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.

Also Read: Fighting the chaos of growth: 5 practices to improve corporate governance beyond the board

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.

Also Read: Unbiased guidance, enhanced governance: The power of independent directors for startups

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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The international trade landscape is undergoing significant upheaval as the United States, under President Donald Trump’s administration, implements stringent tariffs on key trading partners: Canada, Mexico, and China. These measures, driven by the “America First” policy agenda, are reshaping global economic relations and supply chain dynamics.

Amid this complex environment, SSL Logistics emerges as a pivotal player, leveraging digital transformation to enhance global logistics efficiency and resilience.

US tariffs and their impact

On March 4, 2025, the US enforced unilateral tariffs under the International Emergency Economic Powers Act (IEEPA), citing national security concerns linked to unlawful migration and the illicit flow of fentanyl. The tariffs imposed are as follows:

• Canada and Mexico: A 25 per cent tariff on all imports, except Canadian energy imports, which face a revised 10 per cent duty.
• China: Tariffs on Chinese goods increased from an initial 10 per cent in February to 20 per cent, doubling the previous rate.

These tariffs target a substantial US$2.2 trillion in annual trade, significantly impacting various economic sectors, including agriculture, electronics, and the automotive industry. The decision led to retaliatory measures from China, Canada, and Mexico, heightening trade tensions and fostering a volatile economic climate.

Global economic implications

The imposition of these tariffs signals a resurgence of protectionist policies, potentially escalating into a broader trade war. The OECD forecasts a slowdown in global growth, declining from 3.2 per cent in 2024 to 3.1 per cent  in 2025 and further to 3.0 per cent in 2026.

Also Read: Trump’s tariff bombshell: A US$660 billion shake-up for global trade

The increased tariffs are expected to introduce a 15 per cent effective tariff rate (ETR) on Europe, Canada, and Mexico, and a staggering 35 per cent ETR on China. These measures are likely to disrupt global trade networks, creating uncertainty for businesses and investors alike.

Key implications include:

• Supply chain disruptions: Companies may accelerate shifts in sourcing strategies, relocating production to mitigate tariff impacts. This realignment could alter global supply chain dynamics, with a potential move towards the EU and ASEAN regions.
• Economic volatility: Stock markets have reacted negatively to the uncertainty, prompting discussions on strategic responses such as tariff exemptions and diplomatic negotiations.
• Sectoral impacts: Industries like agriculture, automotive, and energy face significant disruptions, while US services sectors such as software and cybersecurity may remain relatively insulated from tariff-induced challenges.

Business opportunities amid tariff expansion

Despite the challenges, the expansion of tariffs presents several business opportunities, particularly for domestic industries:

• Agriculture and food production: Increased tariffs on imported agricultural products shield US-based food producers from foreign competition, potentially boosting their market share and profitability.
• Automotive and energy: Domestic industries can leverage tariffs to enhance their competitive positioning, encouraging innovation and process optimisation.
• Service industries: Sectors less impacted by tariffs, such as software, cybersecurity, and defense technology, can capitalise on reduced competition and continue to thrive.

Businesses can adapt by diversifying supply chains, investing in domestic production, and exploring new markets. Leveraging technology for better supply chain management and negotiating with suppliers can help companies mitigate the impact of tariffs and capitalise on new opportunities.

Also Read: Wall Street’s reckoning: How Trump’s words sparked a global sell-off

SSL Logistics: A digital transformation leader

In an era of shifting global trade dynamics, SSL Logistics emerges as an example of how digital transformation can reshape the logistics industry.

As the global trade landscape continues to evolve, SSL Logistics remains committed to innovation and strategic expansion. The company’s digital transformation initiatives empower businesses to navigate trade and tariff challenges with agility and precision. 

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Velocity Ventures, a leading travel and hospitality tech investor with a strong foothold in Southeast Asia, has released its “Innovation & Deal Flow Report 1Q2025 [Transportation]”, offering a glimpse into the evolving landscape of the transportation industry.

While providing a global overview, the report illuminates crucial trends and potential investment opportunities within the Southeast Asian tech startup ecosystem.

Also Read: Data security, solo travel, and space tourism drive growth in travel services: Report

The report highlights several key innovation areas shaping the transportation sector globally, with implications for Southeast Asia. Blockchain in logistics demonstrated the highest compound annual growth rate (CAGR) at 58 per cent, followed by Hyperloop at 40.1 per cent and electric vehicles (EVs) at 34.2 per cent.

Notably, the top increases in CAGR were observed in Hyperloop (+23.9 per cent), blockchain in logistics (+18.2 per cent), and EVs (+16.4 per cent). These figures suggest a significant and accelerating interest in these technologies, which could translate to burgeoning opportunities for Southeast Asian startups focused on these areas.

Based on the Velocity Ventures report, another key theme is global venture capital activity within the transportation industry. The report highlights recent funding rounds for several companies across different regions, providing a snapshot of where investment is currently flowing.

For instance, in February 2025, Buser, a collaborative charter platform based in Sao Paulo, Brazil, raised US$1.64 million in a venture round. In the same month, Pointship, an online travel platform from Tallinn, Estonia, secured US$1.9 million in a Seed round with Startup Wise Guys participating.

Moving into March 2025, Taxina Mobility, an Indian company providing ride-hailing solutions, raised US$175,000 in a Seed round with Navyug Global Ventures as a notable investor. Additionally, Movv, a South Korean mobility service focused on safe and convenient movement using dedicated drivers and vehicles, raised US$3.4 million in a Venture round.

These examples demonstrate that venture capital is being deployed in diverse transportation-related startups worldwide, ranging from ride-hailing in India to charter platforms in Brazil. The funding stages also vary, with seed and venture rounds prominent in these recent activities. This global overview, although not solely focused on Southeast Asia, provides context for the investment landscape in which Velocity Ventures operates and identifies potential areas of growth and interest in the broader transportation technology market.

The report also touches upon the increasing integration of artificial intelligence (AI) into transportation technology stacks. This trend is not specific to Southeast Asia but will likely be a significant factor driving innovation and efficiency across the region’s transportation startups, extending beyond customer service to areas like data parsing and processing.

Also Read: Driving change: How women are redefining ride-hailing

Velocity Ventures’ “Pipeline Observation” focuses more on urban mobility startups looking to fundraise globally this quarter. This aligns with the presence of Circuit, an on-demand electric shuttle service in the US, and suggests a potential wave of investment and development in urban mobility solutions within Southeast Asian cities as well.

In conclusion, Velocity Ventures’ 1Q2025 Transportation report indicates a vibrant and evolving transportation tech landscape, with significant momentum in areas like blockchain, hyperloop, and EVs.

The highlighted trends of AI integration and a focus on urban mobility are also pertinent for Southeast Asian startups aiming to disrupt the traditional transportation paradigms.

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As financial markets navigated the Easter holiday weekend of April 21, 2025, a confluence of significant events underscored a transformative period for global investors. The synchronised surge of gold and Bitcoin to new highs, coupled with a weakening US dollar amid speculation about Federal Reserve Chairman Jerome Powell’s potential removal, painted a complex picture of risk sentiment, economic uncertainty, and evolving market dynamics.

Against the backdrop of recovering global optimism around US trade negotiations, the week’s market movements offered critical insights into the interplay of macroeconomic forces, technical signals, and geopolitical developments. I explore these events in depth, weaving together their implications for investors, traders, and policymakers, while offering a grounded perspective on the broader financial landscape.

The week ending April 18, 2025, saw global risk sentiment rebound, driven by optimism surrounding potential trade resolutions between the US and key partners like Japan, Mexico, and Canada. This optimism was reflected in Asian equity markets, with the MSCI Asia ex-Japan index posting a modest 0.16 per cent gain on Friday and a more robust 2.35 per cent weekly increase, snapping a three-week decline totalling 8.5 per cent.

Notable performers included Malaysia’s KL Composite (+1.09 per cent), Thailand’s SET (+0.85 per cent), South Korea’s KOSPI (+0.53 per cent), and Taiwan’s TAIEX (+0.29 per cent), while China’s CSI 300 remained nearly flat. These gains, achieved in thin holiday trading conditions, suggested cautious investor confidence amid ongoing trade talks. However, US equity markets, closed for Good Friday, ended the week on a weaker note.

The S&P 500 fell 1.5 per cent, the Dow Jones Industrial Average slumped 2.7per cent, and the Nasdaq Composite dropped 2.6 per cent, reflecting concerns over trade uncertainties and mixed corporate earnings expectations. Looking ahead, investors are poised to scrutinise earnings from heavyweights like Tesla and Alphabet, which could set the tone for market direction in the coming weeks.

The most striking development on April 21, 2025, was the synchronised rally in gold and Bitcoin, which underscored a growing narrative of distrust in the US dollar. Gold hit its 55th all-time high in the past 12 months, reaching US$3,382.43 per ounce at 8:00 PM EST, as reported by Bloomberg. This milestone, part of a relentless 15.3 per cent year-to-date gain, was fuelled by safe-haven demand, central bank purchases, and a weakening dollar.

Simultaneously, Bitcoin surged past US$87,000 at 8:15 PM EST, according to CoinMarketCap, driven by a combination of whale accumulation, dollar weakness, and speculation around US monetary policy shifts. The correlation between these assets, traditionally viewed as divergent, signals a profound shift in investor psychology.

Also Read: Gold jumps 3.3 per cent, Nasdaq soars 12.1 per cent, Bitcoin increases 7 per cent: Inside Trump’s tariff rollback effects

Both gold and Bitcoin are increasingly seen as hedges against currency devaluation and economic instability, particularly in light of reports that President Donald Trump is seeking to remove Federal Reserve Chairman Jerome Powell. This political manoeuvre, amplified by Trump’s Truth Social posts declaring that “Powell’s termination cannot come fast enough,” has sparked fears of undermined Fed independence, a sentiment echoed by Chicago Fed President Austan Goolsbee, who warned of potential damage to the central_above bank’s credibility.

The trading implications of this event are multifaceted. The spike in gold and Bitcoin prices drove significant market activity, with XAU/USD trading volumes surging 20 per cent compared to the previous day at 8:30 PM EST, per Forex Factory data. Similarly, Bitcoin’s trading volume on exchanges like Binance rose 15 per cent by 8:45 PM EST, according to CoinGecko, reflecting robust investor interest.

For traders, this heightened volatility presents both opportunities and risks. Pairs trading strategies, which exploit price divergences between gold and Bitcoin, could gain traction as their correlation strengthens. Portfolio diversification into these assets may also appeal to investors seeking to hedge against a depreciating dollar, particularly as the US Dollar Index (DXY) fell 0.2 per cent to 99.23 on Friday.

However, the risk of overbought conditions looms. Gold’s Relative Strength Index (RSI) reached 72 at 9:00 PM EST, signalling strong momentum but nearing overbought territory, while Bitcoin’s RSI of 68 suggested continued upside potential, per TradingView. Bullish MACD crossovers for both assets further reinforced their upward trends, but traders must remain vigilant for potential pullbacks, especially if trade negotiations falter or central bank policies shift unexpectedly.

The Bitcoin market, in particular, is showing signs of structural strength. Blockchain analytics firm Santiment reported that Bitcoin whales, holding between 10 and 10,000 BTC, accumulated 53,600 BTC since March 22, 2025, increasing their control to 67.77 per cent of the circulating supply. This accumulation, occurring amid price volatility and market uncertainty, reflects deep confidence among large holders.

On-chain metrics from Glassnode further support this bullish outlook, with a 10 per cent increase in active Bitcoin addresses by 9:45 PM EST, indicating growing network activity. These developments suggest that Bitcoin’s rally is not merely speculative but underpinned by fundamental demand, potentially paving the way for further price appreciation if macroeconomic conditions remain favourable.

Also Read: Global markets reel as Trump tariffs slam stocks and Bitcoin prices

The weakening US dollar, a key driver of the gold and Bitcoin rallies, was exacerbated by reports of Trump’s push to oust Powell. National Economic Council Director Kevin Hassett’s comments on Friday, coupled with Trump’s social media rhetoric, triggered a sell-off in the dollar against major G-10 currencies.

Markus Thielen of 10x Research noted that Bitcoin’s surge to US$87,000 was directly tied to this dollar weakness and gold’s two per cent rally, with the perceived threat to Fed independence acting as a primary catalyst. Powell’s recent remarks, emphasising a data-dependent approach and warning of stagflation risks, have clashed with Trump’s calls for immediate rate cuts, creating a tense backdrop for monetary policy.

A potential trade deal with Japan, hinted at by market observers, could temper some of this uncertainty, but the specter of Fed interference remains a significant concern. A bond market crash, loss of confidence in the dollar as a reserve currency, and heightened stock market volatility could ensue if Powell’s removal is pursued through questionable means, as cautioned by X posts from several analysts.

In Europe, the European Central Bank’s (ECB) decision to cut interest rates by 25 basis points on Thursday, the seventh reduction since June 2024, reflected softening inflation and a deteriorating growth outlook amid trade uncertainties. The 10-year European yield fell 3.7 basis points to 2.469 per cent on Friday, signalling investor caution. This dovish stance contrasts with the US Federal Reserve’s current pause, highlighting divergent monetary policies that could further pressure the dollar.

In commodities, oil prices rose nearly five per cent last week, with Brent settling at US$68 per barrel on Thursday, driven by trade optimism and supply concerns. However, the closure of major markets in Canada, the UK, Europe, and Hong Kong for Easter Monday limited trading activity, with Asian equities opening mixed and US equity futures pointing to a lower open.

Looking ahead, the interplay of trade negotiations, central bank actions, and corporate earnings will shape market trajectories. The potential for a US-Japan trade deal could bolster equities, but unresolved tensions with China, which recently imposed 34 per cent tariffs on US goods, pose risks.

Gold and Bitcoin’s synchronised rally suggests a broader shift toward alternative stores of value, a trend that may intensify if dollar confidence erodes further. Investors should monitor macroeconomic indicators, such as US retail sales and inflation data, alongside Fed commentary for clues on policy direction.

Technically, both gold and Bitcoin remain bullish, but overbought signals warrant caution. For now, the financial markets stand at a crossroads, with the gold-Bitcoin surge and dollar dynamics signaling a pivotal moment for global economic stability. I see this as a call for prudent diversification, rigorous risk management, and a keen eye on the evolving geopolitical and monetary landscape.

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QBO Innovation, a public-private initiative dedicated to fostering the growth of the Philippine startup ecosystem, has unveiled its latest endeavour, “Step Juan: Young Technopreneurs in Training”.

Launched in collaboration with the US Embassy in the Philippines and American Spaces Philippines, this programme aims to empower local youth with skills in science, technology, engineering, and mathematics (STEM) and innovation.

The Step Juan programme is specifically designed to provide high school and university students with limited exposure to startup initiatives with accessible, beginner-friendly learning opportunities in entrepreneurship, technology, and innovation.

Also Read: “Don’t ‘out-bro’ your male colleagues”: Kickstart’s women leaders on gender diversity in VC

The Philippine Institute for Development Studies (PIDS) has previously reported a lack of interest in STEM among young Filipinos. Recognising this critical gap, Step Juan seeks to ignite enthusiasm for STEM fields and equip students with essential skills applicable to real-world scenarios.

The Step Juan programme’s curriculum is structured to inspire the next generation of innovators. Key components include Innovation and Technopreneurship Fundamentals, which utilises QBO’s BASIQS programme and features interactive talks by QBO faculty for aspiring entrepreneurs.

The programme also incorporates Technopreneurship Training for Teachers and Collaborative Learning and Co-Facilitation.

These activities are designed to spark curiosity and enhance critical thinking among young individuals, thereby future-proofing them as technopreneurs. They also equip professors and educators to effectively champion STEM within their respective educational institutions.

The Cycle 1 phase has forged partnerships with the University of Makati (UMak) and Maximo Estrella Senior High School. This collaboration aims to provide educators with insights and training in startup methodologies, problem-solving, and business innovation, preparing them to champion technopreneurship within their classrooms.

Plans are already underway for Cycles 2 and 3, which will extend throughout the year to other cities within the National Capital Region (NCR).

Also Read: IdeaSpace names Alwyn Rosel as new Executive Director, succeeding Jay Fajardo

QBO Executive Director Alwyn Rosel said: “Step Juan envisions a future where Filipino youth are empowered to pursue STEM and technopreneurship, with educators playing a crucial role in shaping innovative thinkers. The programme inspires and equips youth with STEM skills, creates a network of educator mentors, and cultivates stakeholders in the innovation landscape. Long-term, we envision Step Juan encouraging students to pursue STEM careers and providing teachers with new tools and frameworks for innovation-driven education.”

QBO Innovation, established in 2016 through a partnership with IdeaSpace, JP Morgan, the Department of Science and Technology (DOST), and the Department of Trade and Industry (DTI), operates incubation and acceleration programmes for startups across various stages and industries. It also conducts a range of ecosystem and community activities to improve access to markets, knowledge, networks, capital, and talent, with a vision of Filipino startups making a global impact.

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