Dear Pro member,
The collapse of Silicon Valley Bank (SVB), a major lender to some of the world’s leading tech startups, is the hottest story of the past few days.
While a crisis has been averted for now, thanks to the intervention of the US government, the global startup industry fears its full impact will likely manifest only in the coming weeks. Having said that, the event will unlikely impact Southeast Asian startups as they don’t have much exposure to SVB.
According to some experts, SVB’s failure is a classic case of having too much on the table and getting complacent over past successes. Abhishek Agarwal, Managing Partner Rockstud Capital, says that the asset liabilities mismatch is the worse example for a financial institution.
The startup industry may take some cues from this event, and they cannot afford to be complacent and overconfident about their growth prospects.
We are talking to a few VC experts in the region to learn the possible impacts of the SVB failure. Stay tuned.
Let’s also look at the other top stories of the past 3-4 days.
Have a good day!
Sainul
Editor.
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HSBC acquires Silicon Valley Bank UK, says all depositors’ money is safe
The deal is a massive relief to the UK technology sector, which was highly exposed to the collapse of both SVB and its UK arm; The quick turnaround of the deal will be seen as a signal of the government’s support of tech.
GoTo to shed 600 workers to focus on core operations
It will trim down certain parts of Mitra Tokopedia, its platform for small businesses, as it moves away from non-core businesses to help accelerate growth; It aims to turn profitable on an adjusted EBITDA basis within Q4 2023.
Binance moves US$1B from FTX recovery fund amid SVB collapse
Binance CEO Changpeng Zhao said the move comes amid “the changes in stablecoins and banks.”; He also shared the wallet where the US$1B in Binance USD comes from and specific transaction details.
Indonesia’s insurtech startup Qoala’s losses more than doubled in 2021
The losses ballooned 2.6X to US$10.36M on the back of significantly higher expenses; Qoala focuses on retail insurance, which includes protection for cars, bikes, homes, and health.
VCs see SG as ‘stronger haven’ for startup capital after SVB fallout
Yinglan Tan, the founding managing partner at Insignia Ventures, says collapses will boost acquisition momentum and affect certain companies’ and funds’ buying or investing power.
500 Global-backed Monnai raises US$6.5M, tapping into SEA for growth
The investors include Tiger Global and Better Tomorrow Ventures; Monnai’s platform integrates data from various sources worldwide and offers tools to help clients solve fraud and regulatory challenges.
Vietnam e-pharmacy Medigo raises US$2M Series A
The investors are East Ventures, Pavilion Capital, and Touchstone Partners. Medigo helps users order medicine from trusted pharmacies close to them.
Indonesian lending firm Pintek shifts focus from students to businesses
Tommy Yuwono, Pintek co-founder and president director, said the startup has worked with distributors and suppliers and “will be focusing on expanding this line of business,” moving beyond the education sector.
AI-powered Betterhalf aims to make online matchmaking easy for urban Indians
Betterhalf has integrated online matchmaking services assisted with human matchmaking, background verification, astrology, and horoscope matching.
We can always earn money, but we can never bring back our youth: Justin Chin of e27
The Head of Business Development at e27 shares the importance of embracing life to its fullest and aiming to go out to experience the world.
Why Liminal sees compliance as the way to go for the crypto industry
Liminal aims to build an efficient and compliant wallet operating system where users can securely use various digital assets and blockchains.
‘There’s a lack of urgency among companies in achieving net zero targets’
Unravel Carbon’s Grace Sai also said the increased connectivity within the ecosystem from f2f engagement can create significant economic value during tough times.
How an accident kickstarted my entrepreneurial journey (quite literally)
Discover how an accident led to the start of my entrepreneurial journey and the lessons learned along the way.
Navigating challenges and opportunities in the Malaysian robotics industry
Explore Malaysia’s growing robotics industry and learn how experts overcome obstacles to drive innovation.
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The post Ecosystem Roundup: GoTo to shed 600 staff; HSBC acquires Silicon Valley Bank UK; Monnai, Medigo raise investments appeared first on e27.