Saudi Arabia has officially withdrawn from mBridge, China’s digital payment platform launched in 2021 as an alternative to the dollar-dominated SWIFT system. The Saudi Central Bank (SAMA) joined the project in 2023 as an observing member before successfully completing a proof of concept on May 13, 2025. This exit follows the departure of the Bank for International Settlements (BIS) in October 2024. Despite these withdrawals, transactions on mBridge have surged to over 55 billion dollars, representing a 2,500-fold increase since 2022. Riyadh’s departure weakens China’s ambitions to challenge dollar dominance, as Saudi Arabia serves as the foundation of the petrodollar regime established in 1974.
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