The Saudi Central Bank (SAMA) has stepped away from mBridge, a China-led system for settling cross-border payments in digital currencies. It confirmed the exit to the Financial Times.

SAMA described the move as a step the bank had planned from the outset. This marks the first public confirmation of a withdrawal that took place last year.

SAMA’s relationship with mBridge dates back to 2023, when it held observer status under the Bank for International Settlements (BIS).

The bank moved into full membership the following year, working alongside China, Hong Kong, Thailand and the UAE. By 13 May 2025, it had wrapped up its proof-of-concept work.

SAMA addressed this directly in its statement to the Financial Times, noting that once the proof-of-concept phase concluded, its formal membership in mBridge came to an end.

mBridge works by letting central banks exchange payments directly. Each one settles using a currency it issues itself, over a shared blockchain layer.

This design cuts delays and lowers fees usually tied to routing money through intermediary currencies. Built under the BIS, the network is on track for a full commercial rollout.

One person with knowledge of the arrangement said SAMA has kept a hand in the project, just not as a publicly listed participant.

The People’s Bank of China, the Hong Kong Monetary Authority and the central banks of Thailand and the UAE all declined to comment on Saudi Arabia’s exit.

Featured image: Edited by Fintech News UAE, based on image by thanyakij-12 via Magnific.