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PRESS RELEASE

Year 2005 / Tuesday February 22, 11:26 am ET

Xinhua Finance Introduces FreeStar Technology to China Market With Emphasis on EMV and Pre Paid Debit Cards

HONG KONG--(BUSINESS WIRE)--Feb. 22, 2005--Xinhua Finance (TSE Mothers: 9399), China's premier financial services and media company, today said it is working with FreeStar Technology Corporation to market FreeStar's (OTCBB: FSRT - News) Prepaid Debit Card technology in the China market.

FreeStar Technology and its Finland based subsidiary Rahaxi Processing Oy, and its Asian partner SDS PaySafe, provide Smart card technology capable of processing all major credit and debit cards, technology which is still in the early stages of implementation by China banks.

Xinhua Finance has introduced FreeStar Technology to key banks and organizations, including China Union Pay, which coordinates all credit card settlements in China, and the Bank of China.

SDS PaySafe's Managing Director Alan Doe said China Union Pay particularly expressed interest in FreeStar Technology's EMV data switching facilities in Helsinki, allowing for efficient credit card payment settlements.

FreeStar Technology is looking to establish a joint venture with a major China bank to distribute pre-paid debit cards as a payment mechanism for the country's millions of itinerant workers.

"The Prepaid Debit Card system consists of two cards that are linked together with a Personal Identification Number (PIN)," said Mr. Doe. "The Prepaid Debit Card's account is loaded with the worker's salary and is then immediately accessible via an ATM either by the worker or his family who have the second card, no matter where they are in the country."

The FreeStar Technology range of products also includes a stored value pre-paid debit card which can be used by major retail chains as the basis of customer loyalty programs whereby customers are rewarded for making purchases with credited points that can be used to make more purchases.

Xinhua Finance CEO Fredy Bush said FreeStar Technology's products are very relevant for Xinhua Finance's Chinese banking customer base.

"FreeStar Technology has international-standard products which China lacks, and we are delighted that Xinhua Finance can help to introduce these products to the China market," Ms. Bush said.

China's credit and debit card market has expanded dramatically in recent years as the country races to adopt and integrate global standards and technologies.

"Xinhua Finance always aims to be a bridge between China's financial markets and the world, and we are proud to work with an industry leader such as FreeStar Technology," Ms. Bush said.

Xinhua Finance is a high growth company founded in 1999 and listed on the Tokyo Stock Exchange in October 2004. The company's unique mix of products and services, include credit ratings, stock indices, financial news and investor relations services.

ABOUT Xinhua Finance Limited

Xinhua Finance Limited is China's premier financial services and media company, listed on the Mothers Board of the Tokyo Stock Exchange (symbol TSE:9399). The Company provides financial news and information, as well as a broad array of financial products and services unique to the China markets.

Xinhua Finance provides real time coverage of Chinese and Asian equity markets, delivering an integrated platform of China-specific indices, financial news feeds, credit ratings, and investor relations services to global financial institutions and re-distributors via leased line, Internet, and satellite technology. Founded in 1999, the Company is headquartered in Hong Kong and has 21 offices and 19 news bureaus across Asia, Australia, North America, and Europe. For more information, see http://www.xinhuafinance.com.

ABOUT FREESTAR TECHNOLOGY CORPORATION

FreeStar Technology is a payment processing and technology company operating a robust Northern European BASE24 credit card processing platform based in Helsinki, Finland. FreeStar currently processes approximately 1,000,000 card payments per month for an established client base that comprises companies such as Finnair, Ikea and Stockman. FreeStar is focused on exploiting a first-to-market advantage for its Enhanced Transactional Secure Software (ETSS), which is a software package that empowers consumers to consummate e-commerce transactions with a high level of security using credit, debit, ATM (with PIN) or smart cards. The company, based in Santo Domingo, Dominican Republic, maintains satellites offices in Stockholm, Dublin, Ireland, Helsinki, Finland, and Geneva, Switzerland. For more information, please visit FreeStar Technology's websites at http://www.freestartech.com, http://www.rahaxi.com.

SOURCE: FreeStar Technology Corporation.