The Saudi central bank, SAMA, has officially ended its collaboration with mBridge, a major technological project spearheaded by Beijing. Initially launched under the aegis of the Bank for International Settlements, this blockchain-based cross-border payment platform aimed to facilitate direct transactions between central banks. By joining the initiative in 2024, Riyadh appeared to be exploring alternatives to conventional financial infrastructures dominated by the dollar and the SWIFT network.
Operationally, this withdrawal coincides with the official conclusion of the testing phase on May 13, 2025. While some analysts view it as a sign of potential diplomatic pressure from Washington—concerned by the emergence of tools capable of bypassing international financial sanctions—the Saudi central bank maintains a more neutral stance. According to local authorities, this exit was long planned and strictly aligns with the initial expiration of the Kingdom’s participation mandate in the pilot project.
This withdrawal marks another step in weakening the initial ambition of mBridge, which was already affected by the departure of the Bank for International Settlements in the fall of 2024. The core of the project now consists primarily of China, Hong Kong, Thailand, and Macau. However, the United Arab Emirates' continued involvement highlights that interest in these decentralized infrastructures remains strong, even if the governance dynamics between partner countries prove complex to harmonize over the long term.
Beyond this decision, Saudi Arabia confirms its intention to pursue its own experiments related to central bank digital currencies. Riyadh's choice seems driven by a fierce desire to maintain full technological sovereignty rather than aligning with standards imposed by third-party powers. For China, which is attempting to promote its digital yuan and multilateral platforms as an alternative to the dollar, the loss of this strategic ally represents a notable setback in its quest for global digital financial hegemony.