China UnionPay, a state-owned payments processing- firm based in Shanghai, has emerged as a potential buyer for Galway-founded financial services firm Fintrax.

Galway-based specialist financial services company Fintrax is reportedly set to be sold just three years after being bought for up to €170m.

A Galway entrepreneur is €119m richer after selling the company he founded 27 years ago.

A Galway-based financial payments company has been bought for €170m by Exponent Private Equity following six months of negotiations.