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
2nd Low Carbon Fuels Summit
The 2025 Low Carbon Fuels Conference returns to Singapore on 20-21 February, building on last year's success. The event will focus on advancements and challenges in scaling a low-carbon fuels economy, with a key emphasis on decarbonizing aviation and maritime sectors.
The summit will also explore sustainable solutions, including Sustainable Aviation Fuels (SAF), renewable marine fuels, biofuels, ammonia, and green hydrogen, to help meet net-zero targets while minimizing infrastructure disruption.
Learn more about the event here.
Business Aviation Asia Forum and Expo (BAAFEx)
The first-ever Business Aviation Asia Forum and Expo (BAAFEx) will take place from March 4-6, 2025, at the Changi Exhibition Center in Singapore. Organized by Xperia Events, BAAFEx is set to be the premier gathering for the business aviation sector, bringing together key stakeholders.
BAAFEx will feature aircraft on static display from major players, including Boeing Business Jets, VistaJet, and Amber Aviation. VistaJet will showcase its flagship Bombardier Global 7500, while Amber Aviation will present a Gulfstream G450.
The event will feature a dynamic exhibition, offering the latest innovations and services from top aviation companies. Expert panels and keynote speakers will provide insights into the trends and challenges in business aviation.
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.
The event also features conferences and forums where professionals can discuss the latest trends in maritime security and defence. The popular Warships Display at Changi Naval Base allows visitors to explore warships and interact with naval officials.
"What’s Next@IMDEX Asia" offers a platform for start-ups to pitch maritime and defence technologies, while the Maritime Campus provides students with opportunities to learn about the industry and explore career paths.
Learn more about IMDEX Asia 2025 here.
Summary
Financing & Investments: Cashfree Payments Raises US$53 Million to Boost Infrastructure and Expansion; Reserve Bank of India Approves Sale of Tata Communications Payment Solutions to Findi for ₹405 Crore; Syfe Makes AUD$65 Million Offer to Acquire Selfwealth; Emirates Opens New $5 Million Lounge at Bangkok’s Suvarnabhumi Airport; ThaiQuest Partners with SIX to Expand Financial Data Services; and Thailand SEC to Launch DLT-Based Debt Instrument Trading System
Environmental Sustainability: BP Delays $600M Kwinana Renewable Fuels Project; Indonesia Mulls Paris Agreement Withdrawal Amid Emission Disparities; Kirin Brewery Partners on Green Hydrogen Demonstration Project; Asahi Kasei Expands Green Hydrogen Production with Government Support; Euglena Co. Explores SAF Supply Chain in Bangladesh; and SIA Group Partners with Aether Fuels to Source SAF for Future Operations
Aviation: Asia Pacific Airlines See Strong Growth in Passenger and Cargo Traffic in 2024; Sydney Seaplanes Expands Fleet and Rebrands Lounge After Acquisition; AAT, SATSHK, and DHL ACS Partner to Strengthen Hong Kong Air Cargo Hub; ExecuJet MRO Services Malaysia Gains CAAC Approval for Falcon Aircraft Maintenance; Pakistan to Relaunch PIA Privatisation Bid After Failed Auction; and CAAT Approves Passenger Fee Hikes and Closure of Thai Smile Airways
Advanced Air Mobility: FlyFreely Expands to the US with FAA Approval for Drone Operations under LAANC; and Vjaitra Air Mobility Unveils New Five-Seater VTOL Models with Electric and Hydrogen Options
Marine: China Announces Amendments to Dangerous Goods Ship Safety Regulations; Coastal Sustainability Alliance Marks Key Milestones with Electric Supply Boat and Tug; Maersk and Hapag-Lloyd Launch Gemini Cooperation Alliance, with Singapore as Key Hub; South Korea to Invest $151M in Green Shipbuilding in 2025; and Hanwha Power Systems and Baker Hughes Partner to Develop Carbon-Free Ammonia Gas Turbines for Ships
Space: Astrome Technologies Secures $10 Million Funding to Boost Wireless Communication Innovations; Sabah Explores Feasibility of Becoming Regional Space Hub; Malaysia Proposes ASEAN Space Economy Initiative; Philippines Approves Starlink’s Satellite Ground Stations; PointCast Launches Affordable Self-Pointing VSAT System; and Planet Lands $230 Million Contract for Pelican Earth Observation Satellites
Financing & Investments
India
Indian fintech firm Cashfree Payments has raised US$53 million (INR 450 crore) in a funding round led by KRAFTON, the South Korean company behind PUBG, and Apis Growth Fund II, managed by Apis Partners. The investment will enhance Cashfree’s payments infrastructure and support its market expansion.
💡Cashfree offers online payment collection and payout services, integrating with platforms such as Shopify, Wix, and WhatsApp. It claims to process 12,000 transactions per second during peak demand and provides embedded payment solutions for seamless integration.
India-Australia
The Reserve Bank of India has approved the sale of Tata Communications Payment Solutions, a subsidiary of Tata Communications, to Findi, an Australian-based ATM operator, for ₹405 crore (US$48.3 million). The acquisition will be carried out through Findi's Indian subsidiary, Transaction Solutions International India.
Following the deal, Findi’s brown label ATM network in India will expand from 7,500 to over 12,000 units. The deal also integrates over 4,600 Indicash ATMs and provides access to an additional 3,000 units for deployment.
💡The acquisition marks Findi’s second major move this year, following the purchase of digital payments provider Bankit, which adds over 129,000 merchant touchpoints to its network.
Singapore-Australia
Syfe, a savings and investment platform, has made a non-binding offer to acquire Australian digital investing platform Selfwealth for AUD$65 million in cash. This follows Syfe’s Series C-1 funding round in 2024, where acquisitions were identified as a key growth strategy.
💡The deal aims to expand Syfe's market presence in Australia and enhance its product offering. With operations in Singapore, Hong Kong, and Australia, Syfe plans to scale Selfwealth using its technology and expertise, while maintaining the platform’s existing services.
Thailand
Emirates has unveiled a newly refurbished lounge at Bangkok’s Suvarnabhumi Airport, Satellite 1 Terminal (SAT-1), following a $5 million investment. Spanning 1,454 square meters, the lounge can accommodate 250 guests, making it the largest international lounge outside the airline’s home market. It serves Emirates’ First and Business Class passengers, as well as Skywards members, providing a range of upscale amenities including shower spas, Wi-Fi, and a diverse selection of local and international cuisine.
💡Located on the fourth floor of SAT-1, the lounge is just a five-minute walk from the boarding gates.
Thailand
ThaiQuest, a financial market solutions provider in Thailand, has signed a multi-year agreement with SIX, a global financial data and market infrastructure company. Under the partnership, ThaiQuest will integrate comprehensive market data from SIX into its services through the SIX Web API, enabling enhanced data access for users.
💡The collaboration aims to improve the accuracy and delivery of financial information, offering users more reliable market insights. The partnership also marks SIX’s ongoing efforts to expand its presence in the Asian financial market.
Thailand
The Securities and Exchange Commission (SEC) of Thailand will introduce a debt instrument trading system using distributed ledger technology (DLT) to promote digital token trading and enhance regulatory oversight.
The SEC has approved four digital token projects and is reviewing two more, focusing on green and investment-based tokens. Securities firms will soon be allowed to trade digital tokens, leveraging their investor bases. New regulations will support electronic securities issuance and online debenture purchases, streamlining bond transactions.
💡The system will include multiple DLT chains for interoperability, offering firms access to the SEC’s public chain. The initiative aims to enable fractional trading, lower costs, and improve liquidity. Additionally, the SEC is developing an Open API platform to provide more investor data.
Environmental Sustainability
Australia
BP has paused its $600 million Kwinana Renewable Fuels project in Western Australia, citing shifting market conditions and policy challenges. The project, intended to convert BP’s former oil refinery into a biofuel production hub, was set to produce sustainable aviation fuel (SAF) and renewable diesel. However, the company said it needed to adjust its development pace to improve capital efficiency and align with government policies.
💡The delay underscores concerns about the financial viability of sustainable fuel projects without strong government incentives. BP had hoped to secure funding from a national program to support such projects, but decisions on financial backing have not yet been made. The company’s timeline for production, initially set for 2027, is now uncertain.
Indonesia
Indonesia has raised the possibility of withdrawing from the Paris climate agreement, citing the U.S. exit and disparities in per capita carbon emissions. Indonesia’s climate envoy, Hashim Djojohadikusumo, questioned why the country should comply with the agreement if the U.S. — the second-largest emitter — does not.
💡Energy Minister Bahlil Lahadalia expressed concerns that reduced U.S. involvement could decrease financial support for Indonesia's renewable energy transition, challenging the country’s clean energy goals. Indonesia has long sought financial assistance from wealthier nations for climate action but faces limitations due to a lack of resources.
Japan
Kirin Brewery, in collaboration with Mitsubishi Corporation, MCKB Energy Service, Takasago Thermal Engineering, and Miura, will launch a demonstration project to convert part of the fuel used at its Chitose Brewery from fossil fuels to green hydrogen. The project, scheduled to begin in June 2026, aims to replace about 23% of the brewery's annual heat demand with hydrogen-derived steam. This change is expected to reduce greenhouse gas emissions by 464 tons per year.
Kirin Brewery will work with its partners to integrate hydrogen-derived steam into its beer production process. Mitsubishi Corporation will handle the coordination of the hydrogen supply business, while Takasago Thermal Engineering will be responsible for the installation of hydrogen production and supply facilities. Miura will design and supply hydrogen-fired boilers for the project.
💡Construction is set to begin in April 2025, with the facility becoming operational by June 2026. The demonstration phase will last around 10 years, during which the partners will evaluate the effectiveness of greenhouse gas emission reductions and address technical challenges related to the energy conversion to green hydrogen.
Japan
Asahi Kasei, a Japanese technology company, has received government backing to expand its manufacturing capacity for cell frames and membranes used in alkaline water electrolyzers for green hydrogen production. The expansion is part of Japan's broader strategy to achieve carbon neutrality by 2050 and strengthen its domestic manufacturing supply chain for green technologies.
💡The company plans to build new plants at its Kawasaki site, with a combined manufacturing capacity of at least 2 GW for cell frames and membranes by 2028. The Japanese government has adopted Asahi Kasei's proposal and will provide a subsidy of up to ¥11.4 billion for the project, which has an estimated capital investment of ¥35 billion. Once completed, Asahi Kasei's total annual capacity will exceed 3 GW.
Japan-Bangladesh
Japanese biofuel company Euglena Co. has launched a project to explore the feasibility of developing a raw material supply chain for Sustainable Aviation Fuel (SAF) in Bangladesh. The project, funded by Japan's Ministry of Economy, Trade and Industry under the "FY2023 Supplementary Global South Future-Oriented Co-Creation Project Subsidy," will assess the potential for collecting used cooking oil (UCO) and cultivating oilseed crops in Bangladesh as SAF feedstocks.
Bangladesh has limited infrastructure for UCO recovery, despite its growing consumption of edible oils. Euglena aims to create a UCO collection network, explore oilseed cultivation on underutilized land, and evaluate Bangladesh's potential to supply SAF feedstocks to Japan.
💡The project, in collaboration with Grameen Euglena, a joint venture with Bangladesh's Grameen Group, will run from February to December 2025. If successful, it could create economic opportunities in Bangladesh while helping Japan meet its target of sourcing 10% of its aviation fuel from SAF by 2030.
Singapore
The Singapore Airlines (SIA) Group has signed a MoU with Aether Fuels, a climate tech firm, to potentially source SAF from Aether’s upcoming production plants in the U.S. and Southeast Asia. The agreement covers a five-year procurement period, with an option to extend for another five years.
💡Aether will produce the SAF using waste carbon feedstock and its Aether AuroraTM technology, which increases efficiency and SAF yields. The SAF will be blended with regular jet fuel and supplied to airports served by Singapore Airlines and Scoot. Aether’s upcoming SAF production projects will be CORSIA-certified and aim for a 75% reduction in greenhouse gas emissions.
Aviation
Asia-Pacific
Preliminary traffic figures for 2024 released by the Association of Asia Pacific Airlines (AAPA) show robust growth in both international air passenger and cargo markets. Airlines in the region carried 365 million international passengers, marking a 30.5% increase compared to 2023. The growth was driven by increased flight frequencies, expanded networks, and strong regional demand. The revenue passenger kilometres (RPK) rose by 28.0%, while available seat capacity increased by 26.6%, resulting in a slight rise in the international passenger load factor to 81.6%.
Air cargo markets also saw a significant rebound, with a 14.9% increase in freight tonne kilometres (FTK), reversing two years of decline. This growth was driven by e-commerce and disruptions in maritime shipping. International air cargo capacity grew by 14.6%, pushing the international freight load factor up to 61.0%.
💡AAPA Director General Subhas Menon highlighted the strong post-pandemic recovery, particularly on North East Asia routes, driven by relaxed visa policies and overall healthy demand. Despite challenges in global manufacturing, Asia Pacific carriers saw continued growth in air cargo, driven by e-commerce and the region's manufacturing hubs.
Australia
Sydney Seaplanes will expand its fleet and rebrand its lounge following its acquisition by hotelier Dr. Jerry Schwartz. The company, currently operating two amphibious Cessna Caravans and a de Havilland DHC-2 Beaver, will add a second Beaver and a fifth seaplane by the end of the year.
💡Schwartz, who owns the Schwartz Family Company with 15 hotels, will have full ownership by mid-2025. Schwartz plans to continue the tradition of seaplane tours at Rose Bay, the historic site of Qantas' flying boats. The acquisition also includes Sydney Seaplanes’ Rose Bay headquarters and the adjoining Empire Lounge, which will be rebranded as the Sydney Seaplanes Lounge
Hong Kong
Asia Airfreight Terminal (AAT), SATS HK Limited (SATSHK), and DHL Air Capacity Sales (DHL ACS) have formed a partnership at Hong Kong International Airport (HKIA) to enhance air cargo operations. Building on SATS’ existing partnership with DHL at Singapore's Changi Airport, the collaboration combines AAT's cargo handling expertise with SATSHK's ground handling capabilities.
💡Since launching in January 2025, the partnership has facilitated over 50 weekly freighter operations, with AAT managing cargo for DHL network carriers and SATSHK providing ramp handling services.
Malaysia
ExecuJet MRO Services Malaysia has received approval from the Civil Aviation Administration of China (CAAC) to perform line and base maintenance on Chinese-registered Falcon 7X and Falcon 2000EX EASy aircraft. This includes comprehensive 4C checks, the heaviest maintenance for these models.
💡This is the first time ExecuJet Malaysia has been authorized for Falcon aircraft maintenance in China. The CAAC also renewed the company’s certifications for Bombardier and Gulfstream aircraft.
Pakistan
Pakistan is set to launch a new campaign to sell a majority stake in PIA - Pakistan International Airlines, marking its second attempt in less than a year. The October 2024 auction failed due to a single bid of PKR10 billion (USD36 million), far below the PKR85 billion (USD305 million) reserve price.
To attract buyers, the government plans to remove PKR45 billion (USD161 million) in remaining debt from PIA’s books. Additionally, a deal with the International Monetary Fund will waive the 18% general sales tax on aircraft purchases, making fleet renewal more affordable. The new buyer must add 15 to 20 new aircraft initially.
💡The tax waiver will also apply to other Pakistani airlines post-privatisation, supporting industry-wide growth and fleet modernisation.
Thailand
The Civil Aviation Authority of Thailand (CAAT) has approved a 25 baht increase in passenger service charges at seven regional airports, effective once advanced passenger processing systems are in place. The new charges will raise fees for international passengers to 425 baht and domestic passengers to 75 baht at airports in Krabi, Surat Thani, Ubon Ratchathani, Udon Thani, Khon Kaen, Nakhon Si Thammarat, and Phitsanulok. Passengers will be given at least four months' notice before the changes are implemented.
💡In addition, CAAT has officially closed Thai Smile Airways, which ceased operations in December 2023, pending final approval from the transport minister. The authority also granted civil aviation licenses to Siam Wings Airlines and Indira (2009) Air, while extending the start date for M-Landarch Co’s flight operations to June 30, 2025. These measures are part of ongoing reforms to modernize Thailand’s aviation sector.
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Advanced Air Mobility
Australia-USA
Australian drone management firm FlyFreely has expanded into the US after receiving approval from the Federal Aviation Administration (FAA) to operate under the Low Altitude Authorisation and Notification Capability (LAANC). This approval follows a five-month process to ensure FlyFreely’s cyber security meets US government standards.
💡Based in Queensland, FlyFreely is also cleared to operate in Australia and New Zealand. The platform, used by over 12,000 registered users in Australia, supports drone operations for companies like Glencore and AECOM. FlyFreely’s system integrates with DJI, Skydio, and DroneDeploy, offering cloud-based flight log syncing and offline mission planning for commercial uncrewed aerial systems (UAS) operations. With the US expansion, the company aims to meet the region's strict data security regulations and continue its growth in global markets.
India
Indian startup Vjaitra Air Mobility has unveiled two models of its five-seater vertical takeoff and landing (VTOL) vehicle. The VJ22 electric model offers a range of 135 miles, while the V600X hydrogen variant promises a range of 370 miles.
💡The VTOL vehicles are designed to accommodate a pilot and four passengers, with potential applications in troop transport, medical evacuation, commercial services, tourism, agriculture, and more.
Marine
China
China's Ministry of Transport has introduced the updated "Regulation on the Safety Supervision and Management of Ships Carrying Dangerous Goods" (Regulation 2024), which will come into effect on March 1, 2025, replacing the 2018 version.
Key updates include the requirement for shippers to provide additional information about dangerous goods, such as official names and protective measures. The regulation also establishes clearer procedures for ships entering or leaving ports, with approval from the Maritime Safety Administration (MSA) required within five working days. New guidelines for ship-to-ship transfer operations have been introduced, focusing on safety and personnel competency.
💡Additionally, violations involving hazardous chemicals will now be penalized under separate regulations.
Singapore
The Coastal Sustainability Alliance (CSA), led by Kuok Maritime Group, has celebrated two major milestones in maritime decarbonisation. The first fully electric supply boat (PXO-EXL-1) was launched, and the keel of the first electric tug (PXO-ACE-1) was laid at PaxOcean Batam.
💡These developments align with Singapore's goal to have all new harbour craft fully electric or net-zero fuel compatible by 2030. The PXO-EXL-1, designed for high performance and 60% energy savings, is capable of cruising at 8 knots with zero emissions and a payload of 40 tons. The electric tug, slated for completion by Q1 2026, is future fuel-ready and will offer zero-emission harbour operations.
Singapore
A new ocean network, the Gemini Cooperation alliance, has been launched by Maersk and Hapag-Lloyd, with Singapore serving as a key hub. Beginning February 1, the alliance will operate 40 vessels per week, transporting eastbound cargo, including shipments from Europe to Asia. The goal is for at least 90% of shipments to arrive on time once the schedules are fully phased in, setting a new standard for schedule reliability.
The network will consist of 340 vessels, with a combined capacity of 3.7 million 20-foot containers, and will focus on East-West trades. By June, the network will be fully operational, featuring 29 main services supported by 28 intra-regional shuttle services. The hub-and-spoke model employed by Gemini allows for optimized vessel sizes, reduced idling time, and lower carbon emissions.
💡Though the network will sail around Africa’s Cape of Good Hope to avoid Red Sea violence, Yemeni rebels have recently announced a ceasefire agreement that will allow US- and British-owned ships to transit through the Red Sea, potentially impacting the network's future route plans.
South Korea
South Korea plans to invest 222.3 billion won ($151 million) in green shipbuilding in 2025. The government, local authorities, and public institutions will support the construction and conversion of 81 environmentally friendly vessels. This includes 34 vessels for the public sector, which will use electric or hybrid propulsion, and 15 existing vessels that will be upgraded with diesel particulate filters to reduce emissions.
💡For the private sector, the government will support the construction of 20 green ships and provide financial aid for the installation of emission-reduction equipment on 12 vessels. This effort follows the 2020 launch of a plan aimed at developing environmentally friendly ships through 2030. With 199 vessels converted or built by 2024, the program has already exceeded its 2024 target of 196 vessels.
South Korea
Hanwha Power Systems and Hanwha Ocean have entered a joint development agreement with Baker Hughes to create low-carbon ammonia gas turbines aimed at achieving carbon-free ship operations. The partnership was announced during the Baker Hughes Annual Meeting 2025 in Florence, Italy.
The goal is to develop ammonia gas turbines capable of 100% ammonia combustion and dual-fuel operation with natural gas and ammonia. This technology will help ship owners transition to carbon-free propulsion. Hanwha Group envisions completing the development of LNG carriers and container ships using this system by 2028.
💡The ammonia combustion system, created by Hanwha subsidiary PSM, will be paired with Baker Hughes' small-sized turbine technology
Space
India
Astrome Technologies, a leader in E-Band long-distance communication solutions, has raised $10 million in its latest funding round, led by Appollo Fund with follow-on investments from IAN Group. The funds will support Astrome's expansion into the satellite communication market and accelerate product development.
💡The investment is backed by global investors from India, Singapore, and Dubai.
Malaysia
Sabah, Malaysia, is conducting a one-year feasibility study to assess its potential as a regional hub for satellite assembly and space launches. The project, backed by a memorandum with Ukraine’s Yuzhnoye State Design Office and Malaysia’s Sovereign Sengalang, aims to leverage Sabah’s equatorial location for cost-effective rocket launches.
💡Chief Minister Hajiji Noor projects the space hub could generate RM200 million (USD45.5 million) annually and create 5,000 jobs. However, success hinges on developing aerospace talent, improving infrastructure, and securing investment. While Malaysia’s National Space Policy 2030 supports industry growth, Sabah must address power and water shortages, with the feasibility study evaluating its readiness.
Malaysia-ASEAN
Malaysia’s Science Minister Chang Lih Kang has called for an ASEAN-wide space economy initiative, aligning with the country’s 2024 ASEAN chairmanship. The plan emphasizes science diplomacy to develop policies, secure fair resource access, and attract investment.
💡Collaboration with global space agencies could drive industry growth and ensure ASEAN’s role in space governance.
Philippines
The Philippine House of Representatives has adopted Resolution No. 2207, granting Starlink provisional authority to establish satellite ground stations while awaiting formal legislative approval.
💡Supported by key lawmakers, the move aligns with President Marcos’ digital transformation agenda to expand connectivity in remote areas.
Singapore
Kacific Group has introduced PointCast, a new self-pointing VSAT system that simplifies satellite broadband installation and reduces costs. Designed for businesses and industries in remote areas, PointCast automates setup, eliminating the need for skilled technicians and cutting deployment time by 50%.
💡Supporting Ku and Ka-band satellites, it ensures high signal quality, cloud-based monitoring, and automatic adjustments during extreme weather. Priced from $900 USD, PointCast offers a scalable, cost-effective solution for sectors like emergency response, mining, and rural connectivity.
USA-Asia-Pacific
Planet, a U.S.-based Earth observation satellite company, has secured a $230 million contract with an undisclosed Asia-Pacific customer to expand its Pelican satellite constellation. This marks the company’s largest deal to date. The contract will fund the construction of new satellites and cover five years of operations, with Planet retaining global data licensing rights. The newly launched Pelican-2 satellite, equipped with Nvidia’s Jetson AI platform, will enhance data processing.
💡The deal is expected to generate financial benefits starting in 2026, with revenue recognized over seven years. Planet’s stock has surged following the contract, continuing its rebound after financial struggles post-SPAC listing in 2021.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**