South Korea’s top financial policymakers gathered on Sunday to address concerns over the possible rise in volatility and uncertainties in the financial market after the United States Silicon Valley Bank (SVB) was shut down last Friday. SVB is a specialized lender for tech startups. Its stock began plummeting Thursday amid investors fearing the repeat of the 2007-2008 financial crisis, resulting in U.S. regulators intervening and shutting the bank down and placing it in receivership under the Federal Deposit Insurance Corporation (FDIC). 

During the Sunday meeting in Seoul attended by Finance Minister Choo Kyung-ho and other economic experts, they discussed its potential effect and ways to minimize the impact on the domestic financial market. The experts also said, “It is unlikely that the case will expand further to cause damage to the overall U.S. banking and financial systems.”