Cleversoft buys FS Assist as RegTech consolidation accelerates
Cleversoft is buying UK regulatory reporting specialist FS Assist and its 350 insurer clients, a RegTech consolidation bet on mandatory filings over AI.
Rick Steves
Senior Reporter, Regulation and Fintech
Rick Steves has seen business and economics through many lenses. He joined the financial services industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Steves' work has appeared in a variety of online publications including FX Street, NewsBTC, FinanceFeeds, and The Industry Spread. Rick has great interest in the dynamics of the trading industry. The never-ending clash between technology, economics, regulation, and more importantly, the people.
August 2026
FCA drops FX derivatives from UK transaction reporting by 2028
FCA Policy Statement PS26/15 removes FX derivatives from UK MiFIR transaction reporting and cuts fields from 65 to 52, effective 3 April 2028.
Venmo becomes a default payment method at merchants via Knot
Knot has extended its card-on-file rails to a native wallet, letting Venmo users set Venmo as their default payment method at the merchants they already use.
Yuno raises $45m Series B as orchestration adds stablecoin rails
Yuno's $45m Series B, led by Global PayTech Ventures, pushes payment orchestration into stablecoin settlement, payouts and KYB — and into rivals' turf.
CFTC’s conflicts proposal targets exchange-owned FCMs
The CFTC's Conflicts and Affiliations proposal (RIN 3038-AF76) sets conditions on exchanges that own FCMs or proprietary traders. Comments close October 5.
Bank of America takes 26.5% of Jio Credit, 49.9% on warrants
Bank of America's ₹18,268 crore Jio Credit deal buys just 26.5% now. The rest is an 18-month warrant struck at the same ₹1,540.40 price, and it can lapse.
Prop firm regulation: where the perimeter actually bites
Most prop firms sit outside financial regulation: traders are not clients, fees are not client money, accounts are simulated. Where the perimeter still bites.
QRIS-China QR link is two-way, but runs 205-to-1 inbound
Indonesia's QRIS cross-border link with China settles both ways, but Bank Indonesia sandbox data shows 205 inbound payments for every outbound one.
ESMA’s cross-border review names BaFin and CySEC, not brokers
ESMA's July 20 follow-up peer review graded six national supervisors of cross-border investment firms.
Amex Ventures backs Fazeshift’s AI accounts receivable agents
Amex Ventures has taken an undisclosed stake in Fazeshift, the AI accounts receivable startup - a strategic bet on who controls the B2B invoice layer.
India’s offshore broker ban runs through FEMA, not SEBI
India's ban on offshore retail brokers runs through FEMA and the RBI, not SEBI. What is lawful, what GIFT City permits, and what enforcement really costs.
Moss hits €1bn unicorn mark on undisclosed Portage Series C
Moss reached a €1 billion valuation on a Portage-led Series C it never sized. Why the cheque, not the unicorn tag, is the signal for European spend management.
Brazil’s 24-hour crypto hold starts at the deposit, not the exit
Brazil's Resolution BCB 584 clocks its 24-hour crypto hold from the deposit, not the withdrawal. The US$10,000 trigger, Article 6-A and five regimes compared.
MultiChoice spin-out Moment raises $22m for Africa payments
Moment, the MultiChoice payments spin-out, has closed a $22m Series A led by AlphaCode Venture Partners, with Canal+ backing the rails billing its own DStv base.
Maximum raises $30m seed to rebuild core banking with AI
Maximum raised a $30m seed led by CRV to build an AI-native bank core the same week 10x Banking took £40m in debt and equity after turning profitable.
Decade raises record $85m seed for AI wealth advice in Brazil
Decade's $85m seed, led by Greenoaks, is Latin America's largest. It lands as Brazil's Selic falls to 14%, resetting the economics of retail wealth advice.
Kraken parent buys Magic’s embedded wallet arm behind 60m wallets
Payward, Kraken's parent, buys Magic Labs' embedded wallet arm behind 60m wallets and 200,000 developers to sell wallets-as-a-service B2B. Terms undisclosed.
How EU, UK and Singapore converged on frontier-AI ICT risk
MAS and the three ESAs both routed frontier-AI risk into existing operational-resilience supervision within three days. That raises exposure, not lowers it.
Mastercard closes $1.8bn BVNK deal for $30bn stablecoin rail
Mastercard has closed its $1.8bn BVNK acquisition, buying a $30bn annualised stablecoin rail outright - more than four times Visa's organic run rate.
Also filing this week: Karthik Subramanian and Abdelaziz Fathi.