It’s been a solid few weeks for Hong-Kong based fintech company Fintech Chain (ASX: FTC).

After languishing around five cents, the share price rallied when the company announced it had signed commercial partnerships with a number of Chinese banks.

And having advised the ASX late-yesterday that no, it’s not running out of cash, FTC shares are up another 12 per cent in morning trade to 18.5 cents.

Timing of receipts

Fintech Chain announced three new deals in April, but before that it had negative operating cashflow in March.

The banking arrangements were struck in connection with the company’s T-Linx point-of-sale (POS) system, which is linked to customer bank accounts and can also integrate with cryptocurrency.

Fintech Chain also offers clearing and settlement software dubbed Financial Electronic Authentication (FEA), which can handle digital currency payments as well as fiat currency.

4.971 million renminbi in operating cash outflows to start the year saw the company’s cash pile dwindle to just 2.289m renminbi at the end of March.

But FTC says the cash is coming — 4.2m renminbi worth of trade receivables to be precise, expected to be received in the June quarter.

The company is also forecasting 7m renminbi in cash receipts for the quarter as a result of its banking agreements, which will offset 6m in cash outflows.

In addition, “no further one-off costs will be incurred under the company’s blockchain technology development program, as it is complete,” FTC said.

During the March quarter, the largest cash outflows were attributed to staff expenses of 4.05 renminbi.

In other ASX tech news today

Blockchain and crypto advisory company DigitalX Limited (ASX: DCC) advised this morning that its share purchase plan has closed “significantly oversubscribed”, raising $2.6m. DCC said it also has “firm commitments” for a top-up placement which will bring in an additional $1.29m.

The funds will be allocated to working capital and the “evaluation of investment opportunities”. While unchanged in morning trade, shares in DCC have risen from six cents to nine cents over the past week following a share rise on crypto markets.