Five of Southeast Asia’s leading private capital associations have joined forces to launch a new benchmark. The goal is to establish a shared standard for startup governance and shape the ecosystem’s future trajectory
The “Maturation Map: Corporate Governance in Southeast Asia Private Markets” aims to future-proof Southeast Asia’s innovation economy and build the trust needed for long-term capital formation and public market readiness. As per a press statement, this also serves as a shared blueprint for scaling responsibly and preparing companies for global success.
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This collaboration was spearheaded by the Singapore Venture and Private Capital Association (SVCA), with contributions from the Indonesia Venture Capital Association for Startups (Amvesindo), the Thai Venture Capital Association (TVCA), the Vietnam Private Capital Agency (VPCA), and the Malaysian Venture Capital and Private Equity Association (MVCA).
Shane Chesson, Vice-Chair of the SVCA and Founding Partner of Openspace, stated, “Southeast Asia’s private investment landscape is still young and learning. The Maturation Map with involvement from the largest investment associations across the region representing hundreds of members is a sign of the collective will and approach we can take to improving governance for better investment returns.”
The guide results from extensive input from venture and growth investors, founders, board members, regulators, advisors, and legal experts. Its design bolsters governance across all stages of a startup’s journey, from pre-revenue ventures to companies preparing for an Initial Public Offering (IPO), thereby supporting sustainable innovation, scaling, and successful exits.
This initiative’s impetus stems from a recognition of recent high-profile governance breaches, such as financial mismanagement and fraud, within the technology startup sector globally, including instances in Singapore, Indonesia, Vietnam, and the Philippines. These incidents have highlighted the urgent need for proactive, stakeholder-led governance practices, especially in private markets where regulatory oversight is limited.
The Maturation Map outlines a five-pillar governance framework intended to align expectations and responsibilities throughout a startup’s lifecycle:
- Active diligence: Emphasising ongoing accountability.
- Use of technology: Promoting the leverage of tools for real-time oversight.
- Advisor ecosystems: Strengthening the quality and integrity of external partners.
- Higher standards: Advocating for best practices in board conduct, reporting, and transparency.
- Enforcement mindset: Encouraging collective action against misconduct.
The guide also incorporates a governance and financial maturity matrix, sample whistleblower policies, regional benchmarks, and case-based learnings.
Looking ahead, the regional collective plans to conduct investor and founder workshops, board directorship training programmes, and develop an open-source “playbook” to make governance standards accessible and actionable across all stages of startup development. Vy Le, Chairwoman of VPCA, highlighted the importance of governance in building sustainable startups in Vietnam’s rapidly growing ecosystem.
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The Maturation Map will undergo regular updates based on feedback, evolving market dynamics, and ongoing dialogues.
Ng Sai Kit, Chairman of MVCA, stressed that “good governance shouldn’t stop after due diligence” and that the Maturation Map helps set the direction for stronger follow-up measures such as regular audits, board training, and Environmental, Social, and Governance (ESG) tracking.
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