New players rush to fill vacuum created by Silicon Valley Bank's collapse in Asia

New players rush to fill vacuum created by Silicon Valley Bank's collapse in Asia

FILE PHOTO: Destroyed SVB (Silicon Valley Bank) logo is seen in this illustration taken March 13, 2023. REUTERS/Dado Ruvic/Illustration

Some two weeks after the US Federal Deposit Insurance Corp (FDIC) rushed to protect Silicon Valley Bank’s deposits in March, Asian fund managers across Singapore, Hong Kong, and China began recovering access back to their accounts. Once they did, they immediately began shifting their banking allegiances. 

Edited by: Joymitra Rai