Singapore VCs, startups rethink risk, as some are exposed to SVB fallout

CALIFORNIA-BASED Silicon Valley Bank (SVB) collapsed late last week following a bank run sparked by panic over its financial health. Halfway around the world in Singapore, corporate lawyer Joel Shen’s phone began ringing non-stop.

The South-east Asian tech specialist, who was in the midst of an office dinner and dance, fielded calls from anxious clients who had funds parked with the bank.

“South-east Asia is quite far removed from the action, but there are still a number of parties with banking relationships with SVB, so we’re not totally immune,” said Shen, a partner at Withersworldwide.