SAMA joins Project mBridge as MVP platform participant

Logo of The Saudi Central Bank (SAMA)

The Saudi Central Bank (SAMA) announced joining the Bank for International Settlements’ (BIS) mBridge cross-border central bank digital currency (CBDC) project, joining as a “full participant” in the minimum viable product (MVP) stage, the earliest production phase.

The move came as part of SAMA's pursuit to build a robust and innovative cross-border payments infrastructure, in collaboration with various international financial institutions and central banks, according to a statement today, June 5.

SAMA is studying the potential of wholesale CBDC, through the analysis of policy-related issues, to evaluate the feasibility of using the platform, being the first of its kind to reach the MVP phase of development. This is to boost the effectiveness of cross-border payment and settlement between commercial banks, the statement added.

In October 2020, the G20 nations, in Saudi Arabia’s presidency, agreed on a roadmap to enhance global cross-border payments, aiming to facilitate cheaper, faster, more inclusive and more transparent payment transactions. The roadmap called for evaluating the proposed digital currencies of several central banks, while examining their potential in settling cross-border payments.