Southeast Asia’s Top VC Associations Launch Governance Blueprint to Curb Startup Fraud

In a joint effort to improve trust and transparency in the startup ecosystem, five major venture capital associations in Southeast Asia have launched a unified governance guide for the region. Released on April 16, 2025, the document—titled “Maturation Map: Corporate Governance in Southeast Asia Private Markets”—aims to provide startups with a clear framework for responsible business practices and investment management.

The initiative comes in response to growing concerns over startup misconduct, most notably the recent case involving Indonesia’s eFishery. Large-scale sales falsification raised red flags despite backing from major investors like Peak XV Partners, Temasek Holdings, and SoftBank Investment Advisors. The Maturation Map is designed to prevent such incidents by promoting standardized due diligence and stronger governance practices across Southeast Asia.

The release of the “Maturation Map” represents a major milestone in enhancing corporate governance within Southeast Asia’s growing startup ecosystem. Developed through a joint initiative by leading venture capital bodies—including Malaysia’s MVCA, Vietnam’s VPCA, Thailand’s TVCA, and Indonesia’s Amvesindo—and coordinated by the Singapore Venture and Private Capital Association (SVCA).

The comprehensive guide aims to set a standardized framework for corporate governance, providing startups with the tools to ensure long-term success and smoother transitions to public market listings or acquisitions.

The Maturation Map tackles various governance issues, from early-stage startups to companies nearing an IPO. It introduces a five-pillar framework, focusing on active due diligence, the use of technology for real-time oversight, strong advisor ecosystems, board conduct and transparency, and enforcement against misconduct. 

These pillars are designed to promote continuous improvement in regional governance standards. The guide also includes practical resources such as case studies, a Governance and Financial Maturity Matrix, and sample whistleblower policies to support the implementation of these standards.

Shane Chesson, Vice-Chair of the SVCA and Founding Partner of Openspace Ventures, emphasized that Southeast Asia’s startup landscape is still evolving. 

“This is a starting point for continuous, collaborative improvement. We invite all stakeholders to engage, adopt, and build on this framework together,” said Chesson. His statement highlights the need for a collaborative approach to governance, ensuring that startups are well-equipped to address challenges as they grow.

The initiative responds to the growing concerns over financial mismanagement and fraud in the region. Southeast Asia has witnessed several high-profile governance failures in recent years, including the collapse of the fashion commerce platform Zilingo and the controversy surrounding eFishery, an Indonesian startup. 

Eddi Danusaputro, Chairman of Amvesindo, emphasized the practical nature of the guide, stressing that it is designed to be a living document for ongoing improvement. “We want this guide to be more than just a paper,” he remarked. Thanapong Na Ranong, President of TVCA, echoed this sentiment, stating that the report represents a shared commitment to raising regional governance standards. Both leaders are confident that this collaborative effort will foster greater trust, enabling startups to scale responsibly and prepare for global success.