IT was not so long ago that the tech ecosystem was driving up the costs of rentals and manpower. But the sector is now showing signs of slowing, with multiple companies announcing hiring freezes and layoffs.

In the United States, big names like Meta have paused their hiring for certain functions, while crypto players like Coinbase have slashed their headcounts.

Closer to home, Singapore-headquartered Crypto.com has cut 260 jobs, and Sea’s e-commerce arm Shopee is letting go of staff in its ShopeePay and ShopeeFood verticals.