Saudi Arabia exits China-backed mBridge CBDC project: FT
Saudi Arabia has left mBridge, a cross-border CBDC platform that has drawn scrutiny from US policymakers, according to the Financial Times. Saudi Arabia has withdrawn from mBridge, a China-backed cross-border digital currency project designed to enable direct transactions between central banks, according to the Financial Times. SAMA, Saudi Arabia’s central bank, joined mBridge as a full participant in June 2024 and ended its participation after completing a proof of concept on May 13, 2025, FT reported, citing a statement from the central bank. SAMA said it had planned to end its participation. MBridge was established in 2021 through a collaboration between the Bank for International Settlements (BIS) Innovation Hub and the central banks of China, Hong Kong, Thailand and the United Arab Emirates, with the aim of making cross-border payments faster and cheaper.
No comments yet. Be the first to add a perspective.