Beyond Horizons
Trailblazing Tales from Asia
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.**
Events
Ahead of the Ishka Aviation Finance Festival: Asia on 4 September, I sat down to discuss Asia-Pacific aviation investment.
The region is a hotbed for aviation growth, accounting for nearly half of all new aircraft on order, with India, China, Indonesia, and Malaysia leading demand. Mid-life aircraft are also in high demand due to delayed deliveries, fueling a booming MRO sector projected to reach US $129 billion across ASEAN by 2043.
Risks remain, including domestic airline consolidation, regulatory restrictions on foreign ownership, and potential shifts toward rail in markets like China. For investors, diversification and careful portfolio structuring are key to mitigating these risks.
While traditional leasing remains dominated by US and European investors, infrastructure-focused strategies such as SAF and port investment are gaining traction among Asian private investors. First-mover investors, particularly sovereign wealth funds, are already shaping the market, but deal structuring and execution remain complex—requiring deep aviation and financial expertise.
Reflecting on my career across legal, financial, and infrastructure roles, I see aviation assets as uniquely resilient: standardized, liquid, and globally tradable, with less country-specific risk than real estate or other immovable assets. Mid-life aircraft are increasingly valuable amid supply constraints and geopolitical tensions.
The takeaway: Asia presents an enormous aviation investment opportunity, but success demands experience, insight, and early development of local talent to navigate this complex, high-potential market.
Read my full remarks here.
Summary
Financing & Investments: SoftBank Invests $2 Billion in Intel to Boost U.S. Semiconductors; PayNet and Ant International Expand Cross-Border Payments with DuitNow QR on Alipay+; DBS Tokenizes Structured Notes on Ethereum to Democratize Investment; Startale and SBI Launch Blockchain Platform for Tokenized Stocks and Real-World Assets; and Foxconn Invests $30 Million in Robocore Robotics to Expand Medical and Elderly Care Solutions
Environmental Sustainability: China Launches Pilot Program for Overseas Green Financing; Report Questions Sustainability of Biomass Certification Schemes; AirTrunk Secures Record S$2.25 Billion Green Loan for Singapore Data Centre; Singapore and Thailand Sign First Bilateral Carbon Credit Agreement; and Philippines Proposes Carbon Credit Policy to Boost Clean Energy
Aviation: Australia Faces Worst Aviation Threat in Eight Years at Avalon Airport; China National Aviation Fuel Invests in Sustainable Jet Fuel Plant; India Warns of Staffing Shortages in Aviation Safety Regulator; TP Aerospace Opens New Maintenance Facility in Singapore; and Vietjet Begins Construction of Aircraft Maintenance Center at Long Thanh Airport
Advanced Air Mobility: Australia Funds AMSL Aero’s Hydrogen-Electric VTOL for Remote Communities; China’s AVIC Tests New Tiltrotor Aircraft; Japan’s SkyDrive Partners with Indonesia’s Whitesky for eVTOL Deployment; and Embry-Riddle Singapore Graduates First Cohort of Licensed UA Pilots
Marine: Denmark’s Cadeler to Install 25 Turbines at Taiwan’s Formosa 4 Offshore Wind Farm; Maersk’s APM Terminals to Invest $1.1 Billion in Andhra Pradesh Ports; Mitsui OSK Lines and Itochu Plan First Ship-to-Ship Ammonia Bunkering in Singapore; Korea Marine Transport Places Largest Newbuild Order for 13,000 TEU Containerships; and HD Korea Shipbuilding Acquires Doosan Vina in Vietnam for Regional Manufacturing Hub
Space: CAS Space Launches Kinetica 1 Rocket Deploying Mexican Satellites; JAXA to Launch First HTV-X Resupply Vehicle to ISS; Japan Joins ESA’s Ramses Mission to Study Asteroid Apophis; Indonesia Plans Spaceport and Satellite Constellation to Boost Regional Space Economy; and Firefly Aerospace Eyes Launches from Japan’s Hokkaido Spaceport
Financing & Investments
Asian and Japanese investors are accelerating tech, finance, and digital integration: strategic bets target semiconductors, AI, robotics, tokenized assets, and cross-border payments. Trends include blockchain adoption, democratized investing, global market expansion, and secure, scalable digital finance solutions.
Japan
SoftBank Group has agreed to invest $2 billion in Intel through the purchase of common stock at $23 per share. The deal, still subject to customary closing conditions, reflects both companies’ commitment to advancing semiconductor innovation and manufacturing in the United States.
💡The investment aligns with SoftBank’s strategy of supporting technologies that drive artificial intelligence, cloud computing, and digital infrastructure. For Intel, the deal strengthens ties with a major global technology investor as it pushes forward with efforts to expand U.S. semiconductor production and maintain leadership in advanced chipmaking.
Malaysia-China
Payments Network Malaysia (PayNet) and Ant International have expanded their partnership with a new agreement that focuses on boosting cross-border payments, fraud prevention, talent development, and sustainability. A key outcome of the deal is the global acceptance of Malaysia’s DuitNow QR through Alipay+, allowing Malaysians to use their local e-wallets or banking apps across millions of merchants worldwide. This development broadens payment options for Malaysians traveling abroad while also making the country more attractive to tourists who can pay easily via Alipay+ at local merchants.
💡Beyond payments, the collaboration will strengthen defences against scams using AI-powered security tools, support fintech talent growth through initiatives like Malaysia’s largest intervarsity hackathon, and promote sustainability in digital finance.
Singapore
DBS has begun tokenizing structured notes on the Ethereum public blockchain, making them available to accredited and institutional investors through third-party digital investment platforms ADDX, DigiFT, and HydraX. The move is aimed at expanding access to sophisticated financial instruments in smaller, tradeable units by breaking down traditional $100,000 minimum investments into $1,000 fungible tokens. This approach allows investors to manage portfolios with greater flexibility and precision while adapting to volatile markets.
💡The bank’s first distribution involves cryptocurrency-linked structured notes that provide cash payouts tied to crypto price movements while reducing downside risk. Beyond crypto-linked instruments, DBS plans to tokenize other structured notes, such as equity- and credit-linked products.
Singapore-Japan
Startale Group and SBI Holdings are launching a joint venture to build an onchain trading platform for tokenized stocks and real-world assets. The project aims to capture a share of the multi-trillion-dollar market projected for tokenized assets by 2033, offering around-the-clock trading, near-instant settlements, and lower fees compared to traditional markets. The platform is designed to bridge traditional finance with decentralized finance (DeFi), enabling global access, fractional ownership, and programmable financial products.
💡The initiative will operate through two newly formed entities, one focused on technology development and the other on business expansion. Funding has been secured in phases tied to development milestones to ensure disciplined execution and long-term growth. By combining Startale’s blockchain infrastructure with SBI’s financial ecosystem, the venture seeks to provide institutional-grade security, compliance frameworks, and interoperability, positioning itself as a global player in tokenized financial markets.
Taiwan-Hong Kong
Foxconn Technology Co. has invested up to $30 million in Hong Kong-based robotics company Robocore Technology to accelerate its expansion in medical and elderly care robotics. The deal, executed through Foxconn’s subsidiary Q-Run Holdings, starts with an initial $10 million for a 6.6% stake in Robocore’s unit RoboTemi Global, with two additional $10 million tranches possible over the next two years.
💡The funding will support Robocore’s telemedicine business in the US, Europe, and Japan, the launch of new consumer products in China, and global sales and marketing initiatives, with the company targeting an IPO before 2030.
Environmental Sustainability
Asia-Pacific is accelerating low-carbon finance and sustainability efforts: China opens foreign green financing, Singapore and Thailand formalize carbon credit trade, and the Philippines sets rules for carbon markets. Large green investments, like AirTrunk’s record loan, show rising ESG-linked capital, while scrutiny of biomass certifications underscores the need for credible environmental impact.
China
China has launched a pilot program to attract overseas capital into green and low-carbon projects through foreign debt financing. The initiative, led by the State Administration of Foreign Exchange (SAFE), covers 16 regions including Beijing, Shanghai, Hebei, and Qingdao, and is designed to help non-financial enterprises fund qualified sustainability projects.
💡The program introduces measures such as higher cross-border financing limits for green investments and streamlined foreign debt services. SAFE said the framework aims to balance openness with financial security while supporting the growth of the real economy and advancing China’s low-carbon transition.
Global
A new NGO-commissioned report has alleged that the Sustainable Biomass Program (SBP), an industry-developed certification scheme, is approving biomass linked to forest degradation. The findings raise concerns about the robustness of SBP’s verification methods for wood pellet producers and supply chains, especially given the scheme’s role in justifying green subsidies in Europe and parts of Asia.
💡In response, SBP acknowledged the concerns and said it is open to dialogue, while stressing that its certification focuses on the sustainability and legality of sourcing at the producer level rather than forest management or broader climate impacts. Environmental groups behind the report argue that this approach is insufficient to guarantee genuine sustainability or to prevent deforestation and carbon losses from certified biomass.
Singapore-APAC
AirTrunk has secured a record S$2.25 billion (US$1.65 billion) green loan to finance its new Loyang-based hyperscale data centre, SGP2. Backed by a consortium of 26 local and international banks, the deal represents both Singapore’s largest-ever loan and its largest green loan for a data centre. Structured under the Singapore-Asia Taxonomy for Sustainable Finance and AirTrunk’s Green Financing Framework, the facility can transition into a sustainability-linked loan. All loan incentives will be directed to AirTrunk’s social impact fund to support community programs.
💡The SGP2 facility will deliver more than 70MW of capacity for cloud and artificial intelligence workloads across Southeast Asia. It is designed to meet Singapore’s GreenMark Platinum standards, with a targeted Power Usage Effectiveness (PUE) of 1.20 and the use of green concrete and steel to lower embodied carbon
Singapore-Thailand
Singapore and Thailand have signed their first bilateral agreement on carbon credits under Article 6 of the Paris Agreement, marking a milestone in regional climate collaboration. The legally binding pact, finalized during the Singapore Regional Business Forum in Bangkok, is Singapore’s first such deal with an ASEAN member state. It enables the generation and transfer of internationally recognized carbon credits from Thailand to Singapore while channeling financing into Thai projects such as clean energy, forestry, zero-emission transport, and waste management.
💡The partnership also supports climate adaptation measures in Thailand, with part of the proceeds allocated to initiatives like flood resilience and sustainable forest management.
Philippines
The Philippines is set to introduce a Carbon Credit Policy for its energy sector to strengthen participation in carbon markets and accelerate the shift to cleaner energy. The draft policy establishes rules for generating and trading carbon credits, ensuring reductions are verifiable and promoting private investment in renewable energy and emissions-reduction projects.
💡The Department of Energy will hold a public consultation with stakeholders to refine the framework and prepare for international carbon market participation. The policy builds on the country’s 2024 carbon credit pact with Singapore and complements the Philippine Energy Plan 2023–2050, supporting expanded renewable energy use, efficiency improvements, and a low-carbon energy transition
Aviation
Aviation developments highlight security, green fuel, and fleet support: Australia upgrades safety, China invests in sustainable jet fuel, India faces regulator staffing gaps, and Singapore and Vietnam expand maintenance facilities.
Australia
Government documents reveal that the alleged March hijack attempt at Avalon Airport was Australia’s most serious aviation threat in eight years. A 17-year-old is accused of breaching the airport fence with a shotgun and attempting to board a Jetstar flight to Sydney. Officials noted the incident was the worst since a disrupted Sydney bomb threat in 2017 and emphasized the need for rapid action to prevent similar events.
💡Avalon Airport has independently upgraded its security following the incident, conducting a review of procedures and implementing permanent enhancements. The alleged attacker faces charges including possession of a firearm, bomb hoax, endangering an aircraft, and unlawful seizure of an aircraft.
China
China National Aviation Fuel Company (CNAF) has agreed to acquire a stake in a sustainable aviation fuel (SAF) plant operated by Henan Junheng Industry Group Biotech. This marks CNAF’s second investment in privately-controlled green jet fuel production.
💡Junheng, based in central China, is one of the country’s first commercial SAF refiners, converting used cooking oil into low-carbon aviation fuel. Financial terms of the deal were not disclosed.
India
A parliamentary panel has warned that India’s aviation safety regulator, the Directorate General of Civil Aviation (DGCA), faces a severe staffing shortage that threatens the effectiveness of the country’s safety system. The report describes the personnel deficit as “profound and persistent” and highlights overworked air traffic controllers and other operational pressures.
💡While the report comes amid heightened scrutiny following the June Air India crash, India’s overall safety record remains strong, with accident rates generally below the global average, according to International Civil Aviation Organization metrics.
Singapore
TP Aerospace has opened a new combined office, wheel and brake maintenance, and warehouse facility in Singapore, following regulatory approval on August 18.
💡The 3,000 m² site in Changi Business Park is designed to support future growth, featuring advanced machinery and LEAN-optimized processes to enhance operational efficiency and streamline maintenance and warehouse operations.
Vietnam
Vietjet has begun construction on its Aircraft Maintenance and Engineering Center at Long Thanh International Airport. With a nearly USD 100 million investment, the facility will include Hangars 3 and 4 and can service up to 10 aircraft simultaneously, supporting both Vietjet’s growing fleet and other domestic and international airlines.
💡The project is part of 80 landmark initiatives marking Vietnam’s 80th National Day.
Advanced Air Mobility
Global advanced air mobility is moving toward commercial readiness and regulatory support: Australia invests in hydrogen-electric VTOLs, China demonstrates new tiltrotor tech, Japan and Indonesia plan eVTOL operations, and Singapore builds drone pilot capacity—showing a blend of innovation, infrastructure, and workforce development.
Australia
The Australian government has provided A$3 million (around $1.9 million USD) to AMSL Aero to advance its Vertiia hydrogen-electric VTOL aircraft. This funding is part of a larger two-year initiative worth A$7.56 million, called Liquid Hydrogen Powered Aircraft for Regional and Remote Australia, which aims to expand air services to smaller and remote communities.
AMSL Aero is partnering with Fabrum, Monash University, and Deakin University to tackle technical, safety, and regulatory challenges, including developing safe refueling systems, testing fuel measurement methods, and managing power distribution during flight trials.
💡The grant comes through the Department of Industry’s Cooperative Research Centres Program, which plans to use the findings to inform future eVTOL regulations. Australia’s Civil Aviation Safety Authority has suggested that commercial eVTOL operations could begin between 2027 and 2029.
China
AVIC is testing a new tiltrotor aircraft, highlighting potential for rapid transport and extended-range operations. Images show the aircraft in flight with rotors tilted upward while the engines stay fixed at the wingtips, a design approach similar to the U.S. Bell MV-75.
💡No official designation or registration has been released, and it is unclear if the aircraft will enter production or serve mainly as a technology demonstrator.
Japan-Indonesia
SkyDrive Inc., a Japanese eVTOL manufacturer, has partnered with Indonesian helicopter operator PT Whitesky Aviation to advance electric air mobility in Indonesia. The collaboration includes the potential deployment of SkyDrive’s eVTOL aircraft at Whitesky’s Cengkareng Heliport and applications in the country’s mining sector, with Whitesky placing a pre-order for up to 30 units.
💡The companies plan to launch eVTOL sightseeing services in central Jakarta by 2028 and develop a superhub-and-spoke infrastructure to support scalable nationwide operations.
Singapore
The first cohort of students at Embry‑Riddle Aeronautical University’s Asia Campus in Singapore has earned their Unmanned Aircraft (UA) Pilot Licenses, qualifying them to operate drones commercially. The graduates completed a nine-week uncrewed aircraft systems (UAS) program approved by the Civil Aviation Authority of Singapore in December 2023, which covers regulatory frameworks, risk management, mission planning, data processing, and practical flight skills.
💡The program, designed for Singapore’s complex urban airspace, includes both written and practical exams, requiring students to demonstrate proficiency in advanced maneuvers and operations under challenging conditions, such as GPS-deactivated flights.
Marine
Marine developments highlight investment in renewable energy, green fuels, and fleet expansion: Europe and Asia are building offshore wind and ammonia fuel capabilities, Maersk boosts port infrastructure in India, and South Korea expands shipbuilding and regional manufacturing, reflecting a trend toward sustainable operations, modernization, and strategic regional growth.
Denmark-Taiwan
Denmark’s Cadeler has signed a firm contract with Synera Renewable Energy to transport and install 25 Siemens Gamesa 14MW turbines at Taiwan’s Formosa 4 offshore wind farm. Using one of its M-class installation vessels, Cadeler will carry out operations starting March 2028 over roughly 150 days, generating an estimated €70–80 million ($81–93 million) in revenue.
💡Formosa 4, located 18–20 km off Miaoli County, will cover 58 sq km with turbines at water depths of 57–64 m, delivering 495MW upon completion. The contract follows a September 2024 reservation agreement.
India
Maersk’s port unit, APM Terminals, has signed a memorandum of understanding with Andhra Pradesh Maritime Board to invest ₹9,000 crore (around $1.1 billion) in developing three key ports: Ramayapatnam, Machilipatnam, and Mulapeta.
💡The deal includes modern cargo handling systems, new terminals, and operational management, with the project expected to create roughly 10,000 direct jobs and enhance the state’s position as a regional logistics and maritime hub.
Japan-Singapore
Japan’s Mitsui OSK Lines (MOL) and Itochu Corporation have signed a joint development agreement to conduct the world’s first ship-to-ship ammonia bunkering operations in Singapore, planned for the second half of 2027. MOL will use its upcoming ammonia dual-fuel capesize bulkers, while Itochu will supply its 5,000 cu m ammonia bunkering vessel under construction in Japan.
💡The project aims to demonstrate the technical feasibility and safety of offshore ammonia fuel transfers, a key step toward making ammonia a mainstream zero-emission marine fuel. MOL is also collaborating with Belgium’s CMB.TECH on three ammonia-powered capes being built in China, with deliveries expected in 2026–2027.
South Korea
Korea Marine Transport Co (KMTC) has reportedly placed its largest newbuild order to date, contracting four 13,000 TEU containerships at HD Hyundai yards for around $150 million per vessel. The order marks a major increase in vessel size for the Seoul-based carrier, which primarily operates intra-Asia trades with a fleet of over 60 smaller boxships.
💡The move follows KMTC’s re-entry into the transpacific market this year, including joining the Asia West Coast service and launching an Asia-Mexico loop.
South Korea-Vietnam
HD Korea Shipbuilding & Offshore Engineering (HD KSOE), part of HD Hyundai Group, has agreed to acquire Doosan Vina, the Vietnamese manufacturing unit of Doosan Enerbility, for 290 billion won ($207.5 million). The acquisition gives HD KSOE full control of Doosan Vina’s 110-hectare facility in Quang Ngai Province, which produces desalination plants, boilers, process equipment, and port cranes.
💡The company plans to develop the complex into a regional hub for independent cargo tanks and port cranes.
Space
Global space activity is expanding with a focus on satellite deployment, planetary research, and commercial launch infrastructure. China, Japan, and Indonesia advance scientific and economic space initiatives, while Firefly seeks to enter the Asian launch market.
China-Mexico
CAS Space successfully launched its Kinetica 1 rocket for the eighth time, deploying seven satellites into orbit, including two mini satellites built by Mexico’s ThumbSat. The launch took place from the Jiuquan Satellite Launch Center in China’s Gobi Desert. The payload also included a synthetic aperture radar satellite, an Earth observation satellite, and five experimental spacecraft. ThumbSat’s satellites carry creative and scientific instruments, with ground stations in Mexico allowing students to track signals from orbit.
💡The Kinetica 1, formerly known as ZK 1A, is 30 meters long, 2.65 meters in diameter, and has a liftoff mass of 135 tons, capable of placing up to 1.5 tons into a sun-synchronous orbit.
Japan
The Japan Aerospace Exploration Agency (JAXA) announced that it will launch the first HTV-X resupply vehicle to the International Space Station on Oct. 21 at 10:58 a.m. The 8-meter-long HTV-X, a successor to the Kounotori HTV series, can carry about 5.8 tons of cargo, an increase from the previous 4-ton capacity.
💡The vehicle will launch aboard the seventh H3 rocket from Tanegashima Space Center, with the number of solid rocket boosters increased to four. JAXA also plans to launch the sixth H3 rocket without boosters by March 2026.
Japan-Europe
Japan is set to join the European Space Agency’s (ESA) Ramses mission to study the asteroid Apophis, which will pass about 32,000 kilometers from Earth in April 2029. Japan is expected to provide cameras, solar panels, and a launch vehicle for the probe, scheduled to launch in April 2028. The mission will study how Earth’s gravity affects the asteroid and monitor surface changes, offering data for future planetary defense efforts.
💡The probe will be launched alongside Japan’s Destiny+ spacecraft from the Tanegashima Space Center. Destiny+ will make a brief flyby of Apophis to gather additional data supporting the Ramses mission. ESA plans to finalize mission details at a ministerial meeting in November, while Japan aims to include the project in its next fiscal year budget.
Indonesia
Indonesia could generate up to US$200 million annually from a new spaceport, according to Adi Rahman Adiwoso, CEO of the Indonesian Space Association (Ariksa). Speaking at a panel on the nation’s space industry, he cited a 2025 Deloitte study projecting that space activities could add up to US$100 billion to ASEAN’s GDP, with Indonesia positioned to play a leading role.
💡Robertus Heru Triharjanto, head of BRIN’s Research Organization for Aeronautics and Space (ORPA), outlined plans to develop a remote sensing satellite constellation, expand IoT applications, and build a spaceport. He also highlighted initiatives to attract international launch providers and create a private-sector-friendly ecosystem for satellite data use and downstream applications.
USA-Japan
Firefly Aerospace is considering launching its Alpha rocket from Japan’s Hokkaido Spaceport as part of plans to expand its global service, potentially making Japan its first Asian launch site. The preliminary agreement with Space Cotan, the spaceport operator, would allow Firefly to serve the growing satellite market in Asia and strengthen launch capabilities for U.S. allies.
💡The plan requires a U.S.-Japan space technology safeguards agreement to permit American rocket launches from Japan. Firefly, which went public earlier this month with an $868 million IPO, has had four of six Alpha rocket flights fail since 2021, including its most recent in April, but continues to pursue international launch options.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**