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
Australian Space Summit and Exhibition 2025
The Australian Space Summit & Exhibition will take place from May 27-28 at the International Convention Centre Sydney. This marks the event's fourth consecutive year, bringing together industry leaders to explore advancements in the space sector.
Learn more about the event here.
The Advanced Air Mobility Asia Symposium (AAM Asia)
The Advanced Air Mobility Asia Symposium (AAM Asia) will take place from September 16-18, 2025, at Aichi Sky Expo, Japan. The event will explore Asia’s evolving Advanced Air Mobility (AAM) ecosystem, covering use cases, infrastructure, air traffic management (ATM/UTM), MRO, and regulations.
Learn more about the symposium here.
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 2025. 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.
Summary
Financing & Investments: Volkswagen and Mercedes-Benz Report Profit Slumps Amid Tariff Pressure and Weak China Sales; SMBC to Buy 20% Stake in Yes Bank for $1.58 Billion; Gates Foundation to Open Singapore Office, Boosting Southeast Asia Health Efforts; Sea Ltd Invests US$78 Million in MariBank to Expand in Southeast Asia; Syfe Partners with BlackRock to Offer Private Credit to Singapore Investors; and Seedflex Raises $3.2 Million to Support MSMEs in Southeast Asia
Environmental Sustainability: GenZero, WEF Launch Regional SAF Credit Coalition to Boost Green Jet Fuel Demand; China’s Green Electricity Certificates System Updated for Corporate Renewables Claims; Wealthiest 10% Responsible for Majority of Global Warming, Study Finds; Verra Approves New Carbon Credit Framework for Early Coal Plant Closures; and Malaysia, Singapore Lead Southeast Asia's Surge in Green Investments
Aviation: ExecuJet MRO Malaysia Gains JCAB Approval for Falcon 2000EX Maintenance; NZ Eases Visitor Visa Translation Rules to Boost Tourism; Commerce Department Launches National Security Probe into Aircraft Imports; Acron Aviation and ZHFTC Partner on Airbus A350 Simulator; and Vietjet and Qazaq Air Launch Vietjet Qazaqstan
Advanced Air Mobility: XPeng AeroHT Receives Acceptance for Production Certificate Application; JetSetGo Launches Air Mobility India to Foster AAM Collaboration; SkyDrive’s eVTOL to Support Emergency Medical Services in Taiwan’s Penghu Islands by 2028; and Heart Aerospace Relocates Headquarters to Los Angeles to Advance Hybrid-Electric Aircraft Development
Marine: DP World and ATI Complete $100 Million Manila South Harbor Expansion; Spike in Maritime Robberies Prompts ReCAAP Alert in Singapore Strait; South Korea to Build World's Largest Liquid Hydrogen Carrier; HD Hyundai to Develop Humanoid Welding Robots for Smart Shipyards; and HD Hyundai and Maersk Deepen Collaboration on Vessel Decarbonization and Logistics Integration
Space: China Unveils Regulations for Direct-to-Device Satellite Services; China Plans Expansion of Tiangong Space Station; China Plans First Overseas Launch Site in Malaysia; UNOOSA and Singapore Partner on Space Law Framework; and South Korea Requests Review to Shift to Reusable Space Launch Vehicle
Financing & Investments
Germany
Germany’s top automakers, Volkswagen AG and Mercedes-Benz, reported steep first-quarter profit declines, citing global economic uncertainty, weakening demand in China, and mounting pressure from U.S. auto tariffs.
Volkswagen’s operating profit dropped 37% year-on-year to €2.9 billion despite a 3% rise in sales revenue to €78 billion. The company delivered 2.1 million vehicles globally, up 1%, with battery electric vehicle (BEV) sales gaining momentum—rising to 10% of total deliveries worldwide and 19% in Western Europe. CFO Arno Antlitz highlighted strong order intake in Europe but warned of persistent margin pressure as the company accelerates its shift to electrification.
Mercedes-Benz saw its adjusted operating profit plunge 40.7% to €2.3 billion, with net profit falling 43% to €1.7 billion. Revenue declined 7.4% to €33.22 billion, and global deliveries slipped 3.6% to 446,300 vehicles. The luxury automaker pointed to sluggish sales in China and cautioned that recently announced U.S. tariffs could further hurt its financial performance.
💡Both companies flagged the uncertain impact of evolving trade policies, with Volkswagen guiding for modest full-year sales growth of up to 5%, but warning that key financial metrics may end up at the lower end of their forecast ranges. Mercedes-Benz echoed similar caution, saying tariffs could significantly affect profit, cash flow, and revenue going forward.
Japan-India
Sumitomo Mitsui Banking Corporation (SMBC), Japan’s second-largest bank, has agreed to acquire a 20% stake in Yes Bank for 134.8 billion rupees ($1.58 billion), marking the largest cross-border M&A deal in India’s financial sector.
💡SMBC will become Yes Bank’s largest shareholder, purchasing 13.19% of the stake from State Bank of India (SBI) and 6.81% from other investors, including Axis Bank, HDFC Bank, and ICICI Bank.
Singapore
The Gates Foundation, one of the world’s largest philanthropic organizations, is set to open an office in Singapore to expand its work in global health and development across Southeast Asia. The new base aims to deepen partnerships and spearhead a regional effort to raise over US$100 million in catalytic funding for health initiatives by 2030, starting with Indonesia, Vietnam, and the Philippines.
💡Announced during the 2025 Philanthropy Asia Summit, the initiative is backed by the Philanthropy Asia Alliance (PAA), founded by Singapore’s Temasek Trust, with the Gates Foundation as a founding member.
Singapore
Sea Ltd has added US$78 million to its investment in MariBank, bringing the total capital to US$488 million since 2021. This funding aims to help MariBank expand its digital banking services across Southeast Asia.
💡The investment precedes MariBank’s acquisition of SeaBank Philippines and follows the company's recent ventures into Malaysia and plans for Thailand. Despite a sixfold revenue increase in 2023, MariBank posted a net loss of S$51.9 million due to rising costs.
Singapore
Syfe has teamed up with BlackRock to offer accredited investors in Singapore access to BlackRock’s U.S. middle market direct lending strategy. This collaboration enables Syfe clients to invest in private credit, an alternative to traditional bonds, with lower investment minimums than usual.
💡BlackRock’s private credit platform, managing over US$63 billion in assets, aims to provide institutional-grade opportunities. The partnership, with exclusive marketing rights in Singapore for a limited period, reflects Syfe’s commitment to expanding access to private market strategies.
Singapore
Singapore-based fintech firm Seedflex has raised $3.2 million in a seed funding extension round, co-led by Z Venture Capital (ZVC) and Iterative, with continued support from 500 Global and angel investors. The funding will help Seedflex expand its dynamic credit solutions for micro, small, and medium enterprises (MSMEs) in emerging Asian markets.
💡Seedflex’s "Pay-As-You-Sell Advance" (PAYS Advance) product links loan amounts and repayments to real-time sales. Since its June 2024 launch in Malaysia, the platform has served over 5,000 merchants and aims to reach 50,000 by the end of 2025. The company plans to expand into Indonesia next
Environmental Sustainability
Asia-Pacific
Temasek’s decarbonisation arm GenZero and the World Economic Forum have launched the Green Fuel Forward coalition to increase uptake of sustainable aviation fuel (SAF) in Asia by enabling companies to buy SAF credits to offset Scope 3 emissions, such as air travel. The initiative aims to address sluggish demand for costly green jet fuel and encourage investment by signaling consistent demand.
The coalition includes 16 members such as Singapore Airlines, Qantas, DBS, and DHL. SAF currently makes up just 0.3% of global jet fuel, hindered by high costs and policy gaps. Asia’s first SAF mandates begin in 2026, lagging behind Europe’s 2024 requirement. Meanwhile, Asia is exporting surplus SAF due to weak domestic demand, despite having ample feedstock and production capacity.
💡The coalition hopes to scale adoption through book-and-claim systems and early test purchases of SAF credits by 2026.
China
China has enhanced its Green Electricity Certificates (GEC) system, allowing companies to confidently track and claim renewable electricity use with verifiable impact. The updates, achieved through collaboration between RE100 and the China Renewable Energy Engineering Institute (CREEI), address past concerns around “double counting” and certificate expiry.
💡The improvements align China’s system with international standards, making it easier for companies to meet 100% renewable electricity goals and ensuring real-world impact across global supply chains.
Global
A recent study published in Nature Climate Change reveals that the wealthiest 10% of the global population are disproportionately responsible for driving climate change.
The study, which used "attribution" science, found that this group’s emissions contributed to 65% of the 0.61°C rise in global temperatures between 1990 and 2020. Additionally, the wealthiest 10% caused seven times more heat extremes than the global average, significantly affecting regions like the Amazon, where the likelihood of droughts tripled.
💡The study highlights that if global emissions mirrored those of the wealthiest 10%, temperatures would rise by 2.9°C, far exceeding the 0.61°C observed.
Global
Verra has finalized a methodology for issuing “transition credits” that reward the early retirement of coal-fired power plants, replacing them with renewable energy. Developed with the Rockefeller Foundation-led Coal to Clean Credit Initiative, the framework quantifies avoided emissions and includes mandatory provisions for a just transition—such as job creation and community support.
Applicable to plants with 20+ year contracts, the credits will initially be trialed by ACEN’s SLTEC plant in the Philippines. Verra reduced the required just transition funding from 5% to 2% of credit revenue, to be secured before credit sales.
💡The Asian Development Bank is also considering using these credits in its coal transition efforts. Meanwhile, critics question whether such credits are necessary, given market-driven coal phase-outs. The Integrity Council for the Voluntary Carbon Market is reviewing the framework for alignment with its high-integrity standards.
Southeast Asia
Malaysia and Singapore attracted over 60% of the US$8 billion in green investments made in Southeast Asia in 2024, marking a 43% jump from the previous year, according to a new report by Bain & Company and Temasek. The surge was driven by solar energy and renewables-powered data centres.
While both countries are on track to meet climate targets, other nations like Indonesia, Vietnam, and the Philippines lag behind due to inconsistent policies and falling green investment flows. The Philippines saw a dramatic drop in waste management investments, while Indonesia struggled with securing favourable financing for coal phase-out projects, though it rebounded late in the year with major wind and solar projects.
💡The report also emphasized Southeast Asia's US$50 billion annual climate financing gap and called for scaled-up blended finance and harmonized sustainability standards to bridge the shortfall.
Aviation
Japan
ExecuJet MRO Services Malaysia, a Dassault Aviation company, has received certification from the Japan Civil Aviation Bureau (JCAB) to perform line and heavy maintenance on Japan-registered Falcon 2000EX aircraft—the company’s first JCAB approval.
💡ExecuJet, already certified by 15 other regulators including the FAA and EASA, sees strong growth potential in Japan's 81-jet business aviation market and plans to expand its services as demand rises.
New Zealand
New Zealand has scrapped the requirement for certified translations in visitor visa applications, a move welcomed by airports and airlines as a step toward reducing travel barriers and enhancing the country's appeal as a tourism destination.
💡While translated documents will still be needed, applicants can now submit translations with the translator’s name and qualifications, without paying for official certification. Tourism Minister Louise Upston and Immigration Minister Erica Stanford said the change aims to cut costs and simplify the process for travelers.
USA
The U.S. Department of Commerce has initiated a national security investigation into imports of commercial aircraft, jet engines, and related parts under Section 232 of the Trade Expansion Act of 1962. Announced on May 1, the probe will assess whether such imports threaten national security.
💡The Bureau of Industry and Security is seeking public comments, data, and analysis from interested parties to inform the investigation. Submissions will help evaluate the potential impact of these imports on the domestic aerospace industry and broader national defense needs.
USA-China
Acron Aviation has partnered with Zhuhai Xiangyi Aviation Technology Company (ZHFTC) to supply the Simulator Management Unit (SMU) for a new Airbus A350 Full Flight Simulator (FFS). The SMU will integrate with ZHFTC’s Level D FFS, enabling seamless data exchange between the simulator and real-world aircraft systems.
💡Acron will manage the software load, while ZHFTC handles the hardware.
Vietnam
Vietjet and Qazaq Air have officially unveiled a strategic partnership to launch Vietjet Qazaqstan, a new low-cost airline aimed at strengthening regional connectivity and deepening economic ties between Vietnam and Kazakhstan.
At the Kazakhstan–Vietnam Business Roundtable, Vietnam’s Ministry of Finance awarded a Foreign Investment Registration Certificate to Vietjet’s Aviation Holdings, authorizing its strategic equity acquisition in Qazaq Air. The new joint venture builds upon Qazaq Air’s current operations and positions Kazakhstan as a key aviation hub linking Southeast Asia with Central Asia and beyond — aligning with broader Belt and Road connectivity goals.
💡As part of the launch, Vietjet Qazaqstan signed a comprehensive service agreement with Boeing to support a planned fleet of at least 20 Boeing 737 aircraft. The agreement includes technical support, spare parts, training for pilots and engineers, and future fleet upgrades.
Advanced Air Mobility
China
XPeng AeroHT announced that China’s regulator has officially accepted its Production Certificate (PC) application for its Land Aircraft Carrier air module, designated as X3-F.
💡XPeng AeroHT aims to begin deliveries of the flying car by 2026. The company’s manufacturing base, which is 70% complete, is expected to be finished by Q4 2025.
India
JetSetGo has introduced Air Mobility India, a dedicated platform for Advanced Air Mobility (AAM) in India. The initiative seeks to unite industry stakeholders, thought leaders, and policymakers to collaborate on sustainable and efficient urban air transportation solutions.
💡The platform will serve as a comprehensive knowledge hub, offering resources, global insights, and a forum for discussions tailored to India's unique aviation needs.
Japan-Taiwan
SkyDrive’s electric eVTOL aircraft could be used for emergency medical services in Taiwan’s Penghu Islands by 2028. Taiwanese drone company 7A Drones has placed a pre-order for up to 10 of SkyDrive's SD-05 aircraft as part of a partnership announced on May 8.
💡The collaboration, which began in 2024 with Taiwan’s Industrial Technology Research Institute (IRTI), will focus on emergency services in Penghu, starting with Magong. The plan includes building infrastructure to dispatch medical teams within a 10-kilometer radius.
Sweden-USA
Swedish hybrid-electric aircraft maker Heart Aerospace has announced the relocation of its corporate headquarters from Gothenburg to Los Angeles, California. The move aims to accelerate development of its X1 and X2 aircraft prototypes and deepen U.S.-based operations.
💡The X1 is scheduled for its first flight in 2025, with the more advanced X2 in the pipeline featuring in-house developed technologies such as batteries, software, and hybrid-electric systems. Backed by over $147 million in recent funding, Heart is also closing its Swedish operations to scale its U.S. team.
Marine
Philippines
DP World and Asian Terminals Inc. (ATI) have completed the $100 million expansion of Manila South Harbor (MSH), the Philippines’ largest port. The upgrade includes extending the pier, dredging to 13 meters, expanding the yard to accommodate 20,000 TEUs, and adding two neo-post-panamax ship-to-shore (STS) cranes, the largest in the Philippines.
The expansion boosts MSH's annual capacity by over 25%, from 1.45 million TEUs to two million TEUs. With increased cargo throughput—handling 350,000 TEUs in Q1 2025, up 25% from 2024—the port is set to strengthen the region's growing trade network.
💡The modernization is part of broader initiatives by the Philippine government, which has allocated $420 million for port expansion projects.
Singapore
The Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP) has issued a renewed warning following a sharp rise in sea robberies in the Singapore Strait. So far in 2025, 50 incidents have been reported in the area, a dramatic increase compared to just 14 over the same period last year.
💡Recent cases involved multiple ships being targeted within short timeframes, particularly near the Phillip Channel in the eastbound lane. While most incidents have been non-violent and aimed at theft, ReCAAP has raised concerns over increasing reports of assailants carrying weapons, including knives and suspected firearms.
South Korea
South Korea’s Ministry of Trade, Industry, and Energy has announced a public-private partnership and $39.5 million in funding to develop the world’s largest liquid hydrogen carrier. This project, involving major shipbuilders Hyundai Heavy Industries, Hanwha Ocean, and Samsung Heavy Industries, aims to establish South Korea as a leader in high-tech shipbuilding.
The initiative will begin with a 2,000 cbm demonstration ship by 2027, followed by larger vessels, including a 40,000 cbm ship by 2032 and a 160,000 cbm carrier by 2040. The technology will focus on ultra-low temperature storage and hydrogen-powered propulsion.
💡The government is coordinating 43 R&D projects, with 101 organizations involved, to support the development of liquefied hydrogen carriers.
South Korea
HD Hyundai is partnering with AI start-up Persona AI and robotics firm Vazil to develop humanoid robots capable of performing complex welding tasks in shipyards. Unlike traditional robots, the humanoids will be designed to observe, reason, and make decisions—enhancing productivity and safety.
💡Persona AI, founded by former NASA engineers, will develop the robot’s hardware and AI algorithms, while Vazil will create welding tools and testing environments. Hyundai’s shipbuilding arm will provide real-world data, aiming for prototypes by 2026 and field trials in 2027. The project is key to Hyundai’s vision of a fully automated “smart shipyard.”
South Korea
HD Hyundai and A.P. Moller – Maersk have expanded their strategic partnership to co-develop vessel decarbonization technologies and enhance logistics integration. The collaboration will focus on vessel efficiency, route optimization, and joint research into Solid Oxide Fuel Cells (SOFCs).
The two companies have already worked together on methanol dual-fuel ships, including the Laura Maersk and 18 larger vessels. Under the new agreement, they will trial Avikus’ HiNAS navigation system and HD Hyundai’s OCEANWISE optimization tool aboard a Maersk boxship to evaluate emissions and fuel savings.
💡Future efforts will include ship retrofits for engine upgrades, capacity enhancements, and dual-fuel conversions. Additionally, HD Hyundai will expand its use of Maersk’s logistics services—including ocean, air, and land freight, and warehousing—starting with key affiliates.
Space
China
China has introduced new regulations for direct-to-device satellite services. A joint notice, issued by seven government departments on April 30, outlines legal and technical standards for satellite connectivity, focusing on infrastructure development, ecosystem cultivation, and national security. The regulations apply to various terminal equipment, including smartphones, IoT modules, and vehicle terminals.
The regulations emphasize national security, data localization, and real-name registration, requiring user data to be processed domestically. Providers must also adhere to cybersecurity and data protection laws. The rules cover frequency licensing, interference prevention, and content platform integration with government monitoring systems.
💡While aiming to strengthen domestic control, China’s new policy also encourages international cooperation and participation in global satellite standards.
China
China is preparing to launch new modules to its Tiangong space station to meet growing scientific demands and potentially enhance international cooperation. The Long March 5B rocket, China’s most powerful, is slated for future missions to carry additional modules to the T-shaped space station, which was completed in 2022.
💡A multifunctional expansion module, with six docking ports, could be the first addition, enabling further modules to be integrated into Tiangong. No official timeline has been released, but these additions aim to support enhanced space and energy capacity.
China-Malaysia
China is exploring the establishment of its first overseas launch site with a proposed spaceport in Pahang, Malaysia. The China Great Wall Industry Corporation (CGWIC) signed a letter of intent with the Pahang State Development Corporation (PKNP) and Lestari Angkasa Sdn Bhd on April 15 to conduct a one-year feasibility study for the Pahang International Spaceport.
💡Located near the equator, the spaceport would leverage the Earth's rotational speed to enhance rocket efficiency, enabling heavier payloads and reduced fuel usage. The project, which could create over 2,000 jobs and stimulate sectors like tourism and research, may be completed within three to five years if approved. The spaceport has significant strategic, economic, and geopolitical implications for both China and Malaysia.
Singapore
The United Nations Office for Outer Space Affairs (UNOOSA) and Singapore’s Office for Space Technology & Industry (OSTIn) have launched the “Space Law for New Space Actors” initiative to help Singapore develop a national space legal and policy framework in line with international standards.
💡A Space Law Technical Advisory Mission (TAM) is scheduled for October 2025 to assess legal and technical needs and provide targeted training, reinforcing Singapore’s commitment to being a responsible, globally integrated spacefaring nation.
South Korea
South Korea's Korea Aerospace Administration (KASA) has requested a government review to revise its next-generation space launch vehicle plan, shifting toward a reusable rocket system by 2035. The move aims to enhance competitiveness and adapt to evolving global space trends.
💡KASA also plans to develop a cross-sector education system to train 30,000 aerospace professionals by 2045, strengthening its long-term strategy to become a global space leader. The agency is working with the finance ministry to ensure the revised plan progresses smoothly.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**