The venture capital & private equity space in Southeast Asia is showing rapid growth and maturity. While Indonesia formally entered the ASEAN Venture Council (AVC) in August, Thailand has joined the council recently.
The council, spearheaded by the Singapore Venture Capital & Private Equity Association (SVCA), invited both countries’ representatives to officiate a Memorandum of Understanding (MoU), signed in Singapore on October 11, which will create a major milestone in the growth of member countries in the AVC.
Dr. Jeffrey Chi, Chairman of SVCA, said, “It is heartening to see the memberships of two strong markets to join the AVC. The purpose of creating this coalition is to bolster inter-country relations and to enable each of our markets to leverage each other’s strengths and innate potential.”
He adds, “This marks a huge step forward in the ability of the AVC to further promote and support the regional entrepreneurial and financial ecosystem across the ASEAN region.”
The following countries signed the MoU officiating membership to the AVC:
- Singapore: Singapore Venture Capital & Private Equity Association (SVCA)
- Indonesia: Asosiasi Modal Ventura Untuk Startup Indonesia (AMVESINDO)
- Thailand: Thai Venture Capital Association (TVCA)
Jefri Sirait, the Chairman of AMVESINDO said, “So far there are a handful of local startups from the ASEAN countries that are able to succeed on a regional level. We hope that, together with the other members of the AVC, we will be able to support promising local startups from all the ASEAN countries to succeed regionally as a first step, before eventually achieving success on a global scale”.
Commenting on the development, Thanapong Na Ranong, President of TVCA said, “TVCA is proud to be part of the ASEAN Venture Council and looks forward to supporting the Council and other members in all aspects. It is truly an exciting time for the ASEAN and Thailand startup ecosystems, which have been developing rapidly.”
Ranong observed that there were areas for learning and collaboration, highlighting the “sharing the best practices and regulatory policies for VC investment,” as well as how local founders could be supported in business development and expansion in Southeast Asia though the network AVC provided.
The addition of the new member countries will strengthen each country’s associations to collaborate and leverage their individual capabilities, synergies and best practices which in turn will support the regional entrepreneurial and financial ecosystem across the ASEAN region.
In particular, the ASEAN Venture Council is intended to assist its member associations and their members promote venture capital across the region. This is set against an industry that has seen phenomenal growth in the past few years with the bulk of deals being cross-border in nature.
The ASEAN Venture Council will be an umbrella organisation consisting of venture associations interested in the promotion of the ASEAN Venture Capital Ecosystem. It is intended to enable its member associations to promote and develop the venture capital industry in a more concerted effort across the region leveraging each other’s strengths and capabilities – particularly in the areas of events, advocacy, research, education and deal flow.