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
IMDEX Asia 2025
IMDEX Asia 2025, held from May 6-8 at the Changi Exhibition Centre in Singapore, is a key event for the naval and maritime defence industry. The exhibition will showcase a wide range of technologies, from traditional sectors like shipbuilding and armaments to new innovations in cybersecurity, unmanned systems, and surveillance.
Learn more about IMDEX Asia 2025 here.
Australian Space Summit and Exhibition 2025
The Australian Space Summit & Exhibition will take place from May 27-28 at the International Convention Centre Sydney. This marks the event's fourth consecutive year, bringing together industry leaders to explore advancements in the space sector.
Learn more about the event here.
The Advanced Air Mobility Asia Symposium (AAM Asia)
The Advanced Air Mobility Asia Symposium (AAM Asia) will take place from September 16-18, 2025, at Aichi Sky Expo, Japan. The event will explore Asia’s evolving Advanced Air Mobility (AAM) ecosystem, covering use cases, infrastructure, air traffic management (ATM/UTM), MRO, and regulations.
Learn more about the symposium here.
Summary
Financing & Investments: Asia Pacific Sees Significant Increase in Greenfield Investment in 2023; Shanghai Eases FDI Regulations to Attract Investment Amid Rising Geopolitical Tensions; DBS Group Leads Bid to Acquire Controlling Stake in Panin Bank; Qraft Technologies Partners with RHB Asset Management to Launch Malaysia’s First AI-Driven Multi-Asset Fund; UOB Launches 11th FDI Advisory Centre in Seoul to Boost Korean Investment in ASEAN; and Thai SEC Files Criminal Complaint Against OKX and Nine Individuals for Unlicensed Operations
Environmental Sustainability: Virgin Australia, Qatar Airways, and RDA Partner to Build SAF Facility in North Queensland; IATA Launches CADO to Manage SAF Registry; BCG Report Highlights Challenges and Opportunities for SAF Adoption; Japan Airlines and Partners Launch Feasibility Study for Sustainable Fuel from Forest Residues; and Japan’s First Large-Scale SAF Facility Set to Begin Production in April
Aviation: ACCC Approves Virgin Australia and Qatar Airways Alliance for Enhanced Flights; Qantas Delays Project Sunrise to 2027; China and US Should Avoid Decoupling, Says Commerce Minister at Boeing Meeting; COMAC Delivers First C909 Aircraft to Lao Airlines; and EaseMyTrip to Acquire 49% Stake in Flybig Indian online travel agency
Advanced Air Mobility: EHang Secures World’s First AOC for Passenger-Carrying eVTOL Flights; TCab Secures Strategic B+ Round for eVTOL development; Aerofugia partners with Sichuan Airlines to drive eVTOL development; and MPA and Republic Polytechnic Launch Uncrewed Aircraft Pilot Training Programme
Marine: Australia-Singapore Initiative Funds Maritime Emission Reduction Projects; India and Singapore Launch Green and Digital Shipping Corridor Initiative; Singapore Launches Maritime Energy Training Facility Digital Platform; Singapore Sets New Standards for Electric Harbour Craft Charging Infrastructure; Wärtsilä Partners with MPA to Drive Maritime Decarbonisation with New Simulation Models; and Singapore and Port of Rotterdam Strengthen Green and Digital Shipping Corridor
Space: Kristine Atienza Becomes First Filipino to Complete Commercial Suborbital Spaceflight Training; Converge ICT Partners with Starlink and Ribbon Communications for Enhanced Connectivity; NT and Eutelsat OneWeb to Launch Satellite Broadband in Southeast Asia; Thailand and South Korea Strengthen Space and Nuclear Energy Ties; and Vietnam Approves Trial of Starlink Satellite Service
Financing & Investments
Asia-Pacific
According to the 2024 World Investment Report, developing Asia saw a 44% surge in the total value of greenfield foreign direct investment (FDI) announcements in 2023, along with a 22% increase in the number of such announcements. Despite an overall slowdown in global FDI, developing Asia attracted $621 billion in FDI, with East and Southeast Asia continuing to be the top destination, accounting for nearly half of the worldwide inflows.
💡While mergers and acquisitions (M&A) transactions dropped by almost $30 billion in 2023, greenfield investments provided a major boost. Southeast Asia, in particular, saw a 42% increase in greenfield investment announcements, contributing an additional $62 billion in value.
China
Shanghai has announced measures to ease foreign direct investment (FDI) regulations in a bid to attract more foreign investment, as part of a broader push to enhance its business environment. At the launch of a week-long investment promotion event on 26 March 2025, Shanghai Mayor Gong Zheng emphasized the city’s commitment to creating a market-oriented, legal, and internationalized business climate.
The move follows the national government's recent release of a "2025 action plan" to stabilize foreign investment, which includes facilitating investments in sectors like telecommunications and biotechnology, and gradually opening the education and cultural sectors.
💡Despite this, FDI into China dropped 13% in January 2025, following a 27.1% decline in 2024, as geopolitical tensions and US trade tariffs prompt companies to diversify supply chains.
Indonesia
DBS Group has emerged as the top contender to acquire a controlling 86% stake in Indonesia’s Panin Bank, currently held by ANZ Group and the Gunawan family. The stake, valued at about US$1.8 billion, has drawn interest from various bidders, with DBS ahead of Malaysia’s CIMB Group in the second round of bidding.
ANZ, which has held 39% of Panin Bank since 2013, has been seeking to exit the investment, while the Gunawan family is flexible on the amount of their stake for sale, depending on the offer valuation. Binding bids are expected by late April or early May, though the timeline may shift.
💡A successful acquisition would significantly expand DBS’s presence in Indonesia, potentially placing it among the country’s top ten banks.
Malaysia
Qraft Technologies has teamed up with RHB Asset Management Sdn Bhd (RHBAM) to introduce the RHB Dynamic Artificial Intelligence Allocator Fund, Malaysia’s first AI-driven multi-asset fund by a bank-backed asset management company.
💡The fund uses Qraft’s advanced AI models to manage volatility across asset classes, including digital assets. The models analyze over 80 datasets to dynamically adjust the portfolio each month, aiming to minimize risks while seizing market opportunities.
Singapore-South Korea
Singapore’s United Overseas Bank (UOB) has opened its 11th Foreign Direct Investment (FDI) Advisory Centre in Seoul, South Korea, aimed at helping Korean businesses expand into the ASEAN market. The centre will provide market entry advisory, regulatory support, financing, and risk management services.
This move comes as South Korean FDI in Southeast Asia increased to $10.9 billion in 2023, up from $5 billion in 2017, with technology, consumer goods, and manufacturing sectors leading the investments.
💡Since launching its FDI Advisory Unit in 2011, UOB has helped 150 Korean businesses invest nearly S$3 billion ($2.2 billion) in ASEAN. UOB also co-organized the Korea-ASEAN Business Forum on March 26, 2025, with PwC, Kim & Chang, and regional investment agencies to discuss expansion opportunities.
Thailand
The Thai Securities and Exchange Commission (SEC) has filed a criminal complaint against Aux Cayes Fintech, operator of the OKX exchange, and nine individuals for running an unlicensed digital asset exchange in Thailand. OKX was found to be offering trading services through its Thai website and promoting them on platforms like Telegram and X (formerly Twitter), violating the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018).
💡The SEC's complaint also targets those accused of aiding and promoting the unlicensed operations. The legal process is now underway, with the SEC warning the public against dealing with unlicensed platforms. Investors are advised to verify platform licenses through the SEC's website or app.
Environmental Sustainability
Australia
Virgin Australia and Qatar Airways have partnered with Renewable Developments Australia (RDA) to establish a Sustainable Aviation Fuel (SAF) production facility in Charters Towers, North Queensland.
The project will feature a fully integrated Ethanol to Jet (EtJ) facility, converting bioethanol from locally grown sugarcane into 100% SAF. The facility will generate its energy needs from renewable sources, making it energy self-sufficient.
💡Expected to produce up to 96 million liters of SAF annually, the facility aims for a 70% reduction in lifecycle greenhouse gas emissions compared to conventional jet fuel. Currently in pre-final investment decision stage, the SAF is projected to be produced by early 2029.
Global
The International Air Transport Association (IATA) has launched the Civil Aviation Decarbonization Organization (CADO) to oversee the forthcoming Sustainable Aviation Fuel (SAF) Registry. Based in Montreal, Canada, CADO is a non-profit organization that will manage the registry, with IATA providing technical support. Membership is open to entities involved in the SAF value chain, including governments and organizations benefiting from SAF adoption in aviation.
The SAF Registry will track SAF transactions globally, ensuring transparency and standardization while verifying environmental benefits and compliance with regulations. The registry aims to connect airlines with SAF producers and suppliers to address limited SAF availability.
💡Participation in the registry will be free until April 2027, after which a cost-recovery model will be introduced. IATA has announced that 17 airlines, one airline group, six national authorities, and several OEMs and fuel producers have pre-registered for the registry.
Global
Boston Consulting Group (BCG) has issued a report highlighting that while SAF have significant potential to decarbonize the aviation industry, most stakeholders are not moving fast enough to meet the 2030 targets. Despite rapid growth in SAF production, the sector is projected to fall short due to high production costs, economic uncertainty, and slow regulatory progress.
A survey of over 500 aviation executives revealed that many companies are taking a cautious approach, with two-thirds predicting they will be observers rather than leaders in the SAF market by 2030. Investment in SAF projects has been uneven, with aircraft OEMs and project developers leading, while airlines and lessors are lagging.
💡The main barrier to greater adoption is the lack of a clear business case, with production costs remaining high. However, there is confidence that the 2030 targets can still be met, despite only 14% feeling well-prepared to overcome the challenges.
Japan
Marubeni Corporation, Japan Airlines (JAL), Mitsubishi Chemical Corporation, Chugoku Lumber, Boeing Japan, and Obayashi Corporation have signed a memorandum of understanding to explore the feasibility of producing SAF, bio-naphtha, and renewable diesel from Japan's domestic forest residues. The study, set to run until December 2025, aims to assess the economic viability and environmental benefits of utilizing wood residues for fuel production, with commercialization targeted for 2030.
💡Japan, rich in forest resources, sees potential in using thinning materials and wood residues to create sustainable raw materials, especially as the country focuses on resource circulation and carbon neutrality.
Japan
Japan’s first large-scale SAF facility, located at Cosmo Oil’s Sakai refinery in Osaka, will start production in fiscal 2025-26, beginning April 1. The facility, operated by the joint venture Saffaire Sky Energy (Cosmo Oil, JGC Holdings Corporation, and Revo International), will primarily use waste cooking oil and is projected to produce 300,000 kiloliters (79 million gallons) of SAF by 2030.
The second SAF production site, located in Sakaide, Shikoku, is expected to begin operations in 2029, using bioethanol for SAF production.
💡Additionally, Cosmo Oil has signed a SAF supply agreement with Delta Air Lines, marking the first time Delta will use SAF in the Asia-Pacific region.
Aviation
Australia
The Australian Competition and Consumer Commission (ACCC) has approved a five-year alliance between Virgin Australia and Qatar Airways, allowing them to increase flight services between Australia and Doha.
The ACCC believes the alliance will benefit the public by increasing capacity, potentially lowering prices, and providing more flight choices with enhanced connectivity and loyalty program benefits. While some raised concerns over job impacts from the wet lease arrangement, the ACCC concluded that the Australian aviation workforce would not be materially affected, as no Australian airline is expected to operate the routes independently in the next five years.
💡The new services will start in June 2025, with interim authorisation granted from November 2024 to allow marketing and sales to begin.
Australia
Qantas Delays Project Sunrise to 2027 Qantas has pushed back its Project Sunrise timeline again, with the first Airbus A350-1000 now set to arrive by the end of 2026. The aircraft, designed for non-stop flights from Australia’s east coast to London and New York, will first be used for training flights to New Zealand.
💡CEO Vanessa Hudson confirmed passengers can expect a 20% premium for the non-stop service. Originally planned for delivery in 2023, the project was delayed due to Airbus manufacturing issues.
China-USA
China’s Minister of Commerce, Wang Wentao, stated that there is no future in decoupling between China and the US, emphasizing the importance of mutually beneficial economic cooperation. He met with Boeing Global President Brendan Nelson on March 25, 2025, in Beijing, urging Boeing to support the stability of the global aviation industry and contribute to China-US relations.
Nelson reiterated Boeing’s commitment to China, highlighting the highly integrated nature of the aviation industry. He pledged to continue investing in China’s growing air transport market. Both sides agreed that cooperation benefits both countries, with Boeing focusing on expanding operations in China, especially in low-altitude logistics.
💡The meeting came after the China Development Forum 2025, which attracted over 750 foreign representatives. Boeing expects China’s commercial airplane fleet to more than double by 2043.
Laos
On March 30, 2025, COMAC delivered the first C909 aircraft to Lao Airlines, marking China's entry into the Laotian market. The aircraft, leased to Lao Airlines, will undergo necessary preparations in Laos before commencing service.Lao Airlines, the country’s flag carrier, is expanding its fleet.
💡The Lao Civil Aviation Authority issued the aircraft's Type Acceptance Certificate on March 18, 2025, confirming its readiness for commercial operations.
India
EaseMyTrip has announced plans to acquire a 49% minority stake in charter carrier flybig (Big Charter Pvt Ltd). This marks EaseMyTrip's first venture into India's charter aviation sector, valued at USD 650.5 million and expected to grow to USD 1.14 billion by 2033.
💡The acquisition will allow EaseMyTrip to enter high-margin charter services and non-scheduled operations, catering to corporate clients, high-net-worth individuals, and event travelers. Flybig will benefit from EaseMyTrip’s advanced booking and pricing technology. Flybig operates a fleet of four DHC-6-400 aircraft, serving destinations such as Indore, Ludhiana, and Ghaziabad.
Advanced Air Mobility
China
EHang announced that its subsidiary, Guangdong EHang General Aviation, and joint venture, Hefei HeYi Aviation, have received the first Air Operator Certificates (AOC) from the Civil Aviation Administration of China (CAAC) for civil passenger-carrying EH216-S flights.
Hefei HeYi Aviation’s AOC permits operations within Luogang Central Park, while Guangdong EHang General Aviation is approved to fly at Suigang Wharf in Guangzhou’s Huangpu District. The approved tourism flights are limited to a maximum altitude of 120 meters (~394 feet) and must be conducted under visual meteorological conditions.
💡EHang becomes the world’s first eVTOL company to achieve regulatory approval, marking a major step toward commercialization of autonomous aerial vehicles. The company plans to expand its operations and support more cities in launching regular low-altitude flights.
China
TCab announced the completion of its B+ funding round, with investments from Grand NeoBay Venture Capital and Chifortune Venture Capital. This marks the first direct investment by Shanghai state capital into an eVTOL aircraft company following the city’s Low-Altitude Economy Action Plan (2024–2027).
💡TCab is focused on developing its tiltrotor E20 eVTOL. Backed by state capital and industrial investors, the company plans to expand both domestically and internationally, including partnerships in Belt and Road countries.
China
Chinese eVTOL aircraft developer Aerofugia has signed a strategic partnership with Sichuan General Aviation Investment, a subsidiary of Sichuan Airlines Group. The collaboration will focus on eVTOL flight testing, data collection, and airworthiness certification, as well as expanding the low-altitude economy.
💡The partnership also aims to train professionals in the eVTOL sector, collaborate on industry standards, and create infrastructure such as vertiports and charging stations. The goal is to establish a national eVTOL pilot project, integrating eVTOL aircraft into key urban areas and transport hubs.
Singapore
The Maritime and Port Authority of Singapore (MPA) has partnered with Republic Polytechnic (RP) to establish a specialized Uncrewed Aircraft (UA) Pilot Training programme for MPA and commercial pilots.
Over a five-year collaboration, more than 20 MPA pilots will be trained annually, covering skills such as drone operations from vessels, emergency procedures at sea, and Beyond Visual Line of Sight (BVLOS) operations. The programme also offers internship opportunities for RP students, providing career pathways in UA operations and maritime safety.
💡MPA’s planned drone trials in 2025 will focus on chemical spill management and Maritime Drones Traffic Management Systems.
Marine
Australia-Singapore
Australia and Singapore have selected eight projects for funding under the $20 million Australia-Singapore Initiative on Low Emissions Technologies (ASLET), aimed at reducing emissions in the maritime sector. The projects align with the goals of the Green and Digital Shipping Corridor (GDSC) to advance decarbonisation and digitisation of shipping routes between the two nations.
💡Managed by CSIRO and the Maritime and Port Authority of Singapore, ASLET supports the adoption of zero or near-zero greenhouse gas emission technologies. The selected projects cover hydrogen, ammonia, and methanol innovations, along with safety, environmental monitoring, and electrification solutions.
India-Singapore
On March 25, India and Singapore signed a Letter of Intent (LoI) to collaborate on the Green and Digital Shipping Corridor (GDSC) at Singapore Maritime Week. The partnership will focus on maritime digitalization and decarbonization, aiming to adopt zero-emission technologies and digital solutions.
💡Union Minister Sarbananda Sonowal highlighted the role of India’s IT and green fuel sectors in collaboration with Singapore's maritime expertise to improve sustainability.
Singapore
As part of efforts to equip maritime professionals for the transition to greener fuels, Singapore has introduced the Maritime Energy Training Facility Digital Platform. Announced on March 27, the platform will track training progress and certifications for seafarers handling alternative marine fuels like methanol and ammonia. It aims to reduce administrative burdens and ensure compliance with industry standards.
💡Currently available to Singapore-based maritime companies and registered ships, the platform will be fully operational by mid-2025. It will streamline group enrollments and payments, making training more accessible.
Singapore
The Maritime and Port Authority of Singapore (MPA) and Enterprise Singapore (EnterpriseSG), through the Singapore Standards Council (SSC), have introduced Technical Reference (TR) 136 to guide the development of charging infrastructure and battery swap systems for electric harbour craft (e-HC). TR 136 establishes safety and technical requirements to ensure interoperability and promote the safe operation of e-HCs in Singapore, aligning with both local and international standards.
💡In addition, MPA and EnterpriseSG are facilitating the adoption of e-HCs through financing programs like the Enterprise Financing Scheme-Green (EFS-Green), which supports sustainable projects.
Singapore
Wärtsilä has launched the Methanol Power and Control (PAC) simulation model with the Maritime Energy Training Facility (METF) and Wavelink Maritime Institute to train professionals on safely operating methanol-powered vessels. Wavelink is the first MPA-accredited partner to use this model. A similar Ammonia PAC model will be introduced in 2026.
💡This is part of Wärtsilä’s renewed partnership with the MPA, focused on decarbonisation, digitalisation, and training for future maritime talent. Wärtsilä will also host a Simulation User Conference in June 2025 to discuss training, simulations, and maritime decarbonisation.
Singapore-Netherlands
During Singapore Maritime Week, MPA Singapore and the Port of Rotterdam signed a Cooperation Agreement to enhance the Rotterdam-Singapore Green and Digital Shipping Corridor. Launched in 2022, the corridor drives maritime decarbonization and digitalization, with 28 partners working to deploy sustainable fuels and digital solutions on the 15,000-kilometer route.
💡The goal is to reduce greenhouse gas emissions by 20-30% by 2030. Key initiatives include testing sustainable fuels and improving port efficiency through digital solutions like data exchange for vessel arrivals.
Space
Philippines
Kristine Atienza has made history as the first Filipino to complete training and certification for commercial suborbital spaceflight, marking a significant achievement for both the Philippines and Southeast Asia's involvement in human space exploration.
💡After becoming the country's first analog astronaut in 2023, Atienza underwent intensive training at the National AeroSpace Training and Research (NASTAR) Center in the U.S., preparing for the physical and technical demands of near-spaceflight.
Philippines
Converge ICT Solutions has partnered with Starlink to deliver satellite-based internet services to remote and underserved areas in the Philippines, targeting industries like agriculture, mining, and maritime hospitality.
As an authorized Starlink reseller, Converge will provide full-service solutions, including installation and network management, while combining Starlink’s satellite technology with its own fiber infrastructure for service redundancy. This collaboration is expected to boost Converge’s enterprise segment by 5–10%.
💡In parallel, Converge has teamed up with Ribbon Communications to integrate AI-enabled data transmission into its fiber network, enhancing capacity to meet rising digital demands.
Thailand
Thailand’s National Telecom (NT) and Eutelsat OneWeb are set to launch a low-Earth orbit (LEO) satellite broadband service in Southeast Asia by March 25, 2025. The service will offer high-speed connectivity (up to 10 Gbps) to remote regions, starting with NT’s satellite gateway at Sirindhorn Earth station.
While international approval has been granted, local service still awaits clearance from Thailand's National Broadcasting and Telecommunications Commission (NBTC).
💡The $25 million investment targets enterprise clients, aiming to support 50,000 users and generate at least 200 million baht ($5.9 million) in revenue. However, national security concerns have led to a reevaluation of the partnership’s terms.
Thailand-South Korea
Thailand and South Korea have signed a bilateral agreement to enhance cooperation in nuclear and advanced technologies, with a focus on space collaboration. The deal supports peaceful nuclear research and development, as well as the clean energy transition through small modular reactors (SMRs).
💡It also expands space initiatives, with ongoing projects between Thailand's GISTDA and South Korea's KARI, including feasibility studies for a Thai spaceport and joint satellite development. The partnership will also foster collaboration with the newly formed Korea Aerospace Administration (KASA).
Vietnam
Vietnam’s government has granted approval for Elon Musk’s SpaceX to launch its Starlink satellite internet service on a trial basis, with the pilot period running until the end of 2030.
The service, which will have no restrictions on foreign ownership, will be limited to 600,000 subscribers during the trial. Starlink will provide both fixed satellite services and mobile satellite internet, including coverage at sea and on airplanes.
💡The government has tasked multiple ministries, including National Defense and Public Security, to oversee the project, ensuring national security. Starlink, which is already operating in over 120 markets globally, conducted a successful test run in Hanoi in October 2023.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**