Saudi Arabia: Announced Saudi Central Bank Participation in mBridge Project for CBDCs

On 5 June 2024, the Saudi Central Bank (SAMA), in collaboration with the Bank for International Settlements and other central banks, announced its participation in the mBridge project. This initiative aims to test the Minimum Viable Product (MVP) for central bank digital currencies (CBDCs) specifically designed for financial institutions. The project aligns with the G20's roadmap, endorsed under Saudi Arabia's presidency in October 2020, to improve global cross-border payments by making them quicker, cheaper, more transparent, and inclusive.