Journalism Tech

Asian Startups’ Confidence in U.S. Banking Wanes After SVB Panic

That was the headline on a story I wrote last week with my colleagues Raffaele Huang and Clarence Leong.

It began:

SINGAPORE—The failure of Silicon Valley Bank reverberated through startups and venture-capital firms from China to Singapore and India during a roller coaster few days that shook confidence in Asia over reliance on U.S. tech financing.

After frantic efforts trying to secure their money, some startup executives said the incident served as a warning despite U.S. authorities stepping in Sunday to shore up the bank’s customers.

“The SVB problem is an episode that reminds us to review our reliance on investment from the U.S.,” said Wang Guanyan, an executive of a Guangzhou, China-based startup that develops virtual-reality games.

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