Some Asian technology firms have disclosed cash deposits at troubled US lender Silicon Valley Bank, known for its deep ties with the sector, with most emphasizing the amounts were immaterial to their operations.
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.
President Joe Biden on Monday reassured Americans that their banking system is secure in the wake of the collapse of SVB and said he wants tougher regulations to prevent future crises.
US President Joe Biden has discussed the Silicon Valley Bank (SVB) failure and response measures with California Governor Gavin Newsom, the White House informs.