Saudi Arabia confirms it is no longer a part of China-led mBridge digital currency platform

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Saudi Arabia confirms it is no longer a part of China-led mBridge digital currency platform - Business Standard

About mBridge:

The project aimed to explore a multi-central bank digital currency (CBDC) platform shared among participating central banks and commercial banks, built on distributed ledger technology (DLT) to enable instant cross-border payments and settlement.
It was started in 2021. 
Participiating Institutions: 
BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People's Bank of China and the Hong Kong Monetary Authority. The Saudi Central Bank joined in 2024.
Project aims to address following shortfalls:
The project aimed to tackle some of the key inefficiencies in cross-border payments, including high costs, low speed and operational complexities. It also addressed financial inclusion concerns, particularly in jurisdictions where correspondent banking (which connects countries to the global financial system) has been in retreat, causing additional costs and delays.
Underlying Technology:
A platform based on a new blockchain – the mBridge Ledger – was built to support real-time, peer-to-peer, cross-border payments and foreign exchange transactions.
About mBridge - Bank of International Settlement

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