President Yoon Suk Yeol has instructed relevant agencies to closely monitor any possible impact the Silicon Valley Bank(SVB) collapse may have on the domestic financial market and real economy.

Yoon issued the order on Monday while presiding over a meeting of his senior secretaries.

Citing growing uncertainties in the financial market due to the U.S. bank’s collapse, Yoon called on related agencies to look into the cause of SVB’s downfall and how U.S. authorities are handling the matter.

The president was apparently emphasizing the need to thoroughly review the nation’s financial system as its venture capital investment market will inevitably contract due to the collapse of the bank that served as a key lender to tech startups.