Saudi Arabia’s central bank (SAMA) has officially withdrawn from mBridge, the China-led cross-border payments platform built on central bank digital currencies and distributed ledger technology. SAMA completed its proof-of-concept phase on May 13, 2025, after joining as an observer in 2023 and becoming a full participant in June 2024. The mBridge platform reportedly processed approximately $55.5 billion in transactions by late 2025, with remaining members including China, Hong Kong, Thailand, and the UAE. The departure of the world’s largest oil exporter raises questions about the project’s governance and compliance with international sanctions standards. The withdrawal reflects Riyadh’s strategy to maintain balance between Western allies and China, avoiding financial infrastructure that could bypass SWIFT and dollar clearing mechanisms.
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