Saudi Arabia Exited mBridge Digital Currency Platform
The move concluded a specific proof of concept, signaling a pause in Saudi integration with the blockchain-based system.
Updated on Sept. 20, 2026 in International Trade
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Saudi Arabia formally ceased its participation in the mBridge digital currency platform on May 13, 2025, following the completion of its planned proof of concept. The platform is designed to facilitate direct transactions between central banks using blockchain technology.
Why it matters
The mBridge system aims to reduce the time, cost, and reliance on the U.S. dollar in cross-border foreign exchange transactions. Saudi Arabia's withdrawal follows the earlier departure of the Bank for International Settlements from the platform.
Saudi Arabia operated as an observing member of the mBridge platform from 2023 until May 13, 2025. The system, which the Monetary Authority of Macau launched in June 2026, aims to bypass traditional dollar-based settlement mechanisms.
The players
Saudi Central Bank
The central bank responsible for monetary policy and financial oversight in Saudi Arabia.
Bank for International Settlements
An international financial institution that serves as a bank for central banks and promotes global monetary cooperation.
Monetary Authority of Macau
The regulatory entity overseeing the financial sector and currency issuance in Macau.
The details
The mBridge platform leverages blockchain to enable direct central bank-to-central bank settlement, effectively bypassing the traditional correspondent banking network. By eliminating intermediary financial institutions, the system reduces the friction and fees typically associated with international foreign exchange. The platform is currently moving toward commercial rollout despite the withdrawal of major institutional observers.
Timeline
Saudi Arabia joined the mBridge platform as an observing member in 2023.
The Bank for International Settlements left the mBridge platform in October 2024.
The Saudi Central Bank completed its proof of concept on May 13, 2025.
The Monetary Authority of Macau launched the mBridge system in June 2026.
Market Landscape
The development follows the broader de-dollarization trend in international trade settlements where central banks seek to reduce reliance on traditional correspondent banking. This exit highlights the practical challenges of transitioning to blockchain-based cross-border payments.
Operators involved in international trade should monitor the commercial rollout of mBridge, as it may eventually change the cost structures of foreign exchange transactions. Keep watch on which global jurisdictions adopt the platform to determine potential impacts on your own supply chain currency risks.
The takeaway
The exit of a major oil-producing nation from a high-profile blockchain settlement project underscores that technology alone does not guarantee widespread adoption in central banking. Operators should track the commercial launch of mBridge to determine if alternative settlement routes will emerge in their specific trade corridors.
Further reading
For broader trends in cross-border settlements, see our International Trade coverage.
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Should nations prioritize creating alternatives to the US dollar for cross-border payments?
