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🍵 AsAm businesses & bank collapse

To: SharkBites Readers

Date: March 16, 2023


Hello, everyone! 

Sisters Vanessa and Kim Pham, co-founders of Asian flavor kit company Omsom,
recently took to social media to document their experience during Silicon Valley Bank’s (SVB) overnight collapse.

The co-founders shared that they held all their capital in SVB, which just days ago was one of the biggest banks for startups in the country. When the bank collapsed Friday following a run on deposits, the Federal Deposit Insurance Corporation (FDIC) placed it under control and froze its assets.

The Pham sisters were unable to access their company's funds, which left them uncertain about their financial situation. They shared their experience with their followers about coordinating with their team, strategizing alternative options for liquidity, securing short-term loans, and opening new bank accounts. The co-founders also reached out to their vendors to work out longer payment terms. They placed their trust in their community by going public via an open letter about the challenges the company was facing at the time.

Fortunately, on Sunday, the FDIC announced that all SVB depositors would be able to access their accounts on Monday.

Omsom team
Spotlight 💡
  • Viet Vote San Diego, a group of Vietnamese activists and organizers, is presenting “Sharing Our Roots: Healing through Asian-American Storytelling,” an event aimed at educating and engaging the community in voting and civic engagement. The event, which is to be held at the Mingei International Museum, will feature videos of people from different Asian ethnic groups sharing stories about their identities and cultural folklore, as well as a panel discussion and various foods. The organizer, Emily Diem Tran, hopes that by preserving these oral stories, it will lead to the preservation of other folklore from other communities.
Race in America 🌎
  • Ohio's public colleges and universities may undergo a significant change if the new Ohio Higher Education Enhancement Act is passed. The bill proposes classroom rule changes, banning partnerships with Chinese universities, mandatory American history courses, and an end to diversity training mandates. It seeks to create a bias-free atmosphere in the classroom and prohibits mandatory diversity training or documents attesting to faculty support for certain beliefs.
In Other Asian News 🗞
  • TikTok's leadership is reportedly considering a separation from its Chinese parent company, ByteDance, to alleviate national security concerns in the United States. This move could involve a sale or an initial public offering, but would only be pursued as a last resort if the company's current proposal with national security officials fails to gain approval. TikTok's plan, called Project Texas, involves partnering with American tech company Oracle to host U.S. user data and appointing a three-person government-approved oversight board, but the Committee on Foreign Investment in the United States has stalled in its review process.
Entertainment 📺
  • Jackie Chan will return to Hong Kong action cinema in “New Police Story 2,” a sequel in the long-running “Police Story” franchise. The 1985 film “Police Story” is renowned for kickstarting Chan’s career.  The film, which follows a Hong Kong police detective who is accused of murder after arresting a prolific drug lord, features numerous death-defying stunts.  The classic film’s success prompted sequels, spinoffs and reboots, including “Police Story 2” in 1988, “Police Story 3: Supercop” in 1992 — which also starred newly minted Oscar winner Michelle Yeoh — and “New Police Story.”
What else is on our minds? 🧠
  • Celebrity chef Ming Tsai has apologized after taking heat over controversial remarks he made during an onstage interview with a local news outlet last month.
  • A Filipino university student who went viral for his unique first name has become an ambassador for the sports drink company Gatorade.
  • Team Rocket, the iconic villainous group bent on world domination in the “Pokémon” anime, is no more, and longtime fans of the franchise aren’t happy about it.
  • JYP Entertainment girl group NMIXX has sparked controversy for a vulgar word that appears in their new “Young, Dumb, Stupid” music video. 
  • Google doodle is celebrating the Filipino dish adobo.  

Have you tried Filipino adobo?

I have. It’s great.

Daniel Anderson

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