The failure of Silicon Valley Bank (SVB) and Signature Bank in the US severely roiled financial and tech markets. It has been blamed, in part, for the increased scrutiny of Credit Suisse, which put the global systemically important bank (G-SIB) under tremendous pressure, resulting in its takeover by UBS. More worrying is that some market analysts and investors think that these events may only be the beginning of a “slow rolling crisis.” This note looks at the tangled relationship between conventional and digital finance, potential contagion and spillovers from the SVB fallout to the ASEAN+3 region, and the estimated impact on members’ growth if certain scenarios were to play out.