Saudi Arabia has ended its participation in mBridge, a China-led multi-central-bank digital currency initiative designed to improve cross-border payments through distributed ledger technology. The Saudi Central Bank joined the project in 2024 and said it completed its proof of concept on May 13, 2025, after which it was no longer a participating member. Launched in 2021 by the BIS Innovation Hub and partners in China, Thailand, the United Arab Emirates and Hong Kong, mBridge reached the minimum viable product stage in mid-2024 after testing real-value transactions and developing infrastructure for instant settlement.