The idea for a grouping of ASEAN based angel investors was first mooted in the sidelines of the Malaysian Business Angel (MBAN) Summit 2015 held on 19-20 November 2015 in Kuala Lumpur. A number of ASEAN speakers along with their Malaysian counterparts discussed the merits of having an ASEAN centric group of angels formed to create awareness for angel investing and promote the interests of ASEAN based angel investors.

The AAA is essentially a collaborative platform for angel groups and other early stage ecosystem players operating within ASEAN member countries to cooperate and work together on activities of mutual benefit. The AAA is a neutral platform for collaboration and is independent and non-political in nature. Participation in the AAA is on a "no obligation" voluntary basis and is non-exclusive in nature. AAA activities can be on bi-lateral or multi-lateral basis to encourage interaction between members.

The AA was established through the execution of a Memorandum of Understanding (MOU) executed by its members on 31 Oct 2016 and was officially launched the next day on 1 November 2016 in conjunction with the MBAN Summit 2016.

The AAAs objectives include:

The AAA received formal authorisation to use the term "ASEAN" in its name on 22th December 2016.

In a closed door meeting held with member organisations on 31 October 2016 it was agreed that MBAN would act as the interim secretariat for the AAA until a more permanent arrangement is found.