The Malaysian Venture Capital & Private Equity Association (MVCA) is now part of the ASEAN Venture Council (AVC) after officially signing up to the regional network at the ASEAN Venture Summit in Kuala Lumpur yesterday. With four of ASEAN’s key VC associations now on board, the AVC could have a positive impact on growth prospects for startups across the bloc.

By linking the four national bodies together, the AVC is intended to facilitate greater knowledge sharing and collaboration among VC firms and early-stage businesses throughout the region – while also helping them to get more deals done.

This could lead to a boost in tech investment throughout Southeast Asia. Data published earlier today indicates that the region as a whole lags behind China and India with regards to both VC deal volume and overall value, even when market size is taken into account. While VC funding more than doubled quarter-on-quarter to US$191.6 million in Q1 2017, it fell far short of the US$330.6 million invested across 65 deals a year previously.

Launched last year, the AVC’s stated mission is “to allow its parent associations, who broadly promote alternative investing, to leverage on the strength of one another specifically in the promotion of the venture capital industry regionally.” Aside from the MVCA, the Asosiasi Modal Ventura Untuk Startup Indonesia (Amvesindo), the Singapore Venture Capital & Private Equity Association, and the Thai Venture Capital Association are the AVC’s existing members.

“The inclusion [of MVCA] will open up communications with limited partners, general partners, and entrepreneurs across respective countries and provide an effective platform for fundraising, investment syndication, and exit opportunities,” said MVCA chairman Shahril Anwar Mohd Yunos in a statement.

“The growth of AVC also translates to wider coverage and opportunities for potential deal flows,” said Jefri Sirait, chairman of Amvesindo.