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Reuters — Business — Startups — Finance — Silicon Valley Bank — Banking

Chinese start-ups scramble for alternatives to SVB

Chinese start-ups, entrepreneurs and venture funds are scrambling for alternatives to Silicon Valley Bank after its sudden collapse. Banks such as CMB and ICBC are trying to fill the gap.

1 min read
  • Stunned by the sudden collapse of Silicon Valley Bank, Chinese start-ups, entrepreneurs and venture funds are scrambling for alternatives.
  • Some of them are turning to bigger U.S. banks, while a few Chinese lenders are also rushing to fill the gap.
  • SVB was the dominant foreign bank of choice for young companies in China.
  • Banks such as CMB and ICBC have offered account services similar to those of SVB, but found it hard to crack SVB's dominance.
  • CB International Bank said it has been contacted by many start-ups and U.S. dollar funds seeking to open accounts quickly.
Chinese start-ups scramble for alternatives to SVB
Stunned by the sudden collapse of Silicon Valley Bank, the main go-to foreign bank for the majority of Chinese start-ups, entrepreneurs and venture funds are scrambling for alternatives despite U.S. regulators averting a banking crisis by guaranteeing all deposits of the troubled bank.
Reuters

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