Saudi Arabia has left the China-linked mBridge digital currency project after completing its planned trial.
The move comes as African banks expand their use of China’s yuan payment infrastructure.
Saudi Arabia’s central bank, known as SAMA, confirmed its departure from mBridge to the Financial Times.
SAMA said the exit took place “as planned” after it completed a proof of concept in May 2025.
Meanwhile, Africa’s financial links with China’s renminbi payment system continue to grow.
Saudi Arabia completes mBridge trial
Saudi Arabia initially joined mBridge as an observer in 2023.
It later took part in developing and testing the platform.
However, its participation ended after the proof of concept was completed.
The Financial Times first reported the Saudi withdrawal on September 20.
A person familiar with the decision told the FT that it would be “inaccurate to draw any wider inference” from the move.
Therefore, the withdrawal does not necessarily signal a wider shift in Saudi Arabia’s financial relationship with China.
What is mBridge?
mBridge allows participating central banks to test cross-border payments using central bank digital currencies.
The project was developed by the Bank for International Settlements Innovation Hub with central banks and monetary authorities from China, Hong Kong, Thailand and the United Arab Emirates.
The system aims to make international payments faster and cheaper.
It can also reduce the need for intermediary currencies in some cross-border transactions.
The BIS left the project in 2024 and handed it over to participating central banks.
However, mBridge continued operating after its departure.
Africa expands yuan payment links
Saudi Arabia’s exit comes as African banks increase their access to China’s yuan payment infrastructure.
Standard Bank has expanded its role in China’s Cross-Border Interbank Payment System, known as CIPS.
CIPS allows financial institutions to settle renminbi transactions across borders.
Standard Bank said it had processed more than 8 billion yuan, or about $1.2 billion, through CIPS by July.
The bank has offered access to clients in South Africa, Angola, Ghana, Kenya, Lesotho and Tanzania.
It has also announced plans to expand the service to more African markets.
Standard Bank expands China-Africa payments
Standard Bank has also strengthened its renminbi clearing operations.
The South African lender is working with China’s Industrial and Commercial Bank of China, or ICBC.
The partnership supports renminbi transactions linked to trade between Africa and China.
Standard Bank says the system can make payments between African and Chinese businesses easier to process.
China remains one of Africa’s most important trading partners.
As a result, demand for payment options that allow businesses to settle transactions directly in renminbi has increased.
Saudi exit differs from Africa’s yuan expansion
Saudi Arabia’s mBridge participation and Africa’s growing use of CIPS are separate developments.
mBridge focuses on cross-border payments using central bank digital currencies.
CIPS, meanwhile, is an existing payment and clearing network for renminbi transactions.
Therefore, Saudi Arabia’s departure from mBridge does not mean African banks are stepping away from China’s financial infrastructure.
Instead, several African markets are expanding their access to yuan-based payment services as trade links with China continue to grow.