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\n 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.
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\n The central bank said its exit was \u201cas planned,\u201d 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.
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\n mBridge was developed by the Bank for International Settlements (BIS) Innovation Hub alongside the central banks of China, Hong Kong, Thailand and the UAE.
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\n 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.
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\n Africa is moving deeper into China’s yuan payment network
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\n While Saudi Arabia has stepped away from mBridge, China’s broader push to build alternative payment infrastructure is gaining ground in Africa.
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\n 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.
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\n 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.
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\n 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.
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\n 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.
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\n Standard Bank said China remains Africa’s largest export market and that CIPS is making it easier to clear transactions between the two markets.
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\n Saudi exit does not mean mBridge is losing momentum
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\n Saudi Arabia’s departure has not ended the project.
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