From Shanghai to Mumbai, Tech Chiefs Race to Contain SVB Fallout
- Asian startups, investors rush to assess impact from collapse
- Some managed to withdraw deposits in time, others left waiting
Asia’s tech leaders, half a world away from the chaos that’s engulfed Silicon Valley, are scrambling to assess the potential ramifications for an industry that’s always relied heavily on US capital and connections to supercharge growth.
Financiers and entrepreneurs packed the Shangri-La’s ballrooms during a global Wharton alumni gathering in Singapore, huddling in groups and tables over gourmet buffet meals with the latest news on Silicon Valley Bank’s spectacular implosion on Friday a main topic of conversation. In Mumbai, startup founders and investors at a conference talked about nothing else, exchanging rumors about which fledgling company might be the first to fall. In Shanghai, SVB’s local partner and joint venture issued memos within hours of each other, seeking to calm worries about their stability.