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.**
Announcement
Excited to share that I am a co-author of a new article, The Ongoing Evolution of eVTOLs: Urban Transport Potential and the Security Dimension, published in Urban Planning and Transport Research.
I’m honored to contribute to this research on eVTOLs and urban transport and grateful for the opportunity to be published in a Scopus-indexed journal!
Events
Asia-Pacific space events
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: Yup Raises $32M Series C-1 Led by U.S. Investors; Edelteq Secures Strategic Investment, Launches Semiconductor JV; LTA Awards $8.14M Contract for Autonomous Bus Pilot; Cirrus Therapeutics Raises $11M to Advance Gene Therapy for Vision Loss; and GIC Leads $105M Secondary Round in Temporal Technologies
Environmental Sustainability: FRV Launches 300 MW Walla Walla Solar Farm; Shizen Energy Signs Three More 20-Year Solar PPAs with Microsoft; Malaysia SC Releases Illustrative Sustainability Reports for Plantation and Construction Sectors; Solarvest and Press Metal Partner on 100 MW Solar Plant; and Trina Solar Signs 20-Year PPA for 49.9 MW Solar Farm in Philippines
Aviation: Airbus Report Shows Rising Private Jet Use in Asia; WAISL Launches AI Airport Operations Platform in Europe; New Zealand Unveils National Freight Plan and Airport Expansions; Singapore Invests S$34M in Aerospace Manufacturing and SME Labs; and Hamad Airport Signs Sister Airport Deal with Shenzhen
Advanced Air Mobility: EHang to Unveil VT35 Pilotless Aircraft in China; AutoFlight Completes First Inter-City eVTOL Cargo Flight; SkyDrive Explores eVTOL Operations in Thailand; Soracle to Launch Air Taxi Service in Osaka with Archer eVTOL; and PLANA Signs LOI to Deliver 20 Hybrid eVTOLs to South Korea’s VONAER
Marine: NYK Line Expands AI Hull-Cleaning Across Fleet; Lianson Sells 2013 Workboat Kayra to MAG Offshore; Singapore Maritime CEO Forum Highlights AI, Decarbonisation, and Workforce Skills; Samsung Heavy Industries Partners with India’s Swan Defence on Shipbuilding; and USTR Plans Port Fees on Chinese-Linked Vessels
Space: China and NASA Coordinate on Potential Satellite Collision; ArkEdge Space Partners with African Institutions for Satellite Applications; Astroscale and HEO Expand On-Orbit Servicing Collaboration; Europe Signs MoU with South Korea on Lunar and Space Projects; and South Korea Plans Fourth Nuri Rocket Launch
Financing & Investments
Southeast Asian startups are securing major funding and partnerships from global investors, spanning digital banking, semiconductors, autonomous transport, biotech, and enterprise software, as companies scale operations and pilot innovative tech.
Indonesia-USA
Indonesia’s digital bank Yup has raised $32 million in a Series C-1 equity round led by U.S. investors Moore Strategic Ventures, Spice Expeditions, and Platanus, bringing its total funding to over $100 million. The fresh capital will help the fintech expand its customer base and accelerate its path to profitability, with the company targeting break-even by the end of 2025.
💡Founded in 2021, Yup serves millions of credit card holders and has doubled its revenue annually over the past three years.
Malaysia
Malaysia’s Edelteq Holdings has secured a strategic investment from Kumpulan Modal Perdana (KMP), a government-owned tech venture capital firm, alongside the launch of Halovision System Sdn. Bhd., a joint venture with Halo Technologies to develop advanced automated optical inspection (AOI) systems for the semiconductor industry. KMP will invest up to MYR 3.2 million ($760,000) in Halovision to support the development of its Raptor substrate inspection and i-Falke wafer inspection systems.
💡The collaboration aligns with the National Semiconductor Strategy, supporting talent development, value-chain enhancement, and Malaysia’s positioning as a key player in the global semiconductor ecosystem.
Singapore-China
The Land Transport Authority (LTA) has awarded an $8.14 million contract to a consortium of MKX Technologies, Zhidao Network Technology (Beijing), and BYD Singapore to pilot autonomous buses on public routes 400 (Marina Bay) and 191 (one-north) for three years. The consortium will supply six 16-seat electric autonomous buses, along with fleet management systems, remote operations capabilities, and charging infrastructure.
Zhidao will provide AV hardware and software, including LiDAR, RADAR, and cameras, while MKX leads local R&D and project management, and BYD supplies the buses. Initial operations will include onboard safety operators, with plans to transition to remote monitoring and onboard customer service officers.
The pilot, starting in the second half of 2026, will run fares at standard public bus rates and aims to assess the feasibility of AV integration, inform operational practices, and potentially expand the fleet to 14 additional autonomous buses across more routes.
UK-Singapore
UK-based biotech Cirrus Therapeutics has raised $11 million in seed funding to advance gene and cell therapies for chronic blinding diseases, led by ClavystBio, the Temasek-backed life sciences investor, with participation from Polaris Partners and SEEDS. The funds will support IND-enabling studies for Cirrus’s lead adeno-associated virus (AAV) gene therapy targeting dry age-related macular degeneration (AMD) by restoring IRAK-M, a key immune regulator whose loss drives retinal degeneration.
Cirrus said replenishing IRAK-M expression could slow or reverse vision loss by tackling the underlying biology of retinal aging rather than single pathways like the complement cascade. The therapy builds on 2024 research by Cirrus, the University of Bristol, and UCL that identified IRAK-M as a novel therapeutic target.
USA-Singapore
Singapore’s GIC has led a $105 million secondary funding round in U.S.-based Temporal Technologies, valuing the workflow orchestration platform at $2.5 billion. Tiger Global and Index Ventures also participated in the investor-led tender offer, which follows Temporal’s $146 million Series C earlier this year at a $1.72 billion valuation.
💡The transaction allows early investors and employees to realize gains while reinforcing confidence in Temporal’s open-source Durable Execution platform and its enterprise-managed service, Temporal Cloud.
Environmental Sustainability
Asia-Pacific and Australian renewable projects are advancing, with solar farms launching or planned in Australia, Japan, Malaysia, and the Philippines, alongside new sustainability reporting initiatives, long-term PPAs, and targets to expand clean energy capacity by 2026–2027.
Australia
Fotowatio Renewable Ventures (FRV) has officially launched its 300 MW Walla Walla Solar Farm in New South Wales, supplying power under a 15-year agreement with Microsoft. The facility, located near Albury, reached full commercial operation less than a year after starting generation and is expected to produce roughly 720 GWh of renewable electricity annually.
💡FRV, owned by Saudi Abdul Latif Jameel Energy and Canadian pension fund Omers, said the project reinforces its presence in Australia’s solar market. The company currently operates multiple solar farms across New South Wales, Queensland, and Victoria, and is developing additional hybrid solar-battery and large-scale energy storage projects in Victoria.
Japan
Japanese renewables developer Shizen Energy has signed three additional 20-year power purchase agreements with Microsoft, following an initial deal in October 2023. The four projects combined have a total capacity of 100 MW, with the new agreements covering solar plants in the Kyushu and Chugoku regions, one of which is already operational.
💡Shizen Operations will manage all assets.
Malaysia
Malaysia’s Securities Commission (SC) Advisory Committee on Sustainability Reporting has released two Illustrative Sustainability Reports (ISRs) aligned with the ISSB Standards to guide companies under the National Sustainability Reporting Framework. The reports, focused on the plantation and construction sectors, serve as practical examples for applying IFRS S1 and IFRS S2 disclosure requirements.
💡The initiative forms part of the SC’s PACE program—Policy, Assumptions, Calculators, Education—aimed at strengthening sustainability reporting capacity. SC Chairman Mohammad Faiz Azmi said the ISRs provide timely, detailed guidance to help firms produce ISSB-aligned reports. Complementing the release, the NSRF Preparers Program, developed with the Securities Industry Development Corporation, began in July and offers training on sustainability reporting, Scope 3 emissions, and climate scenario analysis.
Malaysia
Malaysia’s Solarvest Holdings has partnered with aluminum producer Press Metal to build a 100-megawatt solar power plant in Mukah, Sarawak, valued at about MYR 380 million ($90 million). Their joint venture, Mukah Solar Powerplant Sdn. Bhd. (MSPSB), has signed a power purchase agreement with Syarikat Sesco Berhad, a unit of Sarawak Energy. MSPSB, owned 60% by Solarvest and 40% by Press Metal, will design, build, own, and operate the facility, scheduled to begin commercial operations on Nov. 30, 2027.
💡Solarvest said the project will offset about 46,000 tons of carbon emissions annually and marks one of Sarawak’s largest clean energy initiatives under the state’s Energy Transition Strategy and Post Covid-19 Development Strategy 2030. The plant will support Sarawak’s target of 10GW of installed capacity by 2030 and 15GW by 2035.
Philippines
Trina Solar’s project development unit has signed a 20-year power purchase agreement with AdventEnergy, a subsidiary of Aboitiz Power, for a 49.9-MWac/60.2-MWdc solar farm in Mabini, Pangasinan. The project, scheduled to start operations in the third quarter of 2026, will generate around 110.8 GWh annually, supplying power to over 24,000 homes and cutting roughly 76,500 tonnes of CO2 emissions each year.
💡The Mabini solar park marks Trina Solar ISBU’s first greenfield development in the Philippines. The project, certified under the Philippine Board of Investments’ Green Lane program, is expected to expand Trina’s retail energy supply and support the country’s renewable energy targets while contributing to the regional electricity grid.
Aviation
Bizav and airport innovation are growing, with Asia seeing more private jet use, Europe adopting AI operations, New Zealand and Singapore expanding infrastructure, and Qatar-China partnerships enhancing connectivity.
Asia
A new report from Airbus Corporate Jets shows business aviation is becoming increasingly important for companies in Asia. The study surveyed senior executives in China, Hong Kong, and Singapore, along with family offices, hedge funds, and private equity firms with a combined $141 billion in assets. Results indicate that 63%–69% of their business travel is now on private jets, with many routes not served by commercial airlines. Most respondents said they save two to three hours per trip compared with scheduled flights, improving operational efficiency and access for employees across locations.
Business aviation is also boosting productivity and flexibility, with 87% of executives reporting 25%–50% higher output on private flights. More than half of companies expect jet usage to rise by 50%–75% over the next two years, while private equity firms and family offices plan to expand their global footprint.
💡Nearly all organizations use aircraft for humanitarian or charitable missions, including medical transport and crisis relief.
India-Europe
India’s airport technology firm WAISL has launched its AeroWise platform in Europe, introducing an AI-driven Airport Predictive Operations Centre aimed at tackling efficiency and capacity challenges at regional airports. The system integrates data from landside, terminal, and airside operations into a single digital interface, using digital twin technology to deliver real-time insights and predictive analytics. Already deployed at Hyderabad Airport and being installed at Delhi, AeroWise is now being rolled out across multiple European sites, including in the UK.
💡The system monitors over 100 performance metrics—from air traffic and runway use to crowd flow and foreign object detection—and can integrate more than 40 IT and OT systems.
New Zealand
New Zealand’s government has unveiled new measures to strengthen the country’s freight system, including a national Action Plan for Freight, an updated Freight Demand Study, and a Freight Advisory Council to improve coordination across air, land, and sea transport.
💡Auckland Airport is developing a new cargo hub next to its recently expanded airfield, while Christchurch Airport is doubling its freight apron and expanding its Dakota Park precinct with a new DHL facility. The initiatives aim to improve operational efficiency, support regional growth, and enhance New Zealand’s export-driven economy.
Singapore
Singapore is advancing its aerospace and advanced manufacturing capabilities through partnerships between A*STAR, Rolls-Royce, SAESL, and local SMEs. Phase Two of the Smart Manufacturing Joint Lab (SMJL) commits S$34 million to expand fan blade production at Rolls-Royce’s Fan Blade Singapore facility and increase SAESL’s MRO output, building on Phase One’s productivity gains of over 20 percent and enabling a 40 percent output boost by 2028. The program has engaged more than 200 SMEs and created high-value jobs and new business opportunities.
💡In parallel, A*STAR has launched three new industry joint labs with SMEs including Abrasive Engineering, Applied Total Control Treatment, and Grand Venture Technology. These labs aim to drive co-innovation, develop new products, and scale local capabilities.
Qatar-China
Hamad International Airport signed a Sister Airport agreement with Shenzhen Bao’an International Airport at Routes World 2025 in Hong Kong, strengthening aviation links between Qatar and China. The memorandum of understanding establishes cooperation between MATAR, Qatar’s airport management firm, and Shenzhen Capital Group across market analysis, route development, and technology initiatives.
💡The partnership aims to enhance passenger and cargo flows between Asia, the Middle East, and global markets, supporting Doha’s strategy to position itself as a key transit hub.
Advanced Air Mobility
Advanced air mobility is expanding across Asia, with China unveiling new passenger and cargo eVTOLs, Japan and Thailand exploring urban air mobility frameworks, Osaka preparing air taxi operations, and South Korea’s VONAER securing hybrid eVTOL orders for future luxury services.
China
EHang will unveil its VT35 long-range pilotless passenger aircraft on October 13. The VT35, a lift-and-cruise design, marks the next step in Ehang’s expansion beyond its EH216 series, which received its Type Certificate two years ago.
💡The company is setting up a VT35 product hub in Hefei, Anhui province, covering R&D, testing, manufacturing, airworthiness certification, supply chain, sales, and talent development. The initiative has received roughly RMB 500 million ($70.2 million) in government support, including product orders and industrial partnerships, to accelerate development and support the low-altitude economy ecosystem.
China
Shanghai-based AutoFlight’s 2-ton CarryAll V2000CG cargo eVTOL completed the first inter-city transport of agricultural goods using a ton-class eVTOL in China, carrying around 200 kilograms of blueberry juice and SF Express parcels from Huaining county’s National Blueberry Industrial Park to Hefei’s Baida Zhougudui Agricultural Products Logistics Park.
💡The 161-kilometer flight, lasting about one hour, demonstrates the potential for low-altitude eVTOL logistics, improving efficiency by 50% compared with traditional road transport and enabling faster, direct deliveries from rural areas to distribution centers.
Japan-Thailand
Japan’s SkyDrive joined a public-private forum in Bangkok on September 10 to discuss establishing eVTOL operations in Thailand. The meeting brought together the Civil Aviation Authority of Thailand, Bangkok Airways, Saha Pathana Inter-Holding, Saha Tokyu Corporation, and SkyDrive to explore regulatory frameworks, infrastructure, and commercial opportunities for next-generation air mobility.
💡The discussion follows a June 2024 MOU with the Thai firms to study eVTOL deployment in key locations including Bangkok, Si Racha, and Koh Samui. SkyDrive is considering demonstrations for Thai authorities in Japan as part of its business expansion in Southeast Asia.
Japan-USA
Osaka Prefecture has chosen Soracle, a joint venture between Japan Airlines and Sumitomo, to launch air taxi operations using Archer Aviation’s Midnight eVTOL aircraft. The deal makes Archer the only US eVTOL maker directly involved in Japan’s urban air mobility program. Agreements with Osaka Prefecture and Osaka City will shape regulations, operations, and community engagement as Soracle prepares for commercial flights across the Kansai region.
💡Archer CEO Adam Goldstein said the collaboration lays the groundwork for air taxi operations in Japan as the firm also joins the White House’s eVTOL Integration Pilot Program.
USA-South Korea
PLANA US has signed a letter of intent to deliver 20 hybrid eVTOL aircraft to VONAER, a South Korea-based urban air mobility operator. The deal schedules delivery of five certified aircraft by 2033 and the remaining 15 by 2040. Including this contract, PLANA has secured pre-orders for 127 aircraft, representing a total supply value of $664 million.
💡VONAER, Korea’s first fully integrated air mobility platform, is expanding from helicopter and private jet services to eVTOL operations, targeting luxury and hospitality-driven services in Asia with plans to enter European and U.S. markets. The partnership with PLANA builds on a May 2023 MOU and aims to create new air travel experiences.
Marine
Maritime operations are advancing with AI-powered hull cleaning, strategic vessel sales, international shipbuilding partnerships, and workforce digitalisation, while US-China port fees signal rising regulatory and trade pressures.
Japan
Japan’s NYK Line is boosting its decarbonisation efforts by expanding its use of Neptune Robotics’ AI-powered hull-cleaning technology across its fleet. The automated robots, already in use since 2022, significantly reduce fuel consumption and emissions compared with traditional methods.
💡The scaled-up rollout will cover NYK’s global operations, with the robots working continuously in challenging conditions—day or night, in murky waters, and against currents up to four knots—while speeding up cleaning and protecting hull coatings. NYK also joined Neptune’s $52 million Series B funding round.
Malaysia
Malaysia’s Lianson Fleet Group (LFG), formerly Icon Offshore, has sold its 2013-built Malaysian-flagged DP2 accommodation workboat Kayra to MAG Offshore Investments for RM92.57 million ($22 million). The vessel has a deadweight tonnage of 3,500 tonnes and can accommodate 200 people. The sale was executed through Lianson’s indirect wholly owned subsidiary, Icon Biru 1 Inc.
💡Proceeds will be used for early prepayment of existing financing, general corporate purposes, and strategic initiatives. In August, Lianson acquired a supramax bulk carrier, marking its first move outside its traditional offshore support fleet.
Singapore-Global
Maritime CEO Forum in Singapore examined the outlook for dry bulk shipping amid geopolitical and market uncertainties. Panelists from SeaTrek Bulk, Fednav, Western Bulk, and G2 Ocean noted that while capesize vessels show stability, smaller geared segments remain sensitive to container trade fluctuations. Political disruptions, including U.S. trade measures and the war in Ukraine, continue to influence coal, steel, and cement flows. Fleet renewal and decarbonisation, they agreed, should prioritize efficiency and operational performance over vessel age, while regulatory compliance and sustainability standards are increasingly shaping market dynamics.
A second session focused on AI and digitalisation in maritime operations. Experts from Inmarsat, IBM Consulting, Synergy Marine, and CMB.TECH highlighted that AI enhances decision-making and operational efficiency but cannot replace human judgment. The discussion stressed the need for digitally literate crew, careful management of cognitive load, and incorporating crew input into technology adoption.
💡Connectivity, upskilling, and diversity were emphasized as essential for a safe, productive, and future-ready workforce, with AI viewed as a tool to augment human capabilities rather than eliminate jobs.
South Korea-India
Samsung Heavy Industries and India’s Swan Defence and Heavy Industries have signed an agreement to work together on shipbuilding and offshore engineering projects. The collaboration will cover design, construction, and project management for vessels such as offshore construction ships, pipelayers, and MPSVs.
💡Swan Defence operates India’s largest dry dock with an annual fabrication capacity of 144,000 tonnes, capable of building very large crude carriers. The partnership provides Samsung Heavy with a strategic entry into the Indian market, aligning with its broader global expansion plans, which recently included a collaboration with U.S.-based Vigor Marine Group.
USA-China
The US Trade Representative (USTR) plans to impose port fees on Chinese-linked vessels, keeping the shipping sector on alert.
Starting October 14, Chinese-owned or -operated ships would face $80 per net tonnage per voyage to the US, while non-Chinese operators of Chinese-built ships would pay the higher of $23 per net tonnage or $154 per TEU, capped at five voyages per year. China has signaled countermeasures via a recent State Council decree targeting discriminatory bans or restrictions against its operators, vessels, or crew, reflecting growing tensions in maritime trade.
💡The new fees could hit carriers hard, with Alphaliner forecasting COSCO and OOCL alone may face $1.53 billion in charges in 2026 if fleet deployment remains unchanged. Analysts caution that the rule’s opaque details and recent US government shutdown may delay or alter implementation, potentially tying it into ongoing US-China trade negotiations.
Space
Global space activity is intensifying, with nations enhancing satellite safety, expanding international collaborations for sustainable development, advancing on-orbit servicing, and preparing major launches and lunar initiatives.
China-USA
China’s National Space Administration contacted NASA this week over a potential satellite collision, marking an unprecedented direct coordination between the two agencies. Alvin Drew, NASA’s Space Sustainability director, said the outreach—an email suggesting NASA hold position while China maneuvered—represents the first confirmed two-way communication on orbital safety between the nations, after decades of minimal interaction. Previous warnings often went unanswered, leaving collision avoidance dependent on unilateral moves.
💡The move comes amid a surge in low-Earth orbit deployments. China plans the 13,000-satellite Guowang IoT network and the 15,000-unit Qianfan broadband constellation, while SpaceX’s Starlink and Amazon’s Project Kuiper aim for tens of thousands of satellites.
Japan-Africa
Agreements include collaborations with the Egypt-Japan University of Science and Technology, Jomo Kenyatta University of Agriculture and Technology in Kenya, and Burkina Faso’s National Council for Sustainable Development. The partnerships aim to establish regional hubs for satellite data applications in agriculture, environmental monitoring, disaster management, and water resource management, while promoting joint research and technology exchange. ArkEdge Space also signed a letter of agreement with Angola’s Gabinete de Gestão do Programa Espacial Nacional to expand satellite technology deployment across the country.
💡The company said these initiatives will leverage satellite constellations and geospatial platforms to address climate change, infrastructure monitoring, and disaster resilience, while strengthening local capacity and practical applications of space technology across the continent.
Japan-Australia
Tokyo-based Astroscale Holdings Inc. has signed a three-year memorandum of understanding with Australian firm High Earth Orbit Robotics Pty Ltd (HEO) to expand their collaboration on satellite monitoring, assessment, and on-orbit servicing. The agreement extends the partnership from low Earth orbit to geostationary and geostationary transfer orbits, enhancing space domain awareness (SDA) and the resilience of allied defense, government, and commercial satellites.
💡Astroscale and HEO will focus on spacecraft inspection, debris cataloging, and developing operational concepts to support safe, efficient servicing missions.
Europe-East Asia
Europe is strengthening its space ties in Asia, signing a memorandum of understanding with South Korea’s Korea Aerospace Administration (KASA) to share ground stations and collaborate on lunar exploration, human spaceflight, and space weather, supporting South Korea’s plans for a robotic lunar lander and a moon base by 2045.
💡The European Space Agency (ESA) is also advancing its asteroid research with the Japan Aerospace Exploration Agency (JAXA). ESA’s Ramses spacecraft will ride alongside JAXA’s Destiny+ mission on a Japanese H3 rocket to study asteroid Apophis ahead of its 2029 Earth flyby, with final funding for Ramses pending ESA’s November ministerial meeting.
South Korea
South Korea plans to launch its Nuri space rocket for the fourth time on November 27, the Korea Aerospace Administration (KASA) announced. The launch, scheduled between 00:54 and 01:14 local time, will carry the CAS500-1 satellite to monitor the aurora borealis, atmospheric glow, magnetic fields, and the near-Earth plasmosphere.
💡KASA established a committee on September 26 to oversee final rocket assembly, site preparation at Naro Space Center, and launch conditions, with backup windows on November 28 and December 4 in case of delays.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**