Saudi Arabia leaves mBridge after saying its digital currency trial was complete

Saudi Arabia’s central bank has left mBridge, the China-linked wholesale digital currency payment platform, the Financial Times reported on Sept. 20, 2026, just over two years after it joined as a full participant.

SAMA initially joined mBridge as an observing member in 2023 before becoming a full participant in 2024. Its involvement came as the project moved toward a minimum viable product designed to test whether wholesale central bank digital currencies could support faster and more direct international settlement.

The Saudi Arabia mBridge exit therefore does not represent a withdrawal from digital currencies generally. Rather, it demonstrates how a major central bank has participated in an experimental payment system, completed its stated trial and subsequently stepped away from formal membership.

Why mBridge attracted global attention

mBridge was developed through cooperation involving the Bank for International Settlements Innovation Hub and central banks from China, Hong Kong, Thailand and the United Arab Emirates. Saudi Arabia later joined the group as a full participant.

The BIS said mBridge reached its minimum viable product stage in 2024, with the platform designed to support real-time, peer-to-peer cross-border payments and foreign-exchange transactions using wholesale CBDCs.

The project was also intended to address high costs, slow settlement and operational complexity in international transfers.

Payment infrastructure has become an increasingly important part of discussions about the future of global finance as governments experiment with CBDCs, tokenized money, stablecoins and distributed-ledger systems.

When the BIS ended its involvement in 2024, then-General Manager Agustín Carstens rejected that interpretation, saying: “mBridge is not the BRICS bridge and I have to say that categorically. mBridge was not created to cater (to) the needs of BRICS.”

The BIS subsequently handed the initiative to the participating central banks. Carstens said the institution had effectively “graduated out” of the project because the participating authorities were capable of continuing the work themselves.

He also rejected the idea that the BIS departure represented a failure or was driven by political considerations.

US scrutiny adds geopolitical context

The Saudi Arabia mBridge exit has emerged against a backdrop of growing scrutiny over payment systems that could reduce reliance on the US dollar and conventional correspondent banking networks.

A person familiar with the matter told the Financial Times that it would be “inaccurate to draw any wider inference” from SAMA’s decision, citing the limited nature of the Saudi central bank’s participation.

Another source indicated that SAMA no longer wanted to be publicly involved in the initiative while potentially maintaining more discreet engagement.

Those comments make the Saudi Arabia mBridge exit more complicated than a simple rejection of China-linked financial technology. The documented position from SAMA is that its proof of concept had been completed according to the original plan.

Separate reports have raised questions about geopolitical considerations, but those interpretations should be distinguished from the central bank’s stated explanation.

For investors, however, it is important not to automatically translate developments in CBDC infrastructure into a direct signal for Bitcoin or other crypto assets.

Government-backed digital currencies operate under fundamentally different models from decentralized cryptocurrencies. Their infrastructure can incorporate blockchain technology while remaining controlled by central banks and regulated financial institutions.

The Saudi Arabia mBridge exit is therefore better viewed as part of the continuing competition over how international payments will operate in a more digital financial system.

mBridge moves forward without Saudi Arabia

The Saudi Arabia mBridge exit has not ended the project itself. The BIS has concluded its direct involvement, while participating monetary authorities have continued developing the initiative.

Macau has since joined the network, and the platform became operational there in June 2026, according to the reporting surrounding its expansion.

China is also pursuing other avenues for international digital-yuan settlement. Its efforts include infrastructure designed to support cross-border payments and connections between financial institutions in different jurisdictions.

The continued development of these systems suggests that experimentation with digital settlement is proceeding on multiple fronts rather than depending entirely on one platform.

Faster settlement and greater interoperability could create new opportunities for digital financial products, while stronger central-bank involvement could also produce new regulatory requirements.

The Saudi Arabia mBridge exit should therefore be understood as a change in participation rather than proof that the broader push toward digital cross-border settlement has stalled.

SAMA completed its stated proof of concept, while other participants continue exploring whether shared CBDC infrastructure can make international payments faster, cheaper and more direct.

At this stage, the Saudi Arabia mBridge exit provides a clear example of the experimental nature of wholesale CBDCs: central banks can participate in emerging infrastructure, test its capabilities and then reassess their involvement without necessarily abandoning the wider digitalization of financial markets.