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.**
The Advanced Air Mobility Asia Symposium (AAM Asia)
The Advanced Air Mobility Asia Symposium (AAM Asia) will take place from September 16-18, 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.
MRO Asia-Pacific 2025
MRO Asia-Pacific 2025 will take place from September 16-18 at the Singapore Expo Convention and Exhibition Centre. The event brings together over 300 solution providers and more than 6,000 industry professionals from airlines, lessors, MROs, OEMs, and suppliers for networking, learning, and business growth opportunities.
Learn more about the event here.
Industrial Transformation ASIA-PACIFIC (ITAP) 2025
Industrial Transformation ASIA-PACIFIC (ITAP), the region’s leading Industry 4.0 event, will return to Singapore EXPO from 15–17 October. The event connects global industry leaders and innovators to accelerate digital transformation, showcase cutting-edge manufacturing technologies, and promote sustainable industrial practices.
Learn more about the event here.
IAC 2025 Sydney
The theme of IAC 2025 Sydney, “Sustainable Space: Resilient Earth,” highlights the vital link between space innovation and sustainability. Taking place from 29 September 29 to October 3, it focuses on space applications for Earth, sustainable space activities, and sustaining life beyond Earth. The event emphasizes responsible management of space resources, reducing environmental impacts, and fostering international cooperation to ensure space remains accessible and safe for future generations.
Learn more about the event here.
Thailand Space Expo 2025
Thailand Space Expo 2025 will be held from October 16 to 18 at ICONSIAM in Bangkok. Organized by the Geo-Informatics and Space Technology Development Agency (GISTDA), the event will showcase developments in space and geospatial technology. It will feature exhibitions, panel discussions, and opportunities for industry networking, drawing participants from government, academia, and the private sector. The expo aims to highlight current capabilities and foster collaboration in the regional space sector.
Learn more about the Expo here.
Super Terminal Expo (STE) 2025
Super Terminal Expo (STE) 2025 will take place at Hong Kong’s AsiaWorld-Expo from November 4-6, gathering over 4,000 global aviation and transport professionals. Supported by Hong Kong International Airport, the event focuses on innovative planning and development of intermodal transportation hubs, featuring 120+ exhibitors showcasing solutions for passenger and cargo operations, smart terminal automation, and rail integration.
Learn more about the event here.
Summary
Financing & Investments: APAC Biotech Gains Momentum; ZA Global Backs RD Technologies; Gobi Funds Malaysia’s NSWX; CapBay and Olea Enable Export Financing; Foxmont Closes $30M Fund III; Thunes and EzyRemit Boost Remittances; ABS Rolls Out E-Payment Solutions; Hydroleap Secures $4.75M for Water Tech; and Vietnam Launches NDAChain Platform
Environmental Sustainability: KKR Invests $335M in CleanPeak Energy for Australian Renewable Expansion; EV Infrastructure Partnership in the Philippines; Singapore Releases Guidance to Boost Use of Transition Finance Taxonomy; SMU Issues Singapore’s First University Sustainability Bond, Raising S$150 Million; and IFC Invests $45M in Thai Solar Developer
Aviation: Virgin Australia Drops Rex Acquisition Plan; Webjet Fined $9M for Misleading Airfare Practices; Indonesia’s $3.2B Boeing Order Sparks Trade Debate; UAE and China Expand Aviation Cooperation; and Vietnam Airlines Secures Loan Extension to 2027
Advanced Air Mobility: AutoFlight Completes First Offshore eVTOL Cargo Mission; EHang Completes Cross-City eVTOL Cargo Test in China; SkyDrive Conducts SD-05 Demo Flight at Osaka Expo; Unifly Validates Vertiport Traffic System in Madrid; NASA Drops Air Taxi in Crash Test Study; and Urban-Air Port and Nalwa Aero Partner to Build India’s AAM Infrastructure.
Marine: CK Hutchison Eyes Chinese Investor for Global Ports Deal; GMS Issues First HKC Recycling Certificate; Mitsui, MOL Acquire Scotland’s Port of Nigg; Yinson to Supply $600M FSO for Vietnam Gas Field; and South Korea Invests $150B in U.S. Shipbuilding Under Trade Pact
Space: Gilmour Space Conducts First Australian Orbital Rocket Launch Attempt; India-US Launch Earth-Observing NISAR Satellite to Monitor Climate and Disasters; Malaysia Reviews Starlink Dependence; Pakistan Launches Remote Sensing Satellite with China to Boost Development; and Globe, Lynk Global Complete First LEO Satellite Voice Call in Philippines
Financing & Investments
Asia-Pacific is strengthening its position as a global innovation hub with strategic investments in biotech, fintech, and sustainable technologies across Singapore, Malaysia, Vietnam, and the Philippines. Key initiatives include Singapore’s fintech partnerships and e-payment solutions, Malaysia’s deep tech investments, and Vietnam’s national blockchain platform, all driving regional growth and digital transformation.
Asia-Pacific
A new report by Bain & Company, in collaboration with key Singaporean and international institutions, highlights the APAC region’s growing prominence as a global biotech innovation hub.
With geopolitical tensions and reduced funding from traditional sources like the U.S. National Institutes of Health, biotech companies and investors are increasingly pivoting toward APAC. Governments across the region, including Singapore, South Korea, Japan, and India, are implementing targeted funding programs and infrastructure investments to bridge early-stage R&D gaps and attract global scientific talent. Singapore, in particular, is drawing attention with its stable political environment, robust IP protections, and strong regulatory alignment, supported by initiatives like the S$28 billion RIE2025 and forthcoming RIE2030 strategies.
The report also highlighted how leading pharmaceutical firms are reconfiguring R&D operations to tap into APAC’s expanding biotech ecosystem, with China currently absorbing the bulk of capital flows but facing rising policy uncertainty. Singapore is positioning itself as a key beneficiary of this diversification, offering advanced infrastructure, government-backed co-investment schemes, and partnerships such as the A*STAR-Flagship Pioneering alliance.
💡Strategic talent programs and public-private collaborations further reinforce Singapore’s role as a launchpad for next-generation therapies and deep tech innovation, signaling a broader transformation in how and where biotech innovation is developed and commercialized globally.
Hong Kong
ZA Global has led a $40 million Series A2 funding round for RD Technologies, a fintech firm focused on developing regulated stablecoin infrastructure and Web3 financial solutions in Hong Kong. The investment aims to accelerate the rollout of a secure, compliant digital finance ecosystem, reinforcing Hong Kong’s position as a regional hub for regulated digital assets.
💡Alongside the investment, ZA Bank—ZA Global’s digital banking subsidiary—signed a memorandum of understanding with RD Technologies to deepen their collaboration. The partnership will focus on enhancing custodial infrastructure for reserve assets and exploring distribution of compliant stablecoins.
Malaysia
Gobi Partners has made its first deep tech investment in Southeast Asia by backing Malaysian startup NanoSkunkWorkX (nSWX). The investment was made through Gobi Dana Impak Ventures (GDIV) Fund, aligned with Malaysia’s national innovation strategy. nSWX develops manufacturable graphene systems with applications in green hydrogen production, semiconductors, and diagnostics, aiming to advance Malaysia’s position in the global semiconductor and advanced manufacturing value chain.
💡nSWX’s proprietary platform enhances industrial materials through graphene integration. The company is engaged in partnerships with global energy leaders and Malaysian health institutions to develop scalable green hydrogen solutions, improved chip performance, and advanced biosensor technologies.
Malaysia-Singapore
Bay Group Holdings Sdn Bhd (CapBay), a Malaysian supply chain financing and peer-to-peer (P2P) financing provider, has partnered with Singapore-based Olea Global Pte. Ltd. to offer cross-border financing solutions for Malaysian exporters.
💡The collaboration aims to support Malaysian enterprises in expanding internationally by combining CapBay’s expertise in supply chain financing and AI-driven credit capabilities with Olea’s global liquidity solutions and trade finance experience.
Philippines
Foxmont Capital Partners has announced the first close of its third fund at $30 million, effectively more than doubling its total assets under management and exceeding the combined size of its two previous funds. The fund brings in new institutional backers, including the Dutch Good Growth Fund (DGGF) and Grab Holdings Inc.
Fund III is positioned to support up to eight targeted investments annually, leveraging Foxmont’s local sourcing advantage and expanded reach via a new Singapore office.
💡The announcement reflects growing investor interest in the Philippines, which now captures 19 percent of Southeast Asia’s venture funding—up from just 2 percent in 2021—driven by a strong consumer economy
Singapore
Singapore-based fintech firm Thunes has entered into a partnership with EzyRemit, an Australia-headquartered digital money transfer operator, to enhance cross-border payment capabilities. By integrating directly with Thunes’ Direct Global Network, EzyRemit now enables real-time payouts to billions of endpoints, including mobile wallets, bank accounts, cards, and cash pickup locations across more than 45 countries.
💡The collaboration aims to improve the speed, transparency, and cost-effectiveness of international remittances, addressing the growing demand for efficient digital money transfers. The partnership is particularly relevant in high-volume corridors such as remittances from Australia to the Philippines, where digital transfers are projected to exceed $183 million in 2025, with continued annual growth.
Singapore
The Association of Banks in Singapore (ABS) has introduced two new electronic deferred payment solutions, EDP and EDP+, to facilitate the shift from cheque payments to e-payments. These solutions, launching progressively in mid-2025 in partnership with seven major banks, aim to replace deferred payments traditionally made via cheques, supporting transactions such as supplier payments, project deposits, and rental fees. Accessible through digital banking platforms, both solutions enable payers to transfer funds using identifiers like mobile numbers or bank account details, with real-time tracking provided to both parties.
The key distinction between the two solutions lies in payment timing: EDP deducts funds only when the payee requests payment, while EDP+ immediately deducts funds upon issuance to reduce non-payment risks. These offerings complement Singapore’s existing e-payment infrastructure, including PayNow and FAST, as part of the country’s broader effort to phase out corporate cheques.
💡Banks will cease issuing new SGD corporate cheque books from January 1, 2026, and stop processing SGD corporate cheques entirely from January 1, 2027. Users are encouraged to adopt e-payment methods to ensure a smooth transition.
Singapore
Hydroleap, a Singapore-based company specializing in sustainable water treatment technologies, has secured an additional $4.75 million in its latest funding round, increasing its total funding to nearly $12 million. The new investment comes from strategic backers including EDBI under SG Growth Capital, Antares Ventures, and Woh Hup.
💡The funding will support Hydroleap’s expansion into more hyperscale data centers across the Asia-Pacific region and strengthen its teams in key markets. It will also enable further development and deployment of Hydroleap’s advanced water treatment solutions aimed at industries such as pharmaceuticals, semiconductors, and agrifood.
Vietnam
Vietnam has officially launched NDAChain, its national blockchain platform designed to create a secure, transparent, and scalable digital ecosystem. Developed by the National Data Association and managed by the Data Innovation and Exploitation Center under the Ministry of Public Security, NDAChain provides a decentralized data verification layer for government and private sectors, addressing cybersecurity and scalability issues in centralized systems. Full integration with the National Data Center is expected by end-2025, expanding to local governments and universities by 2026.
💡NDAChain is a Layer 1 permissioned blockchain using a Proof-of-Authority consensus enhanced with Zero-Knowledge Proofs, capable of processing up to 3,600 transactions per second. It is supported by 49 validator nodes from state agencies and major enterprises. The platform features smart contracts, identity verification linked to national ID systems, and powers decentralized identity solutions to prevent fraud. NDAChain also supports NDATrace, Vietnam’s product authentication and traceability system, aligned with global standards for international supply chain integration.
Environmental Sustainability
Asia-Pacific is accelerating environmental sustainability through major investments in clean energy, green finance, and EV infrastructure. Key moves include Australia’s US$335 million boost to solar and battery projects, Singapore’s practical guidance for transition finance and its university’s sustainability bond, and regional partnerships supporting renewable energy and sustainable development across the Philippines, Thailand, and Vietnam.
Australia
KKR has announced a US$335 million (A$500 million) investment in CleanPeak Energy, marking its first Asia-Pacific deal under the firm’s Global Climate Transition strategy. The funding will support CleanPeak’s expansion of solar, battery storage, and microgrid infrastructure across Australia’s commercial and industrial energy sector.
💡CleanPeak currently operates over 50 distributed energy sites and is managing construction projects valued above A$200 million. The partnership aims to accelerate decarbonization for corporate energy users while offering lower-cost, reliable power solutions. The transaction is expected to close by late 2025, subject to regulatory approval.
Philippines
V-Green Global Charging Station Development Corporation, Green and Smart Mobility Joint Stock Company (Green GSM Philippines), and Manila Electric Company (MERALCO) have signed a memorandum of understanding to promote the development of electric vehicle (EV) infrastructure in the Philippines. The partnership aims to accelerate EV adoption through deploying electric taxi services and establishing a public charging station network across major urban centers, including Metro Manila.
💡The collaboration will also explore solar energy solutions for charging stations, technical knowledge sharing, and workforce training to support sustainable growth in the EV sector.
Singapore
Singapore has issued practical guidance to support the adoption of the Singapore-Asia Taxonomy (SAT), aimed at helping financial institutions and borrowers apply SAT in real-world green and transition finance projects. Developed by the Singapore Sustainable Finance Association with support from the Monetary Authority of Singapore, the guidance addresses common challenges including data gaps, interim thresholds, and evolving sectoral criteria.
💡The SAT, launched in 2023, is the first taxonomy to feature a dedicated "transition" category. The new guidance outlines strategies for dealing with incomplete data, clarifies the use of amber thresholds, and supports evaluation of transition plans. It also recognizes credible efforts that may not fully align with SAT criteria, offering flexibility for financing projects under real-world constraints while maintaining reference to the taxonomy.
Singapore
Singapore Management University (SMU) has issued a S$150 million ($111 million) Sustainability Bond—the first by an autonomous university in the country. The seven-year bond, with a 2.022% coupon, will fund green infrastructure and social programmes aligned with SMU’s Sustainable Financing Framework and its 2022 Sustainability Blueprint.
💡Proceeds will support initiatives including green buildings, energy-efficient systems, waste and water management, mental health resources, and inclusive education. Rated “Very Good” (SQS2) by Moody’s and backed by OCBC as sole lead manager, the bond marks a strategic shift in how educational institutions finance sustainability goals, linking financial strategy with social and environmental outcomes.
Thailand
The International Finance Corporation (IFC) has announced a THB 1.48 billion (approximately $45 million) investment in CleanMax Energy (Thailand) Company Limited, a subsidiary of India-based Clean Max Enviro Energy Solutions. This marks IFC’s first debt investment in a Thai renewable energy developer focused exclusively on the commercial and industrial (C&I) solar segment. The financing will support the development of 35 megawatt-peak (MWp) of new solar capacity, refinance 41 MWp of existing projects, and expand clean energy access for industrial businesses in Thailand.
💡IFC estimates the Thai C&I solar market could triple over the next decade, driven by lower tariffs compared to grid electricity. This move builds on IFC’s earlier equity investment in CleanMax in 2017.
Vietnam-Global
FinDev Canada, Sumitomo Mitsui Banking Corporation (SMBC), and partner Development Finance Institutions (DFIs) including British International Investment, Export Finance Australia, and Japan International Cooperation Agency have finalized a $350 million loan to Vietnam Prosperity Joint Stock Commercial Bank (VPBank).
The five-year facility aims to support VPBank’s sustainable finance strategy focused on social finance, green finance, and essential infrastructure development. FinDev Canada will contribute $75 million, with at least 40% of the loan directed to climate finance and women-owned micro, small, and medium-sized enterprises (MSMEs).
💡The syndicated loan strengthens VPBank’s capacity to fund projects with positive environmental and social impacts while supporting Vietnam’s net-zero emissions target by 2050. The partnership facilitates broader international collaboration, connecting Vietnamese businesses with global markets, particularly in Canada, Japan, Australia, and the UK.
Aviation
Asia-Pacific’s aviation sector is navigating financial challenges and strategic shifts. Virgin Australia ruled out acquiring Regional Express due to high fleet renewal costs, while Vietnam Airlines secured a loan extension to aid financial restructuring. Indonesia’s $3.2 billion Boeing deal sparked trade-related questions, and a UAE delegation visited China to strengthen aviation cooperation.
Australia
Virgin Australia has ruled out acquiring Regional Express (Rex) due to the high capital costs associated with renewing Rex’s aging fleet. The airline cited economic concerns stemming from the required investment, indicating that such a move would not align with its disciplined financial strategy.
💡Rex operates a predominantly older fleet, including dozens of Saab 340 turboprops averaging over 30 years in age, along with several aging business and training aircraft. The airline’s parent company, Regional Express Holdings, has been in administration for the past year following unsuccessful expansion efforts into the narrowbody market. While the Australian government has expressed willingness to intervene only as a last resort, administrators are continuing efforts to attract private investment.
Australia
An Australian federal court has fined online travel agency Webjet $9 million for making false or misleading representations about flight prices and booking confirmations between 2018 and 2024. Webjet admitted to advertising airfares that excluded mandatory fees, and in 118 cases, providing customers with false booking confirmations and later requesting additional payments of up to $2,120 to finalise the bookings. The company has since refunded affected consumers and cooperated with the Australian Competition and Consumer Commission (ACCC), which brought the case.
💡The ACCC’s investigation was prompted by a consumer complaint about an $18 fare that tripled after additional fees were added. These fees—ranging from $34.90 to $54.90—were often buried in fine print or omitted entirely from social media posts. They accounted for 36% of Webjet’s total revenue over a five-year period. As part of the court’s orders, Webjet will review its compliance program and contribute to the ACCC’s legal costs.
Indonesia-USA
Indonesia’s plan to purchase 50 Boeing aircraft for US$3.2 billion has raised questions about whether the deal is driven by commercial needs or influenced by recent U.S. tariff reductions on Indonesian imports. The announcement came shortly after Washington lowered tariffs from 32% to 19%, prompting speculation about a political trade-off behind the timing of the agreement.
💡The deal, presented by the White House as part of strengthening bilateral ties, is positioned by Indonesian officials as part of Garuda Indonesia’s fleet modernization efforts.
UAE-China
A UAE civil aviation delegation, led by GCAA Director General Saif Al Suwaidi, visited China to strengthen technical and commercial ties in the aviation sector. The group included officials from key UAE entities and toured major Chinese aerospace firms such as COMAC, TCab Tech, and AutoFlight to explore collaboration and industrial opportunities.
💡The final leg of the visit in Beijing focused on regulatory and operational coordination with Chinese aviation authorities. Discussions covered certification, maintenance, air navigation, and institutional development, culminating in a high-level meeting with China's CAAC leadership and UAE diplomatic representatives.
Vietnam
Vietnam's National Assembly has approved an extension of state-backed loans for Vietnam Airlines, allowing the national carrier to retain access to 4 trillion dong (approximately $157 million) through July 2027. The extension is intended to provide the financially troubled airline with additional time to reorganize its operations and stabilize its business amid ongoing financial pressures.
💡The loan extension comes as Vietnam Airlines continues to face delays in its refinancing efforts, including the restructuring of non-core investments and issuing new shares. Regulatory hurdles have slowed these processes, leaving the airline at risk of insolvency without continued state support.
Advanced Air Mobility
Advanced Air Mobility is accelerating with major milestones across Asia-Pacific and beyond. China’s AutoFlight and EHang showcased eVTOL cargo flights, Japan’s SkyDrive completed Expo 2025 demonstrations, and Europe’s Unifly validated vertiport traffic management systems. Meanwhile, NASA progressed on air taxi safety testing in the U.S., and UK-India partners Urban-Air Port and Nalwa Aero plan integrated eVTOL infrastructure for India’s emerging market.
China
AutoFlight has successfully conducted the world’s first offshore oil platform operation using a 2-ton eVTOL aircraft. In partnership with China National Offshore Oil Corporation and CITIC Offshore Helicopters, the certified CarryAll eVTOL completed a 300-kilometer round trip from Shenzhen to the Huizhou 19-3 oil platform in under an hour, transporting essential supplies including food and pharmaceuticals.
💡Operating in challenging weather and marine conditions, the mission showcased the CarryAll’s range, payload capacity, and vertical flight stability, underlining its viability for routine and emergency offshore delivery applications.
China
EHang successfully tested its VT-20 cargo eVTOL with a round-trip delivery flight between Zhuhai and Guangzhou, completing the 45-nautical-mile journey in 55 minutes. The uncrewed aircraft transported seafood and medical samples, cutting travel time by up to an hour compared to road transport.
💡The trial, part of a regional push for low-altitude aviation, showcased the VT-20’s role in EHang’s expanding eVTOL lineup. Local authorities aim to use such aircraft for logistics, tourism, and island access in the Greater Bay Area.
Japan
SkyDrive Inc. successfully completed a demonstration flight of its Model SD-05 at Expo 2025 in Osaka. The uncrewed flight, operated remotely and stabilized with automatic controls, reached 4 meters in height and lasted three minutes. SkyDrive plans to continue flights at the Expo’s Vertiport through August 24, with schedules subject to weather and maintenance conditions.
💡SkyDrive is pursuing type certification for commercial operations and aims to launch eVTOL services in Osaka and Kyushu by 2028, partnering with local transit and city authorities.
Japan-EU
Japan’s Terra Drone group company, Unifly, has successfully led a technical validation of vertiport traffic management systems under the European EUREKA project, aimed at advancing next-generation air mobility.
Held in Madrid on July 21–22, the demonstration tested Unifly’s Vertiport Collaborative Traffic Management (VCTM) system for real-time coordination among stakeholders like vertiport operators and U-space service providers. The trial confirmed the system's scalability and reliability, marking the completion of the simulation phase
💡The project, involving 35 international partners under SESAR Joint Undertaking, will now advance to live demonstrations, with Unifly continuing to support the deployment of UAM infrastructure across Europe.
USA-Global
NASA is conducting impact tests on aircraft materials to improve safety for advanced air mobility. On June 26, a full-scale air taxi model was dropped from about 35 feet at NASA’s Langley Research Center to study how materials absorb crash forces. The test included a 10-degree yaw to simulate conditions required by FAA certification standards. Researchers evaluated the aircraft’s structure and battery components after impact, finding results consistent with prior computer simulations.
💡The aircraft featured energy-absorbing subfloors designed to crush and protect occupants, similar to car crumple zones. Data from these tests will be shared publicly to support further development of crashworthy air taxi designs. The research is part of NASA’s Advanced Air Mobility mission, which aims to provide guidance for safe and effective integration of electric air taxis and drones into future transportation systems.
UK-India
Urban-Air Port and India’s eVTOL developer Nalwa Aero have announced a partnership to enter the Indian market. The collaboration aims to develop scalable and multi-modal infrastructure to support the country’s growing aviation sector in alignment with government initiatives such as the UDAN program.
💡Under the agreement, Nalwa Aero is designated as Urban-Air Port’s preferred VTOL partner in India, while Urban-Air Port becomes Nalwa Aero’s preferred infrastructure provider. The partnership plans to develop integrated solutions combining Nalwa Aero’s NALWA 5X eVTOL aircraft with Urban-Air Port’s vertiport infrastructure. The collaboration will progress through phased market development, regulatory engagement, demonstrations, and deployment to support cargo, medical, passenger, and defense applications in India.
Marine
Marine sector moves are reshaping global infrastructure and energy transition efforts. Hong Kong’s CK Hutchison is courting Chinese state-owned COSCO to join its $22.8 billion port business sale amid Beijing’s security review. Japan’s Mitsui partners with Mitsui OSK Lines to acquire Scotland’s Port of Nigg, targeting offshore wind growth. Singapore’s Yinson secures a major floating storage contract off Vietnam, while South Korea pledges $150 billion to revitalize U.S. shipbuilding under a landmark bilateral trade deal.
Hong Kong
CK Hutchison confirmed it is in talks to bring a major Chinese investor into the consortium bidding for its $22.8 billion global ports business, following the end of an exclusivity period with the original buyer group led by BlackRock and MSC. State-owned COSCO has emerged as a potential new participant, reflecting a strategic shift amid growing regulatory scrutiny from Beijing over foreign involvement in key infrastructure assets.
💡The move comes after Chinese authorities initiated a national security review of the deal, citing concerns over foreign—particularly American—influence in the port sector. CK Hutchison’s port division operates 52 terminals across 25 countries. While COSCO’s involvement may ease approval in China, it could raise regulatory hurdles in the US and EU, where foreign ownership of critical infrastructure is increasingly scrutinized.
Hong Kong-Global
GMS, the world’s largest ship recycling buyer, announced the issuance of the first International Ready for Recycling Certificate (IRRC) under the Hong Kong Convention (HKC), effective since June 26. The Liberian Registry granted the certificate to the vessel R Pisces, confirming compliance with the convention’s standards, including hazardous material inventory, an approved recycling plan, and authorized facility selection. R Pisces is set for recycling at Leela Responsible Recycling in Alang, India.
💡The HKC establishes global standards to enhance safety, environmental protection, and transparency in ship recycling.
Japan-Scotland
Japanese trading company Mitsui & Co and shipping firm Mitsui OSK Lines (MOL) have agreed to acquire Scotland’s Port of Nigg and key fabrication and access businesses from Global Energy Group (GEG).
Mitsui will hold a 51% stake, with MOL owning 49%. The acquisition includes the deepwater energy port, fabrication facilities, and offshore scaffold and access services.
💡This marks Mitsui’s first major investment in a Scottish port, with the partnership set to develop Nigg as a key hub for the UK’s energy transition, particularly in offshore wind and industrial services. Mitsui plans to invest further in manufacturing and energy services infrastructure, aiming to support long-term job creation and economic growth in the Highlands. GEG will continue operating at Nigg through its other subsidiaries.
Singapore-Vietnam
Yinson Production, a Singapore-based offshore floater operator, has signed a contract to provide a new floating storage and offloading (FSO) unit for the Block B gas field off Vietnam’s southwest coast. The contract, awarded by Phu Quoc Petroleum Operating Company to Yinson’s joint venture PTSC South East Asia, covers 14 years with an option to extend up to nine more years, valued at around $600 million.
The new double-hulled, turret-moored FSO will hold 350,000 barrels of condensate and is designed to operate for 25 years without drydocking. It is expected to start handling condensate in the third quarter of 2027.
💡PQPOC operates gas blocks B&48/95 and 52/97, targeting an annual gas supply of 5 billion cubic meters to southern Vietnam. PTSC South East Asia, jointly owned by Yinson (49%) and PetroVietnam Technical Services (51%), already manages one FSO in Vietnam and has another under construction for Murphy Oil, planned to be operational by 2026 and active until at least 2037.
South Korea-USA
South Korea has committed $150 billion to a new U.S. shipbuilding revitalization fund as part of a broader $350 billion bilateral trade deal signed in Washington. The investment—the largest Korean industrial commitment in U.S. history—aims to rejuvenate American shipyards and expand Korean shipbuilders’ access to the U.S. defense market. The “Make American Shipbuilding Great Again” initiative will focus on constructing commercial and naval vessels in the U.S., as well as manufacturing shipbuilding systems and performing fleet maintenance and overhaul.
💡The agreement, finalized just before a major tariff deadline, also covers sectors like semiconductors, EV batteries, biotech, and clean energy. In return, the U.S. will cap tariffs on Korean goods at 15%, aligning them with those for other key trade partners.
Space
Space innovation is advancing across Asia-Pacific. Australia launched its first orbital rocket, India and the U.S. deployed the NISAR Earth-monitoring satellite, Pakistan launched a remote sensing satellite with China, and the Philippines tested LEO satellite calls to standard phones.
Australia
Gilmour Space Technologies has completed its first attempt to launch an Australian-made orbital rocket from Australian soil. The Eris Test Flight 1 lifted off from the Bowen Orbital Spaceport in North Queensland but did not reach orbit, landing safely within the designated area. The 23-metre, three-stage rocket is designed to carry payloads of up to 300 kilograms into low Earth orbit and marks a significant milestone for Australia's domestic launch capabilities.
💡The test follows regulatory approvals and a $5 million investment from the Australian Government to support the rocket’s development. Gilmour Space stated that insights gained from the launch will inform future test flights, with the next vehicle already in production. The Australian Space Agency acknowledged the attempt as part of the broader innovation process in the space industry.
India-USA
India and the United States have jointly launched the NASA-ISRO Synthetic Aperture Radar (NISAR), a state-of-the-art satellite designed to monitor Earth's surface with unmatched precision. Lifted off from the Satish Dhawan Space Centre, the 2,392kg satellite will track subtle changes in land, ice, and ocean surfaces—providing critical data for disaster response, climate change research, and environmental monitoring.
💡Equipped with dual radar systems—NASA’s L-band and ISRO’s S-band—NISAR is the first satellite of its kind and will revisit the same Earth locations every 12 days. It can detect shifts as small as a few centimeters, offering insights into natural hazards like earthquakes, glacier melt, and land subsidence.
Malaysia
The Malaysian government is evaluating alternative satellite internet options to reduce reliance on Starlink, the low Earth orbit (LEO) service operated by SpaceX. Communications Minister Fahmi Fadzil emphasized the importance of diversifying providers to avoid overdependence on a single source for internet backhaul and direct access services.
💡Fahmi noted that while Starlink is currently the only commercial LEO satellite provider in operation, the government is reviewing applications from other countries. He also addressed infrastructure concerns related to the rollout of the second 5G network, calling for a more targeted approach to tower placement and an overhaul of existing procedures to better align with actual population needs.
Pakistan-China
Pakistan successfully launched a remote sensing satellite on Thursday from China’s Xichang Satellite Launch Centre, aimed at enhancing its capabilities in agriculture, disaster management, urban planning, and climate monitoring. The mission, carried out by Pakistan’s Suparco in collaboration with China’s CETC and Microsat, marks a major milestone in Pakistan’s space programme and reinforces its technological cooperation with China.
💡The satellite, now in orbit, will provide high-resolution, round-the-clock Earth observation data and is considered a key component of Pakistan’s integrated Earth observation system. Pakistan plans further space milestones, including sending an astronaut into space next year and a lunar mission by 2035.
Philippines
Globe Telecom and Lynk Global have completed the Philippines’ first voice call using a Low Earth Orbit (LEO) satellite to a standard, unmodified mobile phone. The successful test was conducted in Bagac, Bataan, a rural area without terrestrial network coverage, demonstrating the potential of satellite connectivity to reach underserved and remote communities.
💡The trial was part of Globe’s partnership with Lynk Global, which provides direct-to-device (D2D) services via a constellation of LEO satellites. Globe said the initiative aims to close digital gaps and support the UN Sustainable Development Goals by enabling broader access to mobile connectivity across the country.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**