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SVB Crisis Impact on Singaporean Startups Limited, Says Central Bank

The Singaporean Central Bank has stated that the recent crisis faced by Silicon Valley Bank (SVB) would have a limited impact on Singaporean startups, as most of the bank’s customers are US-based.

What is SVB and the Crisis?

Silicon Valley Bank (SVB) is a commercial bank that primarily serves the technology and startup sector. In February 2022, the bank announced that it had discovered fraudulent activity related to one of its clients, causing it to suffer a significant loss. As a result, the bank has had to revise its financial statements, leading to a drop in its stock price.

Limited Impact on Singaporean Startups.

The Monetary Authority of Singapore (MAS) has stated that the impact of SVB’s crisis on Singaporean startups is limited. MAS noted that most of the bank’s customers are US-based and that Singaporean startups represent a relatively small percentage of the bank’s overall customer base. Therefore, any potential impact on Singaporean startups is likely to be minimal.

SVB’s Commitment to Singapore.

Despite the limited impact on Singaporean startups, SVB has remained committed to the country’s startup ecosystem. The bank has a significant presence in Singapore, with a team of over 50 professionals serving the country’s startup sector. The bank has also announced plans to expand its services in Singapore, such as its recent partnership with DBS Bank to provide cross-border banking solutions for startups.


While SVB’s crisis has caused concern among its customers and investors, the impact on Singaporean startups is likely to be limited. However, SVB’s commitment to Singapore’s startup ecosystem remains strong, and the bank’s continued presence and expansion plans in the country bode well for the sector’s growth.

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