Grab and Sea shares are down over 50% each this year.

The two largest internet companies in Singapore are losing a combined $110 billion in market value as a result of a technology problem that is being made worse by rising interest rates and the possibility of a recession.

Sea Ltd., an e-commerce platform operator, lost 78% of its value this year, while Grab Holdings Ltd., a taxi service provider, lost more than half of its value.

Both companies are the largest technology companies in Singapore.

As layoffs, business unit closures, and other cost-cutting measures are encouraged by recessionary concerns, the future for Singaporean tech companies is still gloomy.

According to Brian Freitas, an analyst at Smartkarma, recent cost-cutting measures “could help both companies weather any storms better.”

Sea is in fourth place with 8.4% of the Singapore MSCI index this year, and Grab is down roughly 2%.

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