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/payments

Advent to acquire Nuvei in $6.3bn deal

Canadian payments firm Nuvei is set to go private after agreeing an acquisition deal with a private equity firm.

/startups

Rakuten to merge fintech units

Japanese financial services conglomerate has announced plans to consolidate its various fintech divisions into a single unit.

/predictions

Embedded Finance market to be worth $22bn by 2028

The market for embedded finance is forecast to grow by 148% over the next five years, according to a recently published study.

/regulation

US and UK sign agreement to regulate AI models

The governments of the UK and US have signed what they claim is the first international bilateral agreement to regulate the risks of artificial intelligence (AI) models.

/people

Santander hires former Marcus head Swati Bhatia to lead US digital charge

Santander's US arm has hired Swati Bhatia, the former head of Goldman Sachs' Marcus business, to lead its retail operations and lead a digital transformation programme.

/startups

ValidMind raises $8.1m for AI risk management platform

ValidMind, an AI and model risk management platform for financial services, has raised $8.1 million in seed funding.

/people

Sam Bankman-Fried sentenced to 25 years in prison

Sam Bankman-Fried has been sentenced to 25 years in prison for stealing $8 billion from customers of FTX, the bankrupt cryptocurrency exchange he founded.

/wealth

Chase wealth planning tool draws millions of users

JPMorgan Chase says its free Wealth Plan digital money coach has helped customers create more than a million personalised plans in just a year since launch.

/retail

Westpac announces multibillion tech upgrade

Australian bank Westpac is planning to spend billions of dollars over the next four years to simplify its technology infrastructure.

/security

Banks told to expand risk management to cover AI

A report from the US Treasury has called on banks to bolster their risk management frameworks in order to avoid being overwhelmed by AI-powered fraudsters and cybercriminals.

/payments

EU banks worried about 'unrealistic' instant payment deadlines

A third of EU banks do not currently offer an instant payments service and the majority have been discouraged by the January 2025 deadline, according to recently published research.

/sustainable

Paynetics buys 'impact' banking app Novus

Bulgarian embedded finance provider Paynetics is making an ESG play through the acquisition of UK 'impact neobank Novus. Financial terms were not disclosed.