Fallout from SVB collapse spreads around world from London to Singapore

Founders are warning that the bank's failure could wipe out startups around the world without government intervention

The fallout from the collapse of Silicon Valley Bank is beginning to spread around the world. 
 

Startup founders in California’s Bay Area are panicking about access to money and paying employees. Fears of contagion have reached Canada, India and China. In the UK, SVB’s unit is set to be declared insolvent, has already ceased trading and is no longer taking new customers. On Saturday, the leaders of roughly 180 tech companies sent a letter calling on UK Chancellor Jeremy Hunt to intervene.

“The loss of deposits has the potential to cripple the sector and set the ecosystem back 20 years,”