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
I’m pleased to announce that I will be speaking at the Ishka Aviation Finance Festival: Asia on 4 September.
Ahead of the event, I shared some thoughts on the region’s aviation investment outlook. Asia-Pacific now drives nearly half of global aircraft orders, with India, China, Indonesia, and Malaysia leading growth. Supply delays are boosting demand for mid-life aircraft and MRO, with ASEAN’s MRO sector projected to reach US $129 billion by 2043.
Risks remain—airline consolidation, foreign ownership restrictions, and rail expansion in markets like China. Investors are responding with diversification, and private capital is increasingly drawn to SAF and infrastructure opportunities. Sovereign wealth funds are already shaping the market, though execution requires deep expertise.
From my perspective, aviation assets are uniquely resilient: standardized, liquid, and less exposed to country-specific risks than real estate. Mid-life aircraft are especially valuable in today’s constrained supply environment.
Asia’s aviation market offers compelling opportunities, but capturing them will require experience, careful execution, and the cultivation of local expertise.
Read my full remarks here.
The year 2025 is shaping up to be a significant period for the Asia-Pacific space sector, with a series of major conferences and forums bringing together industry leaders, policymakers, researchers, and innovators. Here is a breakdown—
September 2025
26–28 Sep 2025: 3rd Asian Aerospace and Astronautics Conference (AAAC 2025), Nanjing, China – Focus on aerospace engineering & satellite systems.
29 Sep – 3 Oct 2025: 76th International Astronautical Congress (IAC 2025), Sydney, Australia – Global gathering for space community, latest advancements, academic works, industry connections, and partnerships.
October 2025
28–31 Oct 2025: Nihonbashi Space Week 2025, Nihonbashi, Tokyo, Japan – Brings together 100+ start-ups and companies, highlighting developments supported by Japan’s Space Strategic Fund.
November 2025
4–6 Nov 2025: Asia-Pacific Satellite and Space Community (APSCC 2025), Taipei Marriott Hotel, Taiwan – Market insights, partnership opportunities, and business deals for space professionals.
18–21 Nov 2025: Asia-Pacific Regional Space Agency Forum (APRSAF-31), Shangri-La Mactan, Cebu, Philippines – Focus on regional policy, education, GNSS, and applications.
December 2025
9–11 Dec 2025: Airspace Asia Pacific 2025, Hong Kong, China – Addresses integration of space launches and satellite operations into urban airspace, fostering dialogue between airspace managers and space industry stakeholders.
Summary
Financing & Investments: CALC Raises $160M in USD Bond Return; B Strategy to Launch $1B BNB Treasury in U.S.; Iris Capital Targets $200M for Southeast Asia Expansion; Temasek Restructures Portfolio Into Three Entities; Atlas Consolidated Secures $18.1M Series B to Grow HugoHub; and Crypto.com Partners With Trump Media to Integrate CRO Token
Environmental Sustainability: Shein and Lufthansa Cargo to Adopt Sustainable Aviation Fuel; Gentari and Gamuda Launch 1.5 GW Solar Project for Malaysian Data Centers; KEPCO and Partners Begin Hydrogen Co-Firing Tracking at Himeji Plant; Mitsubishi Chemical Engineering Invests in International Hydrogen Supply Chain; and TNB, Petronas Advance Green Hydrogen Hub and Hybrid Solar-Hydro Project
Aviation: Perth Airport Ground Workers Stage 24-Hour Strike; NSW Government Launches Visitor Economy Strategy 2035; Chengdu Hosts Inaugural SAF Technology Innovation Conference; Air India Partners With Indian Oil to Secure SAF for International Flights; and Nepal Airlines Shifts Operations to Provincial Aircraft Model
Advanced Air Mobility: China’s eVTOL Sector Leads Global Development; EHang to Establish VT35 Long-Range eVTOL Hub in Hefei; EASA Proposes New VTOL Noise Certification Rules; and SkyDrive Completes Demo Flights of SD-05 in Osaka
Marine: India Announces $1 Trillion Investment in Ports and Shipping; Mumbai Launches Electric Water Taxi Service; PXGEO Secures First Offshore Seismic Contract in Malaysia; Marco Polo Marine Wins Two Offshore Vessel Contracts in Singapore; and Hanwha Group Commits $5B to U.S. Shipbuilding Expansion
Space: Australia’s First Moon Rover Roo-ver to Launch by End of Decade; China Encourages Low-Orbit Satellite Commercial Trials; Pixxel Space to Launch Three Fireflies Satellites on Falcon 9; DE-CIX to Integrate Starlink Into India’s Internet Exchange; and Sky Perfect JSAT Joins Satellite-Based Quantum Cryptography Project in Japan
Financing & Investments
Recent Asia-Pacific finance activity highlights strong investor demand in bonds and digital assets, growing regional expansion funds, and strategic partnerships leveraging fintech and crypto, with trends including portfolio restructuring, cross-border investments, and mainstream adoption of digital currencies.
Hong Kong
China Aircraft Leasing Group Holdings (CALC) has successfully issued US$160 million in senior unsecured notes due 2028 with a 6% fixed coupon, marking its return to the USD bond market since 2021. The offering was oversubscribed 4.35 times and priced at the tightest spread the company has achieved, reflecting strong investor confidence in CALC’s financial and operational performance.
💡This is CALC’s first USD issuance since receiving an Ag- (stable) long-term credit rating from China Chengxin (Asia Pacific). The proceeds are expected to enhance financial flexibility and strengthen the company’s credit profile. Joint Global Coordinators and Bookrunners included China CITIC Bank International and BNP Paribas, along with several other regional banks and securities firms.
Hong Kong
B Strategy, a digital-asset investment firm, announced plans to launch a $1 billion U.S.-listed BNB Treasury company with support from Hong Kong-based YZi Labs (formerly Binance Labs). The Hong-Kong firm aims to hold BNB as a core strategic asset while actively investing in the ecosystem, including technology development, grants, and community initiatives.
💡The company will leverage its Asia-Pacific presence and U.S. public-market listing to provide institutional investors with access to the BNB ecosystem.
Malaysia
Malaysia-based private credit and private equity firm Iris Capital Partners is seeking to raise $200 million from institutional investors for a new fund, Bloomberg reported. Founded in 2020, the firm currently relies on family capital for about 25% of its assets, with the remainder coming from third-party institutions.
💡The fund aims to take majority stakes in international companies and support their expansion into Southeast Asia, including markets like Malaysia and Indonesia.
Singapore
Temasek announced a restructuring of its investment portfolio, creating three new wholly-owned entities to sharpen its focus on core segments starting April 1, 2026. The entities will be Temasek Global Investments (TGI) for global direct investments, Temasek Singapore (TSG) for Singapore-based portfolio companies, and Temasek Partnership Solutions (TPS) for partnerships, funds, and asset management companies.
💡The move is part of Temasek’s T2030 strategy to build a resilient and future-ready portfolio amid shifting geopolitical and economic conditions.
Singapore
Singapore-based fintech Atlas Consolidated has raised $18.1 million in a Series B funding round led by Tin Men Capital to expand its HugoHub platform globally. The round also saw participation from strategic investors Getz, Inc. and Woodside Holdings Investment Management.
💡HugoHub is a modular Banking-as-a-Service (BaaS) platform designed to help traditional banks modernize infrastructure, reduce costs, and improve efficiency while expanding access to financial services in underserved markets.
Singapore-USA
Singapore-based Crypto.com and Trump Media & Technology Group have entered into a strategic partnership involving the integration of Crypto.com’s digital wallet infrastructure and Cronos (CRO) token into Trump Media’s Truth Social and Truth+ platforms. The collaboration includes a new rewards system that will allow users to earn and convert platform “gems” into CRO and other benefits, as well as options to pay for subscriptions and services using CRO balances. Both companies also plan joint marketing efforts to expand the reach of their platforms.
💡As part of the deal, Trump Media will acquire about $105 million worth of CRO tokens, while Crypto.com will purchase $50 million in Trump Media stock, both subject to lockup periods. Trump Media will custody its CRO with Crypto.com and stake it for additional revenue. The agreement marks one of the first large-scale implementations of CRO across social media and streaming platforms.
Environmental Sustainability
Asia-Pacific companies accelerate clean energy and low-carbon initiatives, including sustainable aviation fuel, solar-plus-storage projects, hydrogen tracking, and investments in green hydrogen supply chains.
China
SHEIN and Lufthansa Cargo have signed a Memorandum of Understanding to advance sustainable air freight, including the adoption of sustainable aviation fuel (SAF) within six months. Lufthansa Cargo will provide certified Proof of Sustainability for SAF usage, allowing both companies to track emissions savings and ensure transparency. The agreement also covers logistics optimization, fleet efficiency, and enhanced traceability of environmental data.
💡Beyond SAF adoption, the companies plan to explore additional low-carbon solutions and operational reporting to strengthen supply chain sustainability, marking the start of a long-term collaboration on reducing the environmental impact of international fashion logistics.
India-Malaysia
Malaysian clean energy firm Gentari and engineering company Gamuda have partnered to develop a 1.5 GW solar energy project with battery storage to power hyperscale data centers in Malaysia. The project, established under the national Corporate Renewable Energy Supply Scheme (CRESS), aims to meet the growing energy needs of data centers supporting cloud computing, AI, and digital services.
💡Gentari currently has over 8 GW of renewable capacity installed or under construction across its markets.
Japan
Japan’s Kansai Electric Power (KEPCO), Kawasaki Heavy Industries, and BIPROGY have started live tracking and emissions auditing for hydrogen co-firing at the Himeji No. 2 power plant. Supported by certification body DNV, the project monitors the origin and CO₂ footprint of hydrogen—including low-carbon local hydrogen, nuclear-derived hydrogen from Fukui, and green hydrogen from Yamanashi—every 30 minutes, aiming to provide transparent, verifiable environmental data for electricity generation.
💡The pilot is the first in Japan to apply internationally aligned tracking and disclosure systems for hydrogen-fired power. It seeks to establish a framework for certifiable hydrogen electricity, supporting future carbon trading, subsidies, and clean energy certification, while exploring broader commercialization and integration with Japan’s hydrogen supply chain for carbon-neutral electricity production.
Japan
Mitsubishi Chemical Engineering has taken an equity stake in Japan Hydrogen Energy Co., Ltd. (JSE) to support the development of an international liquefied hydrogen (LH₂) supply chain. The investment backs JSE’s Kawasaki LH₂ Terminal project on Ogishima Island, which will liquefy domestic hydrogen for future overseas shipments and is part of Japan’s Green Innovation Fund initiative to establish long-term hydrogen logistics.
💡The terminal will serve domestic consumers initially, with full-scale international supply targeted by the 2030s.
Malaysia
Tenaga Nasional Berhad (TNB), Petronas, and Terengganu Inc have advanced Malaysia’s National Energy Transition Roadmap (NETR) with the development of a Green Hydrogen Hub and a hybrid hydro-floating solar (HHFS) project in Terengganu. The initiatives aim to position Malaysia as a regional leader in green hydrogen, support the Hydrogen Economy and Technology Roadmap (HETR), and strengthen the national grid with renewable energy.
💡The Kenyir HHFS project, part of a 2.5 GW hybrid solar-hydro initiative, will use hydro storage to stabilize electricity supply, while the Green Hydrogen Hub will produce green hydrogen and derivatives such as methanol and ammonia.
Aviation
Aviation and travel sectors focus on workforce issues, tourism growth, sustainable fuel adoption, and operational restructuring for efficiency and carbon reduction.
Australia
Perth Airport ground workers staged a 24-hour strike against dnata, citing low pay, limited hours, and unfair rosters. The TWU said dnata flew in interstate staff on 14-hour shifts to cover striking workers.
💡Dnata said operations continued smoothly and emphasized its pay offer addresses cost-of-living pressures. The union criticized the company for paying Perth workers the lowest wages nationally and suggesting relocation to Sydney for higher pay.
Australia
The NSW Government has launched the Visitor Economy Strategy 2035, aiming to grow airline capacity by 8.5 million seats and expand tourism across the state. The strategy focuses on five pillars: increasing access for visitors, promoting NSW and Sydney through marketing, leveraging major events, enhancing visitor experiences, and using data-driven insights. Targets include reaching $59 billion in visitor spending by 2026 and $71 billion by 2030.
💡Early initiatives include the $12.5 million NSW Take Off Fund and $16 million Western Sydney International Take-Off Fund to secure flights, a partnership with CommBank iQ to analyze visitor data, the “Feel New in Sydney” marketing campaign, and extended trading and event hours to support the 24-hour economy. Destination NSW will oversee implementation of the strategy.
China
From August 19–21, Chengdu hosted the first Sustainable Aviation Fuel (SAF) Technology Innovation and Industry Development Exchange & Industry Alliance Inaugural Conference, co-organized by China’s Civil Aviation Second Research Institute and China Aviation Oil Group.
💡During the conference, the China Sustainable Aviation Fuel Industry Alliance was officially launched with 57 founding members from production, aviation manufacturing, transport, research, and industry sectors. The event also highlighted progress from last year’s SAF pilot program, which certified domestic SAF and supported over 120,000 trial flights.
India
Air India has signed an MoU with Indian Oil Corporation (IndianOil) to secure SAF as part of India’s target to achieve 5% SAF blending by 2030 and the aviation industry’s net-zero goal by 2050. IndianOil recently became the first Indian company certified under ICAO’s ISCC CORSIA scheme for SAF production at its Panipat Refinery, ensuring compliance with international sustainability and lifecycle carbon standards. The companies will collaborate on SAF supply for international flights, reinforcing India’s role in sustainable aviation.
💡IndianOil plans to repurpose its Panipat diesel desulphuriser unit in 2026 to produce 30,000 tonnes of SAF from used cooking oil and explore SAF production at other refineries. Air India, meanwhile, continues other green initiatives including optimized flight planning, reduced single-use plastics, single-engine taxiing, and fleet renewal with 570 new aircraft to lower emissions.
Nepal
Nepal Airlines Corporation (NAC) is shifting its operational model to improve regional connectivity and financial sustainability by partnering with provincial governments to acquire aircraft for provincial-level flights. Under the plan, each province would receive one STOL (Short Take-Off and Landing) aircraft, financed jointly by NAC and the respective provincial government, while NAC retains ownership and operational control.
💡NAC, which operates six aircraft including wide-body Airbus A330s and narrow-body A320s for international routes, has faced operational inefficiencies, rising debt of around Rs 50 billion, and declining domestic market presence. Safety concerns remain, with Nepalese carriers barred from European airspace due to regulatory shortcomings, prompting calls for a structural overhaul of the Civil Aviation Authority of Nepal (CAAN).
Advanced Air Mobility
Global advanced air mobility advances rapidly, with China dominating eVTOL development, EASA proposing noise regulations, and Japan conducting pilot flights for commercial operations.
China
Aviation Week reports that China’s eVTOL sector is advancing at a pace unmatched globally, with startups making rapid progress on far less funding than their Western counterparts. SMG Consulting’s 2025 China AAM Reality Index (ARI) ranks the country’s 16 leading passenger eVTOL developers, assessing funding, leadership, technology readiness, certification, and production capabilities.
Top-ranked EHang leads both China and global ARIs, scoring 8.5 versus 4.6 in 2021, and has achieved type, production, and airworthiness certification for the EH216-S. EHang is scaling production with new assembly plants in Guangdong, Anhui, and Shandong provinces.
Following EHang, XPeng AeroHT and AutoFlight rank second and third, with strong backing from China’s automotive industry and major EV suppliers. AeroHT is developing the hybrid drive/fly X3-F eVTOL, aiming for mass production in 2026, while AutoFlight has certified its V2000CG cargo eVTOL and is pursuing passenger variant certification for 2026. Fourth-ranked Aerofugia, backed by Geely, targets certification of its AE200 air taxi in 2026.
💡Among the 16 companies on the China ARI, 13 have flown full-scale prototypes, outpacing Western OEMs, with only three Chinese developers achieving full thrust-to-wing transition: Aerofugia, AutoFlight, and Volant Aerotech.
China
EHang Holdings has signed an investment cooperation agreement with the Hefei government to establish a VT35 series long-range eVTOL product hub in Hefei. The hub will cover R&D, testing, manufacturing, airworthiness certification, supply chain management, sales, operations, and talent development. The partnership involves an estimated RMB 1 billion investment from EHang, with the Hefei government providing around RMB 500 million in support, including orders, investments, and industry cooperation.
💡The VT35 is EHang’s next-generation pilotless eVTOL designed for medium- to long-distance passenger and logistics transport. The aircraft is undergoing airworthiness review by the Civil Aviation Administration of China, with plans to obtain Type, Production, and Standard Airworthiness Certificates.
Europe
The European Union Aviation Safety Agency (EASA) has proposed new noise certification rules for vertical takeoff and landing (VTOL) aircraft, outlined in Notice of Proposed Amendment (NPA) 2025-03, published August 22. Open for public comment until November 21, 2025, the draft regulation includes noise measurement, reporting, and certification requirements, with takeoff, overflight, and approach limits aligned to helicopter standards under ICAO Annex 16 Chapter 8. Hover noise would be measured and reported but initially without limits. The proposal also establishes a delegated regulation specifically for VTOL-capable aircraft (VCA), addressing gaps left by existing helicopter and tiltrotor standards.
EASA said the new rules aim to support urban air mobility integration, minimize noise annoyance, and aid societal acceptance, while providing a level playing field for manufacturers and assisting local authorities in land-use and operational approvals. VTOL noise certification would be issued by the aircraft’s state of registry and recorded in EASA’s public database.
💡The proposal draws on feedback from manufacturers, national authorities, and technical consultations since 2023. Similar initiatives are being pursued globally by the FAA, ANAC Brazil, and Japan’s JCAB, with final adoption expected no earlier than 2027.
Japan
SkyDrive Inc. has completed demonstration flights of its SKYDRIVE Model SD-05 at Expo 2025 in Osaka between July 31 and August 24. Flights operated from the Expo vertiport over Osaka Bay, with an August 18 flight observed by officials including the governor of Osaka, Japan Civil Aviation Bureau representatives, JAXA, and Kansai Electric Power executives. Onboard footage from August 16 recorded a 5-minute, 14-second flight covering 720 meters at a maximum height of 27 meters.
💡SkyDrive will continue demonstrations at the Osakako Vertiport from September 15–23, with flights at 9:30 AM and 11:30 AM and free spectator registration limited to 100 places. The company is pursuing type certification for commercial operations and plans to launch services in Osaka’s Morinomiya Area and scenic/air taxi flights in Kyushu around 2028, in collaboration with Osaka Metro and JR Kyushu.
Marine
Marine and shipping sectors see major infrastructure investments, sustainable transport initiatives, offshore vessel contracts, and modernization of shipyards in Asia and the U.S.
India
India has announced a $1 trillion investment plan to boost growth in ports, shipping, and logistics, Union Minister Sarbananda Sonowal said at an ambassadors’ conclave in Delhi. The plan, presented ahead of India Maritime Week 2025 in Mumbai, focuses on port and cargo terminal development, multimodal transport hubs, shipbuilding, ship recycling, and investments in green hydrogen, bunkering, and sustainable shipping.
💡The announcement comes as India sees rising investor interest, with APM Terminals signing a $1 billion deal to modernise ports in Andhra Pradesh and Shipping Corp of India planning a $2.3 billion programme to add 26 domestically built vessels to its fleet.
India
Mumbai’s electric water taxi service will start on September 22, offering faster and more eco-friendly travel between Gateway of India/Mumbai Ferry Wharf and Jawaharlal Nehru Port Authority (JNPA). The new service, managed by Bharat Freight Group, will replace wooden boats and cut travel time from over an hour to under 40 minutes. The first phase will include two vessels: one hybrid using solar, electric, and diesel power, and one fully electric, both capable of charging in under an hour.
💡In a later phase, four hydrogen-powered boats will be added, supporting Mumbai’s shift toward sustainable transport.
Malaysia
Marine seismic company PXGEO has secured its first contract in Malaysia, signing a two-year deal for offshore seismic acquisition. The project, using the vessel PXGEO 2, will provide at least 365 days of acquisition activity starting this month. The vessel recently completed maintenance at Seatrium Shipyard in Singapore.
💡The campaign will support Malaysia’s upstream exploration under the Malaysia Petroleum Management programme, including 2D and 3D towed streamer surveys, with the option to add ocean bottom node technology.
Singapore
Singapore-based offshore vessel operator and shipyard Marco Polo Marine has secured two new contracts following the expansion of its dry dock capacities. The first is a three-year master service agreement with Cyan Renewables to provide ship repair, maintenance, and conversion services for its offshore wind fleet. The contract follows the launch of Marco Polo’s fourth dry dock, which is expected to boost shipyard revenue in the final quarter of FY2025 and into FY2026.
💡The second contract, valued at S$5 million ($3.9 million), involves ship repairs for an undisclosed client, with work scheduled to begin by the end of August and last about two months.
South Korea-USA
Hanwha Group has announced a $5 billion infrastructure investment for Hanwha Philly Shipyard as part of South Korea’s $150 billion commitment to U.S. shipbuilding. The plan, unveiled during the christening of the U.S. Maritime Administration’s third National Security Multi-mission Vessel (NSMV), aims to modernize the yard with digital automation, two additional docks, three new quays, and a potential block assembly facility. The expansion is expected to raise annual production from fewer than two ships to up to 20, including LNG carriers, naval modules, and other vessels.
💡Hanwha Shipping also ordered 10 medium-range tankers and a second LNG carrier from Philly Shipyard, supporting Jones Act fleet renewal and future strategic projects, with deliveries expected to begin by 2029.
Space
Space initiatives focus on lunar exploration, low-orbit satellite deployment, high-speed internet via Starlink, and quantum communication demonstrations, highlighting Asia-Pacific innovation in space technology.
Australia
Australia’s first Moon rover, Roo-ver, is scheduled to travel to the lunar surface aboard NASA’s Commercial Lunar Payload Services mission CT-4 near the end of the decade. The semi-autonomous rover will carry an integrated NASA payload to collect surface data and support international space science and exploration objectives, while showcasing Australian innovations on the Moon.
💡The Australian government is investing $42 million in Roo-ver’s development, design, construction, and operations.
China
China’s Ministry of Industry and Information Technology has released guidelines encouraging low-orbit satellite operators to launch commercial service trials and urging telecom companies to use satellite networks to expand high-speed data services, integrating land- and space-based communications infrastructure.
💡The guidelines also call for exploring new applications for satellite networks and fostering phased market openings. China currently has two state-led low-orbit satellite projects, Spacesail (Qianfan) and GuoWang, which have launched initial satellites but remain behind Starlink.
India
Pixxel Space is set to launch three more Fireflies hyperspectral Earth imaging satellites on SpaceX’s Falcon 9 from Vandenberg Space Force Base, completing the first phase of its constellation. The six-satellite network in sun-synchronous low Earth orbit at 550 km will provide high-resolution hyperspectral imagery across more than 135 spectral bands at 5-metre resolution, with daily revisit capability. Exolaunch will handle satellite deployment.
💡The constellation aims to deliver detailed insights for applications such as crop monitoring, pollution detection, and climate tracking.
India
DE-CIX will integrate SpaceX’s Starlink into its interconnection ecosystem in India, becoming the first internet exchange operator in the country to do so. The move follows Starlink receiving a commercial license from India’s Department of Telecommunications. The integration will allow Starlink to operate as an internet service provider, connecting with ISPs, content delivery networks, and OTT platforms through DE-CIX’s Space-IX program.
💡The partnership aims to provide high-speed internet to remote areas of India without fiber infrastructure, including mountainous, rural, and island regions.
Japan
Sky Perfect JSAT is joining a Japanese R&D project to demonstrate satellite-based quantum key distribution (QKD), led by the National Institute of Information and Communications Technology (NICT). The project, funded with 14.5 billion yen ($99 million) under JAXA’s Space Strategy Fund, aims to develop a small Low-Earth Orbit satellite capable of secure key sharing using quantum cryptography.
💡Sky Perfect JSAT will assist in designing the satellite control system and evaluating launch candidates, leveraging its experience in satellite-based QKD. Both organizations will explore potential commercialization of the technology to meet growing demand for secure data communications in the expanding space industry.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**