Saudi Arabia has withdrawn from mBridge, a China-led cross-border digital currency platform designed to enable direct transactions between central banks and reduce reliance on the US dollar.

Axar.az reports, citing the Financial Times, that Saudi Arabia became an active participant in mBridge in 2024 alongside China, Hong Kong, Thailand, the United Arab Emirates and the Bank for International Settlements.

The Saudi Central Bank, known as SAMA, confirmed that it withdrew from the platform last year after completing its proof of concept in May 2025.

“As planned, SAMA successfully completed its mBridge [proof of concept] on 13 May 2025. Following the completion of the PoC, SAMA is no longer a participating member of mBridge,” the central bank said.

The platform uses blockchain technology to allow central banks to conduct cross-border transactions using their own digital currencies, potentially reducing transaction costs, settlement times and the role of the dollar as an intermediary currency.

The Bank for International Settlements withdrew from mBridge in October 2024. Other participating central banks include the People’s Bank of China, the Bank of Thailand, the Central Bank of the UAE and the Hong Kong Monetary Authority.