Southeast Asia's Top VC Associations Launch 'Maturation Map' to Boost Startup Governance and Trust

In a significant move for regional collaboration, five leading venture capital associations across Southeast Asia have joined forces to release a new guide aimed at strengthening startup governance. Titled the "Maturation Map" this comprehensive document sets a shared benchmark for how startups should operate, aiming to build a more resilient and trustworthy innovation ecosystem in the region.

A United Front for Trust and Growth

Announced today (April 16, 2025), the initiative represents a collective effort to prepare Southeast Asian startups for long-term success, including potential public market listings. Singapore Venture and Private Capital Association (SVCA) led the movement with key contributions from Indonesia Venture Capital Association For Startups (Amvesindo), Thai Venture Capital Association (TVCA), Vietnam Private Capital Agency (VPCA), and Malaysian Venture Capital and Private Equity Association (MVCA).

"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." said Shane Chesson, Vice-Chair of the SVCA and Founding Partner of Openspace. “We encourage people to review the summary and read the report for ideas and standards that can be implemented by most private capital boards in our region”

The "Maturation Map" incorporates insights from a wide range of players, including investors, founders, board members, regulators, and legal experts, ensuring a well-rounded perspective on governance needs from early-stage startups to those nearing an IPO.

Why Now? Addressing Governance Gaps

Recent years have seen high-profile governance failures plague the global tech sector, including instances of financial mismanagement and fraud. Southeast Asia hasn't been immune, with cases emerging in Singapore, Indonesia, Vietnam, and the Philippines. These incidents underscore the critical need for robust governance frameworks, particularly in private markets where regulatory oversight can be less stringent.

This guide aims to directly address these challenges, providing a practical tool to reduce governance mishaps, promote thorough due diligence, and ultimately prepare promising startups for successful exits through acquisitions or IPOs.

Introducing the 'Maturation Map': A Practical Framework

Eddi Danusaputro, Chairman of Indonesia's Amvesindo and CEO at BNI Ventures, emphasized the guide's practical nature. “We want this guide to be more than just a paper,” he stated. “It’s a starting point for continuous, collaborative improvement. We invite all stakeholders...to engage, adopt, and build on this framework together.”

Thanapong Na Ranong, President of Thailand's TVCA, echoed this sentiment: “This report reflects a collective commitment to raising the bar for governance across Southeast Asia. It’s a shared blueprint for building trust, scaling responsibly, and preparing companies for global success.”

What's Inside? The Five Pillars of Governance

The Maturation Map outlines a five-pillar framework designed to guide startups and investors:

1. Active Diligence: Going beyond one-time checks to establish ongoing accountability
2. Use of Technology: Leveraging tools like APIs and AI for real-time oversight
3. Advisor Ecosystems: Strengthening the quality and integrity of external partners
4. Higher Standards: Promoting best practices in board conduct, reporting, and transparency
5. Enforcement Mindset: Encouraging collective action against misconduct

Alongside these pillars, the guide includes practical resources like a Governance and Financial Maturity Matrix, sample whistleblower policies, regional benchmarks, and case studies.

Vy Le, Chairwoman of Vietnam's VPCA, highlighted the importance for rapidly growing ecosystems: “Vietnam’s startup ecosystem is growing quickly—and we want to build that growth on trust. This is about building startups that last, led by founders who understand the role of governance in scaling sustainably.”

More Than Just a Document: A Living Initiative

The associations stress that the Maturation Map is intended as a "living document" not a static report. Plans are already underway for follow-up activities, including:

• Investor and founder workshops
• Board directorship training programs
• An open-source "playbook" to make standards easily accessible

These initiatives aim to embed good governance practices throughout the startup lifecycle. “Good governance shouldn’t stop after due diligence. It needs to be part of how a company runs and grows,” said Ng Sai Kit, Chairman of MVCA. “The Maturation Map helps set that direction for Southeast Asia, and MVCA supports the call for stronger follow-up measures like regular audits, board training, and ESG tracking to raise the bar together.”

Get the Guide

The full "Southeast Asia Governance Improvement Guide for Startups" (Maturation Map) is available for download on the SVCA website: https://www.svca.org.sg/publications