As the news of the Silicon Valley Bank collapse rippled through the start-up sector, many businesses were left feeling uncertain about their future.
Whilst news of HSBC’s buyout has provided some relief for companies in the UK, events continue to unfold in the US, with economies all over the globe feeling the shockwaves.
We asked a panel of experts to comment on what the impact of this historical event could be. Yiannis Maos, CEO of TechWM, commented:
“The sale of SVB UK to HSBC should be seen as a positive but also as a big opportunity for the tech sector. Tech businesses will now have access to the same SVB features that they’ve always valued but now at a bank with a global footprint and connections. This should enable tech businesses with ambitions to ‘go global’ the opportunity to access valuable resources. HSBC also brings with it additional tech capabilities, most notably its £250 million fund to support high-growth tech businesses.
“A slight word of caution should be mentioned in regard to HSBC’s purchase of SVB UK and Barclays winning the government contract to support the tech sector (replacing Tech Nation), there’s now a danger that the big banks have too much control over a sector that needs to be dynamic, innovative and agile.”
The full article was published on the 14th March and can be read at TechRound: https://techround.co.uk/news/expert-predictions-the-impact-of-the-silicon-valley-bank-collapse/