Saudi Arabia Digital Riyal

According to the Saudi Central Bank (SAMA), Saudi Arabia joined Project mBridge as a full participant in May 2024 during the Minimum Viable Product (MVP) stage. The mBridge platform is the first multi-wholesale CBDC platform to reach MVP, enabling real-value cross-border transactions subject to jurisdictional preparedness. SAMA's participation aligns with Saudi Vision 2030, the Kingdom's strategic framework for economic diversification and financial sector modernization. The Digital Riyal initiative builds on SAMA's earlier wholesale CBDC research through Project Aber (2019-2020), a joint pilot with the Central Bank of the UAE that tested cross-border settlement feasibility using distributed ledger technology. SAMA has adopted a wholesale-first strategy focused on interbank and cross-border settlements, emphasizing a 'no rush' policy that prioritizes thorough testing and regulatory alignment over speed to market. The mBridge platform uses a custom-built blockchain (mBridge Ledger) compatible with Ethereum Virtual Machine, enabling instant peer-to-peer cross-border payments using wholesale CBDCs with smart contract functionality. In October 2024, the BIS handed over project management to participating central banks, marking a shift toward independent operation. SAMA's two-track digital finance strategy includes: (1) Project mBridge for wholesale cross-border settlement, and (2) domestic initiatives including collaboration with the Capital Market Authority on regulated stablecoins for commercial use cases such as real estate settlements and corporate treasury management.

Updated: Mar 3, 2026