SYDNEY :Several Australian and New Zealand tech firms said on Monday they did not have material exposure to Silicon Valley Bank following the failure of the U.S. startup-focused lender SVB Financial Group last week.
Australia's banking regulator said it had intensified the supervision of the local banking industry and was seeking more information from banks on any potential impact. Australian design technology firm Canva said the majority of its cash was outside SVB and that it had"safety nets in place" to ensure its operations were not compromised.
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