Fitch Ratings affirmed the Bank of England’s (BoE) long-term issuer default rating (IDR) and senior unsecured notes at AAA and the senior unsecured short-term rating at F1+. The credit ratings agency (CRA) also affirmed the senior unsecured notes issued under BoE’s debt issuance programme at AAA. The outlook on the long-term rating, which was originally revised down from stable in March 2012, has been maintained at negative.
Fitch said that the BoE’s ratings reflect its central role in the UK and international financial system. They remain underpinned by support from the AAA-rated UK sovereign. The near certainty of sovereign support for the BoE derives primarily from its national strategic importance, as well as its ownership by the UK Treasury.
On 28 September, Fitch affirmed the UK’s sovereign ratings at AAA and maintained the outlook at
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.
Kicking off day two of the Singapore Fintech Festival, Deloitte Chairman David Cruikshank said that fintech is significant for three reasons. First, customer expectations of services are higher than ever. Second, barriers to entry are lower than before. And finally, financial institutions (FIs) face a threat of what a competitor might do.