Downturn in tech, crypto funding is probably a good thing, says Singapore GIC top exec

Photo: Reuters

The global slowdown in startup funding will allow investors to find more promising companies with stronger business models, according to top executives at Singaporean sovereign wealth fund GIC, in contrast to the easy money era where many industries were crowded with too many young companies chasing growth and prioritizing market share over profitability.

“What the tech space is going through, and maybe [what] the crypto space, in particular, is going through in terms of funding slowing down a lot is probably a good thing,” Chief Investment Officer Jeffrey Jaensubhakij told Nikkei Asia in an interview ahead of its results.

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