The governance framework strengthens Southeast Asia’s innovation economy and fosters trust for long-term capital growth.
Five of Southeast Asia’s top private capital associations have come together to launch a new governance benchmark aimed at shaping the future of the region’s startup ecosystem.
Titled the “Maturation Map: Corporate Governance in Southeast Asia Private Markets,” the framework is designed to future-proof the innovation economy, foster investor trust, and support long-term capital formation and public market readiness. According to a press release, it also serves as a unified blueprint to help startups scale responsibly and prepare for global success.
The Singapore Venture and Private Capital Association (SVCA) led a regional collaboration to launch the “Maturation Map: Corporate Governance in Southeast Asia Private Markets,” with support from Amvesindo (Indonesia), TVCA (Thailand), VPCA (Vietnam), and MVCA (Malaysia).
Shane Chesson, SVCA Vice-Chair and Founding Partner at Openspace emphasized, “Southeast Asia’s private investment space is still evolving. This map, created with input from major investment associations representing hundreds of members, reflects our shared commitment to better governance and stronger returns.”
Developed with insights from investors, founders, regulators, and legal experts, the guide supports startups at every stage—from early operations to IPO readiness—focusing on sustainable growth and responsible scaling. It also responds to recent high-profile governance failures in the region’s tech sector, underscoring the need for stakeholder-driven standards in markets with limited regulatory oversight.
The Maturation Map introduces a five-pillar governance framework:
- Active diligence – Ongoing accountability and monitoring
- Use of technology – Real-time oversight with digital tools
- Advisor ecosystems – Trusted and capable external partners
- Higher standards – Best practices in board conduct and transparency
- Enforcement mindset – Collective action against misconduct
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The guide includes a governance and financial maturity matrix, sample whistleblower policies, regional benchmarks, and real-world case studies.
Looking ahead, the collective will host workshops and board training, and develop an open-source governance playbook to help founders and investors embed strong governance from the start. VPCA Chairwoman Vy Le noted the initiative’s importance in supporting sustainable startups in Vietnam’s fast-growing ecosystem.
The Maturation Map will be regularly updated to reflect feedback, shifting market dynamics, and continued stakeholder discussions.
Ng Sai Kit, Chairman of MVCA, emphasized that “good governance doesn’t end with due diligence.” He highlighted that the Maturation Map provides a clear path for stronger ongoing measures, such as routine audits, board development, and ESG performance tracking.
