Plunging his fork into yet another mile-high breakfast on his 100th business flight of the year in Southeast Asia, Stewart Boutcher, co-founder and CTO of cyber startup Veracity Trust Network, wondered if it was all worth it. Then he thought about all the relationships he’s built in the region – and the £1m in revenue the company has in sight there over the 12 months from a £0 start – and he knew he’d taken the right approach.
After testing the waters by joining trade missions, Veracity Trust Network saw what a golden opportunity Singapore presented as a springboard into Southeast Asia and Asia Pacific more broadly. They have now onboarded resellers, partners and clients across Singapore, Vietnam, Thailand and Hong Kong. And the business was chosen by the Singaporean government to take part in CyberCall: a funded programme that enables startups to test technology with private sector organisations that have shared specific needs and challenges.
At Plexal, we understand what an exciting market Singapore is. We’re on the ground delivering CyberBoost Catalyse to equip the most innovative and ambitious cyber startups from around the world with the knowledge and connections required to fast-track their growth plans from Singapore and more widely into Southeast Asia. Catalyse is supported by the Cyber Security Agency of Singapore (CSA) and National University of Singapore (NUS) and powered by Plexal.
Read on for Stewart’s tried and tested top tips for startups considering landing in the region.
Use Singapore as your entry point and recognise the scale of the opportunity
“Southeast Asia is where is where a substantial amount of technology and cyber security growth is going to happen. There is wealth and technological maturity, and it doesn’t pose the same challenges as other markets like the US. My advice is to find the budget and make it happen.
“And in terms of an entry point, Singapore is an easy place to start and set up your regional headquarters: English is the first language, it’s safe, Singaporeans are very easy to work with and the UK and Singapore have a lot in common culturally and in terms of policy and regulation.”
There is no shortcut: you need to invest in building relationships and having regular face-to-face meetings
“You have to work to build personal relationships and you can’t enter the market remotely. Meeting people in person regularly means they now trust me and trust the business. This is true in Singapore but even more so in countries like Vietnam and Thailand, where I routinely fly out to have meetings and socialise with our partners and resellers. The only way to get around having to do this is if you’ve got something utterly, utterly different that everyone will instantly want to jump on – but that’s extremely rare.”
Be persistent. Even when it gets awkward
After finding himself on a panel in Bangkok with the CEO of one of the largest system integrators in Thailand, Stewart continued the conversation on over WhatsApp and email for six months until they arranged another meeting, which has led to a partnership. “I would often send back-to-back reminders and messages, not hearing back. It can feel a bit awkward at times but you can’t let that deter you.”

Leverage partnerships and people who are already plugged into the ecosystem
Stewart and his team have designed a partner programme, so resellers and distributors have the collateral and knowledge they need to represent his company and has onboarded six so far – and counting.
More than that, he’s developed relationships with local advisors and mentors, such as Katherine Kennedy White, Director at DivisionX Global and Nicky van Domburg, the co-founder of Collaborative Working Solutions. Over several laksas and kaya toasts, Katherine has been giving Stewart a lay of the land and they have now formalised their partnership: Katherine has joined the company as a formal advisor and is helping them with their investment-raising plans.
“I knew I couldn’t go in acting like a traditional CTO who just gets their head down and gets on with things: I had to ask, listen and learn as I was in a completely new market. As well as the Plexal team always being willing to help, people in Singapore have been so generous with their time and I think Singapore in particular has an ecosystem that encourages that frame of mind. Not all these meetings have resulted in new business but that’s not the point.”
Be generous and say “yes” – even when there is no clear immediate gain
Stewart has plugged himself into the regional events circuit, spoken on several panels and has been willing to share his experiences with other founders. “Generosity creates goodwill and trust – and other people are usually generous in return.”
Get creative when it comes to where you host meetings and make use of your country’s embassy and consulate
Veracity Trust Network has built strong links with the UK’s Department for Business and Trade and often hosts meetings at their local consulates in Saigon and Bangkok. “It’s a bit more exciting and – again – helps build trust.”