Southeast Asia’s most prominent and active venture capital firms like Gobi Partners, East Ventures, and Convergence Ventures have formed a lobby group called ASEAN Venture Council to develop the venture capital industry in the region, reports Tech in Asia.
The new group was started by Indonesian venture capital association Amvesindo and its pendant in Singapore, SVCA.
VC associations in Malaysia and Thailand are expected to join at a later date.
Southeast Asia’s startup industry is enjoying a high, $799 million has been pumped into growing tech firms across the region.
ASEAN Venture Council goals
One aim of the group, which was announced today at a fintech conference in Jakarta, is to learn from each other’s experience and to lobby respective governments for favorable conditions. An important aspect to fintech services and products is taxation.
For example, Singapore can teach a lot about creating regulations that differentiate accredited and retail investors. This distinction has not been made clear in Indonesia.
Ku Kay Mok of Gobi Partners has also raised a point about crowdfunding, another area that the council aims to address as it has the potential to disrupt venture capital.
The council will assist each country’s associations with regulatory issues, which will be updated regularly. The council will also organize events and share best practices, as well as assist firms with deal flow.