Gulf powerhouse, Saudi Arabia’s central bank, SAMA, confirmed to the Financial Times that it was no longer a participating member of the mBridge platform after completing its proof of concept on May 13, 2025.
The central bank said its exit was “as planned,” after initially joining mBridge as an observing member in 2023 before participating in the development of the platform’s minimum viable product and its proof of concept. The withdrawal was only publicly disclosed by the Financial Times on September 20, 2026.
mBridge was developed by the Bank for International Settlements (BIS) Innovation Hub alongside the central banks of China, Hong Kong, Thailand and the UAE.
It allows participating institutions to settle cross-border transactions using central bank digital currencies, potentially reducing the time and cost involved in international payments and the role of intermediary currencies such as the US dollar.
Africa is moving deeper into China’s yuan payment network
While Saudi Arabia has stepped away from mBridge, China’s broader push to build alternative payment infrastructure is gaining ground in Africa.
In June, Standard Bank became the first African-based bank authorised by China’s central bank to clear renminbi transactions. It is partnering with China’s ICBC to operate the Renminbi Clearing Bank of Africa, with capacity to clear yuan transactions across 19 African countries.
Standard Bank had already become the first African bank authorised to participate directly in China’s Cross-Border Interbank Payment System (CIPS), which enables banks to settle Africa-China transactions directly in renminbi.
By July, Standard Bank said it had processed more than CNY8 billion ($1.2 billion) through CIPS since receiving approval in 2025. It had expanded access to clients in South Africa, Angola, Ghana, Kenya, Lesotho and Tanzania, with plans to extend the service to more African countries before the end of 2026.
The developments point to a broader expansion of China’s financial infrastructure across African trade corridors, as businesses seek faster settlement and greater use of local or non-dollar currencies in international transactions.
Standard Bank said China remains Africa’s largest export market and that CIPS is making it easier to clear transactions between the two markets.
Saudi exit does not mean mBridge is losing momentum
Saudi Arabia’s departure has not ended the project.
The Financial Times reported that mBridge continues to involve China, Hong Kong, Thailand and the UAE, while Macau joined the platform in 2026.
The BIS itself left the project in October 2024, handing it over to the participating central banks. Former BIS General Manager Agustín Carstens said the institution had “graduated out” of mBridge and that its departure was “not because it was a failure and not because of political considerations.”
The platform has nonetheless attracted scrutiny in Washington because its direct central-bank settlement model could reduce dependence on conventional dollar-based correspondent banking networks.
The Financial Times reported that one person familiar with the Saudi decision said it would be “inaccurate to draw any wider inference” from the withdrawal because Riyadh’s participation had been limited from the beginning. Another source said the kingdom no longer wanted to be publicly involved but continued to engage with related work more discreetly.
That makes the Saudi move different from Africa’s growing yuan-payment links. Riyadh’s mBridge participation was a digital-currency experiment that has now ended, while African banks are expanding access to an existing Chinese payment and clearing system that is already facilitating billions of dollars in trade flows