Overview
- Saudi Arabia’s central bank said it completed its mBridge proof‑of‑concept on 13 May 2025 and stopped participating in the project after that test phase.
- The Bank for International Settlements ended active involvement in October 2024, saying participating central banks could continue development independently.
- mBridge is still maintained by the central banks of China, Hong Kong, Thailand and the UAE and is being organized toward a Hong Kong‑based commercial governance vehicle.
- Reporting shows the platform processed roughly $55.5 billion in transactions by late 2025, but exits by the BIS and Saudi Arabia have raised questions about the project’s political credibility.
- Officials say Saudi participation was exploratory and Riyadh will keep modernizing domestic payments, yet the withdrawal narrows institutional cover and increases scrutiny of sanctions compliance, governance rules and the platform’s future commercial partners.