A group of global finance leaders is calling on regulators, start-ups and industry incumbents to embark on landmark collaborations that they say will reduce the chances of the financial technology boom imploding, the Financial Times reports. The group, convened by the organisers of the World Economic Forum, argues in a position paper that there is an "urgent need" to do more to ensure the rapid growth of the fintech sector does not become a risk to "systemic stability". Launching fintech products without adequate safeguards increases the likelihood that traditional finance companies will take excessive chances as they race to keep up with newcomers, the paper says. A sprawling US corruption investigation into international soccer is increasingly focusing on the role multinational sponsors, broadcasters and banks may have played in facilitating alleged soccer corruption, "people familiar with the investigation" told the Wall Street Journal. The list of companies conducting investigations includes Nike Inc, KPMG, Citibank, HSBC Holdings, Standard Chartered PLC, Credit Suisse, UBS Group, JP Morgan Chase & Co and Julius Baer Group. Portuguese Bank Banco BPI SA will become the third lender to be snapped up in recent months if a bid by CaixaBank SA is successful. However, the local business elite are not happy that it's a Spanish bank doing the buying, the Wall Street Journal reports. Spanish banks are interested in buying Portuguese lenders because they are relatively cheap, close geographically and similar demographically. In December, Spain's Banco Santander SA bought small failed lender Banco Internacional do Funchal SA for €150 million. Portugal had bailed out Banif, as the bank is known, and Santander bought only its good assets.