Saudi Arabia withdraws from China's digital currency payment system

China: China is the world's second-largest economy and a leader in central bank digital currency development through its digital yuan, or e-CNY. The People's Bank of China drives multilateral and bilateral CBDC payment projects to facilitate cross-border settlements. In the context of the news, China leads the mBridge initiative, which Saudi Arabia recently exited following pilot completion. Saudi Arabia: Saudi Arabia is a Middle East kingdom and major global oil exporter that pursues economic diversification under Vision 2030. Its central bank, SAMA, actively researches central bank digital currencies for both domestic and cross-border use. In the context of the news, Saudi Arabia has withdrawn from the mBridge platform after completing its proof-of-concept phase while continuing separate domestic CBDC testing initiatives. Gulf Payment Integration: Saudi Arabia has advanced interoperability of its domestic payment networks with neighboring Gulf countries to strengthen regional financial infrastructure. Digital Currency Research: Saudi Arabia's central bank continues testing wholesale central bank digital currency applications domestically with local banks and fintech firms as of September 2026. Cross-Border Platform Expansion: China has expanded its digital yuan cross-border payment services by onboarding additional financial institutions to dedicated transfer platforms in 2026.