The government last week ordered blocking of 232 apps operated by overseas entities, including Chinese, for being involved in betting, gambling and unauthorised loan services.
Fintech in India has seen significant growth in recent years, driven by a combination of factors including a large and young population, a growing economy, and increasing access to technology.
The licenses were granted to the companies after successful testing of their solutions in SAMA's Regulatory Sandbox; an experimental environment dedicated to innovative financial products and services in Saudi Arabia.