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A Chinese tech conglomerate has become a substantial holder in one of Australia’s most famous fintechs.

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A payments fintech has closed a $252 million raise, with plans to put the funds to work in accelerating worldwide growth, expanding its product offerings, and exploring acquisitions.

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Digital wallet transactions have hit record numbers amid the coronavirus outbreak as users move away from cash transactions, according to new data.

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Xinja has slammed the New Payments Platform (NPP), saying the infrastructure primarily owned by the major banks has provided further obstacles for new banking entrants, including exorbitant costs and a cumbersome connection process.

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Australian electronic payments provider Eftpos has revealed that it will push into the local digital identity market with age verification technology.

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