![]() ![]() ![]() and they’re not in a hurry to wire money up to Canada so we can do payrolls for our companies,“ said Chris Albinson, chief executive at Communitech. “I’m hearing from founders that our fate is in the hands of the FDIC in the U.S. Canada’s Office of the Superintendent of Financial Institutions (OSFI) said Sunday that it would seize the bank’s Canadian assets.īut concerns still loom for Canada’s tech sector. regulators, including the Federal Deposit Insurance Corporation (FDIC), have since announced plans to safeguard the financial system and honour all the bank’s deposits. regulators closed the California bank on Friday, when its clients rushed to withdraw billions of dollars as they feared for the organization’s solvency. They say some Canadian startups have been worried about cash flow and many are fretting how they’ll raise their next round of funding after U.S. TORONTO - Members of Canada’s technology sector say they’re worried the collapse of the Silicon Valley Bank (SVB) will have a chilling effect on investments in the already-hampered sector. ![]()
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