SVB fallout could hit harder on Southeast Asia: TechNode founder

The Silicon Valley Bank (SVB) collapse could have a greater impact on startups in Southeast Asia, said the founder of a China-based startup that also serves pan-Asia innovators and entrepreneurs. 

In an interview with CGTN during his trip to Indonesia, Lu Gang, founder of TechNode, said that venture capitals and startups based in Jakarta are worried about the impact from the SVB failure on top of the fact that the total amount of fundraising in the country dropped by 90 percent in 2022 compared to the year before.

Lu also said that the "impact might be limited" on China's startups as the rise of RMB-based capital funds and the booming domestic market in recent years have drawn them back to the domestic market.

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