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China National Silk Museum opens “Lyon in the 18th Century” exhibition in Hangzhou
HANGZHOU, China, June 16, 2024 /PRNewswire/ — On June 7, 2024, Dr. Ji Xiaofen, Director of the China National Silk Museum, and Ms. Léa Herlet, representative of the Musées Gadagne (Musée d’Histoire de Lyon), France together with other guests co-launched a new exhibition — “Lyon in the 18th century: the Prosperity of the Silk Capital in the Age of Enlightenment” — running from June 7 to September 6, 2024, in Hangzhou, jointly curated by the China National Silk Museum and the Musées Gadagne (Musée d’Histoire de Lyon), France.
The exhibition is divided into two sections: “Lyon city in the 18th century” and “the Great Lyonnais Silk”, presenting 36 sets/pieces of architectural models, silk fabrics, clothing, portraits and ceramics. The exhibition illustrates France’s socio-economic thoughts and fashion advancements. It also highlights cultural exchanges between China and the West, featuring Chinese elements in Western painting and clothing.
Through this exhibition, the Chinese audience can gain a deeper understanding of the love that the Hungarian aristocracy of the 16th and 17th centuries had for silk, jewelry and a decadent lifestyle. Although silk originates from China, the beauty and exquisite craftsmanship of silk can be widely seen along the Silk Road and thus appreciated and shared by Eastern and Western cultures alike.
The cultural exchanges between China and France have a long history. As early as the end of the 17th century, Emperor Kangxi of the Qing Dynasty and King Louis XIV of France began exchanging books and gifts. During the Kangxi and Qianlong periods, French missionaries introduced China to France through letters and other means, sparking a “China fever” in French society. The French society, from the courts to the public, was fascinated by Chinese culture, and the influence of Chinese culture in France was incomparable to that of other European countries. It is against this background that the exchange of Chinese and French silk culture has been developing for centuries.
During the opening ceremony, the China National Silk Museum also held the press conference for the 2024 Silk Road Week which is going to be launched on June 19 with the theme of “The Silk Roads: Roads Connect, Civilizations Blossom”. This year the guest country will be France, so as well as the silk exhibition, China National Silk Museum will also bring a silk culture and costume exhibition to France in October. After the opening ceremony, Ms. Zhu Yao, dressed like a lady of the 18th century, gave a guided tour of the exhibition to the attending media.
View original content:https://www.prnewswire.co.uk/news-releases/china-national-silk-museum-opens-lyon-in-the-18th-century-exhibition-in-hangzhou-302173673.html
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Jumio Study: Deepfakes, Fraud Fears Drive Demand for Stronger Bank Security
A recent study by Jumio, an AI-driven identity verification and compliance solutions provider, has revealed that 78% of consumers in Singapore are prepared to switch banks due to insufficient fraud protection.
The Jumio 2024 Online Identity Study highlights the increasing concern among consumers about their banks’ ability to protect them from fraud. The study found that 75% of consumers globally, and 78% in Singapore, would consider changing their banking provider if fraud protection was inadequate.
Surveying over 8,000 adults across the United Kingdom, United States, Singapore, and Mexico, the study reveals that 75% of consumers hold their banks ultimately responsible for safeguarding against cybercrime and fraud.
The rising sophistication of fraud tactics, such as deepfakes and voice cloning, has intensified these concerns. Deepfake technology, in particular, is being used more frequently to deceive consumers into divulging sensitive information, significantly contributing to their anxiety.
In Singapore, 78% of respondents are especially concerned about their bank’s efforts to combat deepfake-powered fraud, compared to the global average of 67%. Additionally, 74% of Singaporeans call for stronger cybersecurity measures, surpassing the global average of 69%.
The expectation for financial institutions to provide robust fraud protection is increasing, with three-quarters of consumers expecting a full refund if they become victims of cybercrime.
Source: fintechnews.sg
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Global fintech revenue rose 14% in last two years: Report
In 2023, the average valuation multiples of fintechs have dropped to 4x, a significant decline from 20x in 2021. Similarly, equity funding has fallen to $42 billion in 2023 from $144 billion in 2021.
Despite this downturn in funding and valuations, fintech firms’ global revenues grew at a compound annual growth rate of 14% between 2021 and 2023, according to a report by Boston Consulting Group (BCG) and QED Investors. This trend is attributed to key fintech players achieving profitability and scaling rapidly.
The report, based on insights from interviews with over 60 global fintech CEOs and investors, outlines the main forces shaping the industry and identifies trends that will drive future innovation.
“Profitability and compliance are now the cornerstones of fintech success,” says Deepak Goyal, BCG managing director and senior partner. “They are crucial for attracting continued investment, scaling operations, and building lasting, valuable companies.”
The industry has shifted from a ‘growth at all costs’ model to one focused on profitable growth, with average margins improving by 9 percentage points, the report states.
Looking forward, the report highlights that the industry is entering a prolonged period of higher interest rates, which will continue to raise funding costs. Consequently, the era of ‘growth at all costs’ fueled by cheap capital is coming to an end. The emergence of new regulations by various global regulators will also be closely monitored.
The report also notes that digital public infrastructure has accelerated the adoption of real-time payments in countries like India and Brazil. In India, the Unified Payments Interface (UPI) drives digital payment infrastructure, while in Brazil, it is Pix.
“While the success of India’s and Brazil’s digital public infrastructures is clear, it is not certain that other countries, including developed markets, will be able to replicate it,” the report states. “Much depends on the current market context and the maturity of various layers.”
Source: financialexpress.com
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Frost Bank in Texas taps Finzly for instant payments
Frost Bank has partnered with banking and payments fintech Finzly to enhance its instant payment capabilities for both business and retail customers.
Based in Texas, Frost Bank, a subsidiary of Cullen/Frost Bankers Inc., will utilize Finzly’s single instant payments platform to access FedNow, a real-time gross settlement (RTGS) service launched by the US Federal Reserve last July, and the real-time payments (RTP) system operated by The Clearing House (TCH).
This platform will allow Frost Bank to unify all payment types, systems, and processes into one single payments API. According to Finzly, this integration will reduce “the complexity of managing and distributing payments in real-time,” enhance “operational efficiencies,” and help Frost Bank meet compliance and fraud monitoring requirements.
The decision to partner with Finzly was driven by Frost Bank’s “urgent need” to “adapt and evolve in a 24/7/365 business environment,” as stated by both companies. This partnership marks the beginning of Frost Bank’s “enterprise modernization strategy.”
Frost Bank senior vice president Aaron Wiatrek anticipates that the partnership will “provide our customers with more options beyond traditional payment methods,” allowing for money transfers “at the speed they need, when they need it.”
Founded in the back of a small mercantile store in San Antonio in 1868, Frost Bank currently offers a variety of business and retail banking services, as well as insurance and investment products. With $49.5 billion in assets (as of March 31, 2024), it ranks among the 60 largest banks in the US.
Source: fintechfutures.com
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