The collapse of the US-based Silicon Valley Bank (SVB) will create a gap in the startup ecosystem, Singapore Monetary Authority Chief Fintech Officer Sopnendu Mohanty said on Monday. Mohanty is in Delhi to attend the India-Singapore Hackathon 2023. He said that accessing capital will be the single biggest challenge by the fintech startups in the near term. He cautioned that budding entrepreneurs will have to cut down on spending and find ways to ‘survive the winter.’
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