Saudi Arabia Exits China Led Cross Border Digital Currency Project mBridge

According to Donya e Eqtesad, citing the Financial Times, in a report published on September 20, 2026, Saudi Arabia has withdrawn from mBridge, the China led multilateral central bank digital currency project designed to create a dollar alternative for cross border payments. Saudi Arabia's central bank confirmed to the Financial Times in an official statement that the kingdom exited the project last year, a departure that had not previously been made public.

Saudi Arabia joined the project in 2024 alongside China, Hong Kong, Thailand, the United Arab Emirates and the Bank for International Settlements, but has described its participation as limited to research on national digital currencies from the outset. The development comes as US President Donald Trump has threatened BRICS member states with 100 percent tariffs if they pursue alternatives to the dollar.