central banks.