The Saudi Central Bank (SAMA) has officially exited the mBridge project, a cross-border payment platform based on central bank digital currencies (CBDC) and distributed ledger technology. The bank completed its proof-of-concept phase on May 13, 2025, and decided not to proceed with further participation.
SAMA joined the initiative as an observer in 2023 and became a full participant in June 2024. The central bank stated that its involvement was strictly exploratory, intended to evaluate the platform's technical capabilities without entering into a formal commercial commitment.
The mBridge platform, which facilitates payments using wholesale CBDCs, recorded approximately $55,5 billion in transactions by late 2025. The project continues to be developed by the central banks of China, Hong Kong, Thailand, and the UAE under a new entity based in Hong Kong.
The Bank for International Settlements (BIS), which launched mBridge in 2021, previously ended its active involvement in October 2024. The project aims to reduce settlement times for international transactions by bypassing traditional correspondent banking networks.
