Asset Finance & Alternatives in APAC & Beyond
Aviation Finance, Alt Asset Finance in APAC & Beyond
Your exclusive gateway to the latest developments across transportation and space, and most importantly, how to finance it all - debt, equity, and defi! We follow and forecast where the money’s at.
Join us as we navigate through the latest roundup to uncover key developments across the region.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**
Summary
Financing & Investments: HashKey Explores Acquisition of Singapore Digital Asset Exchange; Bursa Malaysia Raises IPO Target Amid Strong Market Activity; Singtel Considers Optus Stake Sale; Cicor Expands Asia Manufacturing Footprint with EDMI Acquisition; Dubai Startup Bundle Secures $5.5M Funding; U.S. Commits $2.5B to Southeast Asia Technology and Energy Initiatives; T1 Energy Acquires Solar Technology from Singapore’s Evervolt; and EXCEL Services Expands into Vietnam’s Nuclear Energy Market
Environmental Sustainability: AirTrunk Secures Malaysia’s Largest Data Centre Green Financing Deal; China’s Coal Share Falls Below 50% as Renewables Expand; India’s Avaada Raises $1.3B for Renewable Portfolio; Malaysia Advances Grid Storage with Battery Financing; New Zealand Approves First Wind Farm Repowering Project; and Philippines, Singapore Partner on Rooftop Solar Expansion
Aviation: Australia Standardizes Large Firefighting Aircraft Operations After Crash Review; COMAC Tests High-Altitude C919 Variant; Batik Air and YeePay Expand China-Malaysia Travel Connectivity; Changi Airport Adds New Terminal 3 Office Capacity; and Singapore, Thales Upgrade Air Traffic Management Systems
Advanced Air Mobility: China-Kazakhstan Demonstrate First Regulated eVTOL Flight; Volocopter Expands Global eVTOL Trials Through South Korea Partnership; Japan Names eVTOL a Strategic Growth Technology; Air India and SkyDrive Explore Medical Air Mobility in India; and South Korea’s UAM Test Highlights Challenges
Marine: China-Panama Maritime Tensions Ease as Vessel Detentions Decline; NYK Expands LNG Strategy Through UK Energy Investment; Philippines Launches Shipbuilding Revival with First Vessel from Subic Yard; Philippines Delays Offshore Wind Auction for Infrastructure Review; Singapore Accelerates Port Decarbonization with Solar Expansion; and Singapore Expands LNG Bunkering Network with New Supplier Licences
Space: Australia’s “Space Balls” Spark Debris Concerns; China Harvests Next-Generation Space Rice in Orbit; Japan-Luxembourg Teams Advance Space Manufacturing; Mitsubishi Electric Backs Satellite Intelligence Startup; and New Zealand Startup Builds Reusable Spacecraft
Financing & Investments
Investment activity is increasingly concentrated around digital infrastructure, clean energy, advanced manufacturing, and regional technology partnerships as Asia-Pacific markets attract strategic capital flows.
Hong Kong-Singapore
HashKey Holdings Singapore unit has signed a non-binding framework agreement with the shareholders of Asia Pacific Exchange Pte. Ltd. (APEX) to explore the acquisition of the exchange operator. APEX holds Singapore’s Approved Exchange licence, while its clearing arm, Asia Pacific Clear, holds an Approved Clearing House licence from the Monetary Authority of Singapore.
💡The proposed deal would expand HashKey’s regulated infrastructure for institutional digital asset services, including trading, custody, clearing and settlement. The acquisition remains subject to definitive agreements and regulatory approval from the Monetary Authority of Singapore.
Malaysia
Bursa Malaysia raised its 2026 initial public offering (IPO) market capitalization target to MYR 34 billion ($8.32 billion) from MYR 28 billion, citing strong IPO performance and a robust listing pipeline. The exchange said Malaysia recorded 36 IPOs across the Main, ACE and LEAP markets so far this year, raising MYR 5.4 billion and adding MYR 26.1 billion in market capitalization, with the pipeline remaining supportive of fundraising activity.
💡The exchange reported first-half net profit rose 15.2% to MYR 144.61 million on revenue of MYR 425.04 million, up 19.1%, driven by stronger market activity and fundraising momentum. Second-quarter net profit increased 25.8% to MYR 71.78 million on revenue of MYR 210.97 million, up 22.3%, while average daily securities trading value climbed 35% year on year to MYR 3.3 billion. Bursa Malaysia said it expects IPO activity to remain supported in the second half by a healthy listing pipeline despite external market uncertainties.
Singapore-Australia
Singtel is exploring a potential minority stake sale in Australian unit Optus Mobile, seeking an Australian partner to support the telecom operator’s long-term growth. The company said there is no certainty a transaction will proceed and it will provide updates if material developments arise.
💡The move comes as Australia’s communications regulator takes Optus Mobile to court over alleged emergency call failures during a September 2025 outage.
Switzerland-Malaysia
Swiss contract electronics maker Cicor Group will acquire Malaysia-based EDMI Electronics for $15 million-$20 million as part of a broader manufacturing partnership with smart metering firm EDMI. The deal includes a long-term contract that will lift Cicor’s annual revenue from the relationship above $50 million.
💡Cicor will take over manufacturing of EDMI’s smart meters, while EDMI retains product development and customer responsibilities. The Johor facility will serve as Cicor’s Asia-Pacific hub for final assembly of industrial products, with component production supported by its sites in Vietnam and China.
United Arab Emirates-Southeast Asia
Dubai-based rewards platform Bundle has raised $5.5 million in a pre-seed funding round led by Ethereal Ventures and Further Ventures. The funds will support product development, regulatory expansion and partnerships ahead of launches in Singapore, the Philippines and Vietnam.
💡Bundle allows small and medium-sized businesses to combine marketing budgets into shared reward pools, enabling larger incentives through a single platform. More than 50 brands have joined ahead of the rollout, with participating merchants reporting conversion gains of up to four times compared with traditional campaigns.
USA-Southeast Asia
The United States will commit more than $2.5 billion to Southeast Asia through initiatives covering artificial intelligence, energy infrastructure and regional security cooperation. The package includes a new U.S.-ASEAN AI programme to support adoption of American AI technologies and a $1.5 billion platform for energy infrastructure development.
💡The U.S. will also provide funding for communications upgrades in the Philippines, efforts to combat cybercrime and scams, and security-related technology programmes. Washington said the initiatives aim to expand digital, energy and technology cooperation with ASEAN members.
USA-Singapore
T1 Energy has bought solar technology patents and related intellectual property from Singapore-based Evervolt Green Energy Holding in a deal valued at $135 million. The acquired rights cover TOPCon cell and module technology used in T1’s solar manufacturing operations.
💡The U.S. solar maker paid $2 million initially, with the balance to be settled through four instalments beginning in October 2026. T1 said the acquisition would support its strategy of building an integrated domestic solar manufacturing platform.
USA-Vietnam
U.S.-based EXCEL Services Corporation has set up a Vietnam subsidiary to support the country’s nuclear power development plans. EXCEL Services Vietnam will operate from Hanoi and Ho Chi Minh City and has signed cooperation agreements with Vietnam’s National Innovation Center and Ho Chi Minh City University of Technology.
💡The subsidiary will work with government bodies and industry partners on nuclear energy initiatives, including potential applications of small modular reactors and integrated energy systems.
Environmental Sustainability
Sustainability investment is accelerating across Asia-Pacific, with renewable energy, storage, and green infrastructure projects scaling rapidly to support decarbonization and rising power demand.
Australia-Malaysia
Australia-based data centre operator AirTrunk has secured $2.325 billion in green financing for its JHB2 hyperscale data centre campus in Johor Bahru, Malaysia. The company said the transaction is the largest green project financing for a single data centre in Malaysia and its largest single-asset financing.
💡The facility will support a campus designed for energy and water efficiency, including advanced cooling systems and a targeted power usage effectiveness ratio of 1.37. Financing-related savings will also support AirTrunk’s community programmes in Malaysia focused on water access, disaster relief and STEM education.
China
China’s coal-fired power generation share fell below 50% for the first time in the first half of 2026, as renewable energy output expanded. Coal accounted for 49.7% of total electricity generation, while renewables contributed 41.2%.
💡Renewable generation reached nearly 2 trillion kWh during the period, with wind and solar output rising 9.3% year on year. China added 117GW of renewable capacity in the first six months, accounting for about three-quarters of new power capacity additions.
India
India’s Avaada Group has secured about $1.3 billion in financing for a 2.15GW renewable energy portfolio comprising hybrid wind-solar projects and utility-scale solar plants in Gujarat and Maharashtra. State Bank of India, REC Limited and Canara Bank participated in the funding.
💡The portfolio includes 1.35GW of hybrid renewable assets and 800MW of solar projects supplying state utilities under long-term power agreements. The projects are being developed for Maharashtra State Electricity Distribution Company and Gujarat Urja Vikas Nigam.
Malaysia
OCBC Bank (Malaysia) Bhd will provide MYR325 million ($79.48 million) in financing for a 100MW/400MWh battery energy storage system project awarded under Malaysia’s Battery Energy Storage (MyBeST) programme. The facility, to be developed by ESS Bahau Sdn Bhd, an ERS Energy subsidiary, is scheduled to start commercial operations in July 2027, with OCBC serving as lead arranger and facility agent.
💡The financing includes project funding and working capital for construction-related activities. The project is among the first utility-scale battery storage developments under the MyBeST programme, which supports Malaysia’s goal of expanding renewable energy capacity and strengthening grid stability under its National Energy Transition Roadmap.
New Zealand
New Zealand utility Meridian Energy has received approval to upgrade its Te Rere Hau Wind Farm to 172MW, replacing 92 existing turbines with up to 40 larger units. The project will become the country’s first wind farm repowering initiative and is expected to increase annual output sevenfold.
💡Meridian still requires additional approvals for minor road works and plans to make a final investment decision early next year.
Philippines-Singapore
FCC Philippines and Singapore-based Peak Energy have signed a 15-year solar power agreement to supply renewable electricity to FCC’s clutch manufacturing facility in Laguna. The project involves a 1MWp rooftop solar installation expected to generate about 1,500MWh annually, with power costs around 30% below grid tariffs.
💡Peak Energy will finance, build and operate the system, allowing FCC Philippines to use renewable power without upfront capital expenditure.
Aviation
Aviation markets are focusing on infrastructure upgrades, operational safety, and regional connectivity as Asia-Pacific countries prepare for rising passenger demand and more complex air traffic network.
Australia
Australia has introduced national operating procedures for large firefighting aircraft following a safety review into the 2023 crash of a Coulson Aviation Boeing 737 Fireliner during a bushfire mission in Western Australia. The new standards replace varying state-based rules with a single framework covering aerial supervision, flight profiles and communications.
💡The Australian Transport Safety Bureau found the crash involved a combination of operational factors, including low-energy conditions and inconsistent procedures for large air tanker operations. The new guidelines, developed through the National Aerial Firefighting Centre, aim to improve safety as large aircraft are increasingly deployed across jurisdictions.
China
COMAC has completed the first flight test of a high-altitude variant of its C919 passenger jet at Shanghai Pudong International Airport. The derivative model features a shortened fuselage and modified systems designed for operations at high-altitude airports.
💡The aircraft is expected to seat 140 to 160 passengers and support routes in plateau regions such as Yunnan and Xizang. The test marks a step in the C919 family’s development as COMAC expands the aircraft’s range of variants.
Malaysia-China
Malaysia’s Batik Air and Chinese payment provider YeePay have signed an agreement to integrate digital payment and ticket distribution solutions aimed at improving travel links between China and Malaysia. The partnership comes amid rising travel demand following the countries’ visa-free arrangement and ahead of Visit Malaysia 2026.
💡The collaboration will expand Batik Air’s payment options and access to China’s travel distribution networks. Batik Air currently operates direct flights from Kuala Lumpur to more than 10 destinations in China, including Shanghai and Guangzhou.
Singapore
Changi Airport Group has awarded Nakano Singapore a contract to build a six-storey office development at Terminal 3, the airport’s first standalone office block. The facility will provide about 9,600 square metres of workspace for airlines, airport partners and other businesses.
💡The project will include a revamped coach stand and is scheduled to be completed in phases in 2028. The development will add capacity as existing airport office space nears full utilization ahead of the planned opening of Terminal 5 in the mid-2030s.
Singapore-France
Thales has secured a contract from Singapore’s aviation regulator to build a new air traffic management platform and supply two radar systems, as the city-state upgrades its air traffic infrastructure. The system is expected to be operational by 2030 and will replace the existing LORADS III platform.
💡The new system will support higher traffic volumes, incorporate automated traffic flow management tools and include cybersecurity features. The project also covers technology transfer and local capability development, with Singapore’s Civil Aviation Authority staff working with Thales teams in France.
Advanced Air Mobility
Advanced air mobility is gaining government and industry support across Asia, but technical hurdles, regulations, and operational readiness remain key barriers to commercial eVTOL deployment.
China-Kazakhstan
AutoFlight and Kazakhstan’s Alatau Advance Air Group have completed a public flight demonstration of the Prosperity I passenger eVTOL aircraft in Astana, marking the first eVTOL flight under Kazakhstan’s updated advanced air mobility regulations. The demonstration was held alongside the Games of the Future 2026 technology and sports event.
💡Kazakhstan introduced a legal framework for eVTOL aircraft and vertiports in July, covering certification, operations and digital air traffic management.
China-South Korea
Volocopter and South Korea’s Chodang University have completed a public demonstration flight of a passenger eVTOL aircraft near Jeju Island, including a sea-crossing test to assess performance in island airspace. The event marked Volocopter’s first international public flight display since China’s Wanfeng Group restructured the company in 2025.
💡The demonstration was held as part of South Korea’s urban air mobility development efforts and included a strategic partnership between Volocopter and Chodang University to train future eVTOL pilots.
Japan
Japan has designated eVTOL aircraft as a key technology under its newly approved Growth Strategy, placing the sector among 17 strategic fields targeted for government support. The policy aims to promote next-generation mobility, strengthen domestic manufacturing capabilities and improve Japan’s global competitiveness.
💡The strategy includes support for eVTOL business models, regulatory development, research and infrastructure investment, and international certification efforts. SkyDrive, a Japanese eVTOL developer, said it will expand cooperation with government agencies and industry partners to advance commercial deployment.
Japan-India
Air India, SkyDrive and Suzuki Motor have signed an agreement to study the use of eVTOL aircraft for medical logistics in India. The companies will assess the feasibility of using air mobility solutions to transport time-sensitive medical supplies in congested urban areas.
💡The partnership will combine SkyDrive’s eVTOL technology, Air India’s aviation operations expertise and Suzuki’s local market knowledge. The study aims to explore a framework for safe and scalable medical air logistics services in India.
South Korea
South Korea’s urban air mobility ambitions faced a setback after a domestically developed air taxi failed to take off during the K-UAM Flight Showcase at Incheon National University’s INU Innovation Center in Incheon. The Sambo Motors Group B-32-R2 aircraft remained grounded after three attempts, with organizers citing rain and possible radio interference.
💡The incident highlighted the technical and operational challenges ahead of South Korea’s planned 2028 UAM rollout. The prototype is being used to test flight-control systems, while commercial passenger models are still under development and are not expected before 2030.
Marine
Maritime markets are shifting toward cleaner fuels, stronger shipbuilding capacity, and greener port infrastructure, with Asia-Pacific players balancing energy transition goals and strategic supply chain development.
China-Panama
China’s detention of Panama-flagged vessels has eased following talks between Beijing and Panama City, with July detentions falling to 16 from 140 in May. Panama said the share of inspections resulting in detentions dropped to 10% from a peak of 37%.
💡The inspections intensified after Panama removed Hong Kong-based CK Hutchison’s subsidiary from operating two Panama Canal terminals, prompting arbitration and wider maritime tensions. The two countries have since reached consensus on renewing a maritime transport agreement that provides benefits for Panamanian vessels in Chinese ports.
Japan-UK
Nippon Yusen Kaisha (NYK) has invested in UK-based LNG company MidOcean Energy, established by US energy and infrastructure investor EIG, through a share subscription in Diamond Gas MidOcean Limited (DGMO).
💡DGMO, formed by Mitsubishi Corporation in 2023, will become a jointly owned company by Mitsubishi and NYK following the investment, expected to close between August and September 2026. NYK will also partner with MidOcean Energy on LNG marine transportation as it expands its LNG value chain.
Philippines
HD Hyundai Heavy Industries Philippines has launched the first vessel built at its Subic shipyard, marking the start of shipbuilding operations at the facility. The Orion Jade is the first of four vessels ordered and measures 250 metres in length.
💡The revived yard has created about 4,000 jobs in the Subic region, with employment expected to increase as production expands. HD Hyundai is also working with Philippine agencies on training programmes to develop shipbuilding skills and support future capacity growth.
Philippines
The Philippines has rescheduled its first offshore wind auction, GEA-5, for Dec. 1, 2026, after suspending the process earlier this month for a review of project requirements. The auction targets up to 3.3GW of offshore wind capacity.
💡The Department of Energy said it will reassess port readiness, permitting, grid connections and supply chain issues before finalizing auction terms. The programme is part of efforts to develop the country’s offshore wind sector, which has yet to see a commercial project despite more than 178GW of estimated technical potential.
Singapore
Singapore’s Maritime and Port Authority (MPA) has completed the installation of a solar power system at Marina South Pier as part of efforts to reduce emissions from its shore-based operations. The installation comprises 1,092 solar panels covering about 3,200 square metres and is expected to generate up to 780,000 kWh of electricity annually.
💡The renewable energy system will supply a significant share of the pier’s electricity demand and support charging for electric harbour craft. The project forms part of MPA’s wider plan to expand renewable energy use across its facilities, including replacing diesel-powered generation on Pulau Satumu with renewable electricity by the end of 2027.
Singapore
Singapore has expanded its LNG bunkering supplier network with eight new five-year licences set to begin on Sept. 1.The Maritime and Port Authority of Singapore selected suppliers including Aramco Trading Singapore, ExxonMobil Asia Pacific, Shell Eastern Trading and Vitol Bunkers, among others.
💡The licences require providers to manage LNG bunkering services from supply and storage to vessel delivery, with assessments including methane emissions controls and lower-carbon fuel capabilities. The move supports Singapore’s expansion of alternative marine fuels as the port develops supply frameworks for LNG, methanol and ammonia.
Space
Asia-Pacific’s space sector is accelerating beyond launches, with growing investment in commercial services, research platforms, and reusable technologies.
Australia
Australia has again become a landing site for suspected space debris, after six spherical objects believed to be pressure vessels from a launch vehicle were found near Forrest Beach, Queensland, in early July.
💡The Australian Space Agency said the objects, dubbed “space balls,” remain under investigation after emergency crews secured the area with a 50-meter exclusion zone. The discovery adds to a series of debris incidents in Australia, including fragments linked to Skylab, SpaceX Dragon, Indian launch vehicles and China’s Jielong-3 rocket.
China
China’s Tiangong space station crew has harvested rice grown in orbit, marking the world’s first experiment involving two consecutive generations of space-cultivated rice.
💡Hong Kong’s first payload specialist Lai Ka-ying, part of the Shenzhou-23 mission, collected samples from a rice cultivation experiment using a compact ecological life-support module. The study compared space-bred rice descendants with ground-based control seeds, with harvested samples stored at minus 80°C before returning to Earth for analysis of genetic changes caused by long-term microgravity exposure.
Japan-Luxembourg
Japan’s ElevationSpace has signed a memorandum of understanding with Luxembourg-based Space Cargo Unlimited (SCU) to explore integrating SCU’s BentoBox autonomous payload platform into ElevationSpace’s future orbital demonstration and return vehicle.
💡The partnership aims to develop a standardized, lower-cost service for in-orbit research and manufacturing with reliable sample return capabilities. ElevationSpace, which is developing Japan’s first private atmospheric reentry and recovery technology for space-made materials, will assess BentoBox integration into its next-generation platform, while SCU will adapt the payload system for the vehicle.
Japan-USA
Mitsubishi Electric has invested $10 million in U.S. space technology startup Array Labs to develop satellite-based information services using airborne moving target indication (AMTI) technology. The companies will collaborate on applications focused on security and aerospace markets.
💡Array Labs is developing radar-equipped satellite systems and plans to begin launching a demonstration constellation in 2027-2028. Mitsubishi Electric said the partnership will combine its satellite capabilities with Array Labs’ radar technology and 3D terrain data to support future space-based monitoring services.
New Zealand
New Zealand-based reentry startup Outlier Space has raised $7.35 million in a pre-seed funding round to develop a reusable microgravity research and return vehicle, with a debut mission planned for 2028.
💡The round was led by Global from Day One, with participation from Nova Threshold, Brian Cartmell, Airtree, Icehouse Ventures, Investible and Side Stage Ventures. The company will use the funding to develop its heat shield and spacecraft systems, secure regulatory approvals, and build customer demand ahead of its first flight.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**