Saudi Central Bank Withdraws From China-Led mBridge Platform

The Saudi Central Bank (SAMA) has withdrawn from mBridge, a blockchain-based cross-border payment platform led by China designed to bypass the US dollar-dominated SWIFT system. SAMA joined the project as an observer in 2023 and became a full participant in June 2024. The bank confirmed its participation ended on May 13, 2025, after completing a planned proof-of-concept exercise, characterizing its involvement as exploratory rather than operational.

This departure follows the October 2024 exit of the Bank for International Settlements, which described its own withdrawal as a graduation. While SAMA provided no direct reason for the exit, some reports suggest the move was intended to avoid pressure from US President Donald Trump, who threatened 100 percent tariffs on BRICS nations attempting to replace the dollar. Other sources maintain the withdrawal was a technical step and that Saudi Arabia continues to engage with the project discreetly.

Despite these exits, mBridge continues to expand and recently added the Monetary Authority of Macao. The remaining members—the central banks of China, Hong Kong, Thailand, and the United Arab Emirates—are developing a commercial rollout via a new entity based in Hong Kong. Analysts suggest the shift may increase the importance of China's Cross-Border Interbank Payment System (CIPS) and reduce short-term pressure on the petrodollar regime.