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.**
Announcements
Happy to announce that one of our own, Sonia Motwani, attended the Space Economy Congress in Barcelona on July 3 and 4.
The Congress brings together international experts, public institutions, major companies, startups, and research centres to explore the transformative potential of New Space technologies across various sectors.
We’re proud to have Sonia representing us at this important event!
Events
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.
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: Goodman launches $2.7B data center venture in Hong Kong; BRICS to unveil new investment guarantee fund backed by NDB; TCS opens AI innovation center in Singapore; Japfa secures $150M sustainability-linked loan; 83 Malaysian tech firms sign $107M in MOUs under DEX CONNEX Indonesia; Alibaba Cloud invests $60M to boost global AI partner ecosystem; and FPT and audax form $100M digital banking alliance across Asia and Middle East.
Environmental Sustainability: China, Russia back ASEAN nuclear weapon-free zone treaty; MFWG issues guidance for methane abatement in oil and gas financing; ISSB proposes major updates to SASB Standards; EcoCeres inks SAF supply deal with BA; Malaysia’s SEDC Energy to build SAF pilot plant in Sarawak with Apeiron, Sulzer, Oiltek; and NZ Greens warn $200M gas fund may breach climate trade pact.
Aviation: Qantas cyberattack exposes 6M customers; Japan mandates visible power banks on flights; Northeast Asia jet fuel exports to Europe surge; Thales, Singapore launch cortAIx SG AI hub; and US approves GE Aerospace China jet engine shipments.
Advanced Air Mobility: EHang, Reignwood partner to expand eVTOL ecosystem in China; EHang lands 50-unit EH216-S deal with Guizhou Tourism Group; VoltAero to build electric aircraft facility in Sarawak with SEDC Energy, ACI Groupe; and SkyDrive raises ¥8.3B to advance eVTOL certification and mobility network in Japan.
Marine: Mazagon Dock acquires 51% of Colombo Dockyard in first overseas deal; Mitsui E&S secures NEDO funding for hydrogen port equipment refuelling system; Yinson raises $1.17B via bond for FPSO Maria Quitéria project in Brazil; Singapore charges Hafnia Nile crew over fatal tanker collision; and Samsung Heavy partners with PetroVietnam to build tankers .
Space: Malaysia to deploy LEO satellites by 2025 to boost remote connectivity; Marcos-backed data access bill sparks telecom debate in Philippines; Thailand cuts telecom links at Cambodia border to curb cybercrime; Thailand, India target $35B trade via enhanced connectivity, tech ties; and SpaceX prepares Starlink launch in Vietnam after legal clearance.
Financing & Investments
Australia-Hong Kong
Goodman Group, an Australian digital infrastructure company, has launched the Goodman Hong Kong Data Center Partnership (GHKDC), a $2.7 billion investment vehicle focused exclusively on Hong Kong’s data center market. The initial portfolio comprises six data centers—four fully operational and two under development—with over 2.3 million square feet of lettable space and 325 MVA of power capacity, serving major global tech clients and representing about 30% of Hong Kong’s data center market by power.
💡Goodman holds a 20% stake in GHKDC alongside institutional and sovereign wealth investors including PGGM, APG, CPP Investments, CBRE IM Indirect, and a Middle Eastern partner. The move builds on Goodman’s 2023 launch of its Japan Data Center Venture, expanding its Asia data center platform amid growing demand driven by cloud and AI services.
BRICS
The BRICS group is set to unveil a new investment guarantee fund, backed by the New Development Bank (NDB), aimed at lowering financing costs and mobilizing private capital in developing nations, according to sources familiar with the plan. Modeled after the World Bank’s MIGA, the initiative is expected to be highlighted during next week’s BRICS summit in Rio de Janeiro.
💡Named the BRICS Multilateral Guarantee (BMG) mechanism, the fund has secured technical approval from member states and awaits final signoff from BRICS finance ministers. It will use existing NDB resources rather than new capital contributions, with each dollar in guarantees projected to attract five to ten dollars in private investment. Pilot projects are expected to launch in 2026.
India-Singapore
Tata Consultancy Services (TCS) has opened an AI-Powered Research & Innovation Center in Singapore to fast-track digital transformation and reinforce the city’s status as a tech hub in Asia Pacific. Based at Changi Business Park, the center unites customers, startups, academia, and partners to co-create AI solutions for industry and public services, supporting Singapore’s Smart Nation vision and responsible AI use while developing local talent.
💡As part of TCS’s global Pace™ network, the center focuses on boosting productivity, resilience, and sustainability through AI, linking with global hubs to share knowledge, support startups, and train future-ready professionals. Collaborations with universities and tech partners like NVIDIA and Google will deepen AI research and adoption,
Japan
Japfa Ltd, a leading agribusiness in Asia, has secured a US$150 million Sustainability-Linked Loan (SLL) facilitated by DBS Bank and Rabobank. This marks Japfa’s first sustainable finance instrument incorporating social key performance indicators (KPIs), reflecting its broad commitment to sustainability. The loan ties financial terms to goals such as water recycling, phasing out coal use, and improving child nutrition through its “Japfa For Kids” CSR program.
💡As a major animal protein producer, Japfa aims to promote food security while advancing responsible production and consumption across its value chain.
Malaysia-India
A total of 83 Malaysian tech firms signed 26 MOUs in Indonesia, generating over MYR 450 million (US$107 million) in digital exports and strengthening regional cooperation in AI, cybersecurity, and cloud services. The deals were inked under MDEC’s DEX CONNEX Indonesia initiative, which aims to build a collaborative ASEAN digital ecosystem.
💡The MOUs span key sectors including F&B, digital platforms, and talent development, supporting Malaysia’s role as ASEAN Chair and digital economy leader.
Asia
Alibaba Cloud will invest over $60 million in FY2025 to strengthen its global partner ecosystem and accelerate AI adoption. The funding will support joint marketing, partner incentives, and capability-building, enabling partners to scale cloud and AI solutions. Key collaborators include Dify, Squirro, PingCAP, Atos, Crayon, DXC Technology, Bespin Global Indonesia, and Electrum Cloud—each bringing specialized AI, cloud, or digital transformation capabilities to Alibaba Cloud's global marketplace.
💡Separately, Alibaba Cloud marked its 10th year in Singapore by launching a global AI competency center and expanding infrastructure with new data centers in Malaysia (opened July 1) and the Philippines (launching October). The Singapore center aims to support 5,000 businesses, train 100,000 developers annually, and collaborate with over 120 global institutions to grow the AI talent pool.
Vietnam
Vietnam’s FPT has entered a strategic alliance with audax Financial Technology, a Standard Chartered-backed digital banking solutions provider, to deliver secure, scalable digital banking platforms across Asia Pacific and the Middle East. The partnership targets US$100 million in revenue over three years, with FPT becoming audax’s largest regional partner, responsible for development, testing, deployment, and long-term support.
💡Combining audax’s plug-and-play platform with FPT’s strengths in cloud-native development and agile delivery, the alliance aims to help financial institutions modernize legacy systems, adopt embedded finance and banking-as-a-service, and drive financial inclusion.
Environmental Sustainability
China-ASEAN
China has reiterated its commitment to the Southeast Asia Nuclear Weapon-Free Zone (SEANWFZ) Treaty, with Foreign Ministry spokesperson Mao Ning confirming last Thursday that China and Russia have agreed to become signatories. Mao stated that China, as a strategic partner and neighbor to ASEAN, has consistently supported the treaty’s goals.
💡Malaysian Foreign Minister Mohamad Hasan noted that the participation of major powers like China and Russia could strengthen regional peace and nuclear disarmament. While the United States is still reviewing the treaty, Mao emphasized China’s readiness to be the first to sign and continue engagement with ASEAN on finalizing the protocol.
Global
The Methane Finance Working Group (MFWG), a coalition of financial, technical, and environmental stakeholders, has released a guidance document titled Guidance for Including Methane Abatement in Oil and Gas Debt Structuring. The document outlines how debt capital markets can adapt existing financing mechanisms to support methane and flaring reduction initiatives across oil and gas operations.
💡The Guidance consolidates MFWG’s recommendations to help financial institutions and energy firms establish practical, credible partnerships that prioritize emissions abatement.
Global
The International Sustainability Standards Board (ISSB) has released exposure drafts proposing significant updates to the SASB Standards, along with aligned amendments to the IFRS S2 implementation guidance. The proposals include a comprehensive review of nine high-priority industries, such as Extractives & Minerals Processing and Processed Foods, as well as targeted amendments across 41 other industries on topics like Water Management and Workforce Health & Safety.
💡The ISSB is seeking feedback through a 150-day consultation period ending on November 30, 2025, with final updates expected in 2026. These changes result from extensive global consultation and collaboration with other standards bodies including GRI, EFRAG, and TNFD. Additional exposure drafts for sectors like Electric Utilities, Power Generators, and Food & Beverage are also planned by the end of 2025.
Hong Kong-UK
EcoCeres, Inc. has signed a multi-year deal to supply British Airways with sustainable aviation fuel (SAF), aiming to reduce the airline’s carbon emissions by 400,000 metric tonnes—equivalent to emissions from about 240,000 round-trip economy passengers between London and New York.
💡British Airways plans to power 10% of its flights with SAF by 2030, with SAF already accounting for 2.7% of its fuel use in 2024.
Malaysia
SEDC Energy has announced plans to develop a 15,000 metric ton per year sustainable aviation fuel (SAF) pilot plant in Sarawak, partnering with Sulzer, Apeiron Bioenergy, and Oiltek. The project, unveiled at the MyAero Sustainable Aviation APAC Symposium, will use Sulzer’s modular BioFlux technology and aims to serve as a scalable model for regional SAF production.
💡Apeiron Bioenergy, Asia’s largest used cooking oil (UCO) collector, will provide feedstock logistics and help establish a sustainable UCO ecosystem in Sarawak. Engineering support will come from Oiltek, which has experience building large-scale refinery infrastructure.
New Zealand
New Zealand’s Greens party is raising concerns that the government’s $200 million investment fund to support domestic gas exploration may breach the recently signed “sustainable” free trade agreement — the Agreement on Climate Change, Trade and Sustainability (ACCTS) — with Costa Rica, Iceland, and Switzerland. Legal advice from Barrister Nura Taefi KC states the fund likely qualifies as a prohibited fossil fuel subsidy under ACCTS because it financially supports fossil fuel activities, potentially reducing costs for co-investors.
💡The ACCTS is not yet in force, meaning enforcement mechanisms are currently unavailable, but if activated, violations could trigger dispute resolution measures including tariff reinstatements. The government has also recently reversed many climate policies and quietly exited the Beyond Oil and Gas Alliance, signaling a broader shift towards supporting fossil fuel development despite global climate commitments.
Aviation
Australia
Qantas is investigating a significant cyberattack that compromised a third-party customer contact system containing data on six million individuals. The breach exposed sensitive information including names, email addresses, phone numbers, and birthdates, though passport and payment details were reportedly not involved.
💡The airline confirmed that flight operations remain unaffected and has alerted Australia’s National Cyber Security Coordinator.
Japan
Japan’s transport ministry has announced new rules requiring air passengers to keep power banks in plain sight during flights, banning their storage in overhead bins. Starting July 8, passengers on all 23 Japan-based airlines must ensure their portable chargers are visible and can only charge devices in locations monitored by cabin crew.
💡Batteries over 160 watt-hours (Wh) remain banned, with a maximum of two power banks allowed between 100Wh and 160Wh. This move follows several incidents worldwide of in-flight fires caused by power banks, including a January 2025 fire on an Air Busan flight in South Korea.
Northeast Asia
Jet fuel exports from Northeast Asia to Europe surged in June to their highest in nearly a year, driven by lower freight rates, strong European margins, and an oversupplied Asian market. At least 350,000 metric tons of jet fuel—primarily from South Korea and China—are en route, with trader estimates placing June bookings as high as 465,000 tons, according to Kpler and trade sources.
💡Major traders including Vitol, BP, Gunvor, Unipec, and Aramco Trading chartered tankers amid fears of Middle East supply disruptions and a seasonal spike in European demand. Analysts said the shipments helped ease the supply glut in Asia while taking advantage of a $60–$80/ton pricing gap favoring Europe. The cost to ship on LR2 tankers dropped to as low as $40/ton before mid-June, further incentivizing the east-to-west arbitrage.
Singapore
Thales and the Singapore Economic Development Board (EDB) have launched cortAIx SG to expand Thales’ global AI program into Asia. The center will develop trusted AI solutions for complex environments, boost R&D capabilities, and position Singapore as a regional AI hub aligned with the National AI Strategy. Key projects will enhance decision support, operational efficiency, and human-autonomy teaming, while working with local partners to ensure ethical and effective AI technologies.
💡Thales also extended partnerships with Singapore agencies including HTX, the Defence Science and Technology Agency, and aviation stakeholders such as the Civil Aviation Authority and Singapore Airlines. These collaborations involve joint labs for AI-enabled security, counter-drone systems, and aviation innovation, including Thales’ first Avionics Lab outside France.
USA-China
The U.S. has cleared GE Aerospace to resume shipments of jet engines to China’s COMAC. The affected licenses cover LEAP-1C engines, made with France’s Safran for the C919 aircraft, and CF34 engines for the C909 regional jet. At least one other aerospace firm also had restrictions lifted, according to sources.
💡The move follows recent U.S. decisions to roll back export controls on chip design software and ethane products. The earlier restrictions were part of a broader trade dispute that included China’s curbs on rare earth exports.
Advanced Air Mobility
China
EHang has entered a strategic partnership with Reignwood Aviation Group to advance China’s low-altitude economy by scaling up deployment of electric vertical take-off and landing (eVTOL) aircraft. The collaboration will begin with low-altitude tourism services in major cultural and scenic hubs and eventually expand to urban air mobility, logistics, and emergency response applications.
💡The two companies plan to establish integrated service hubs for eVTOL operations, including takeoff and landing sites, energy supply, and maintenance facilities. They will also co-develop a digital fleet management platform and a joint flight training center to address talent needs. Internationally, they aim to promote airworthiness certification and introduce the EH216-S aircraft in Southeast Asian markets such as Thailand.
China
EHang has secured a purchase order for 50 units of its EH216-S pilotless eVTOL aircraft from Guizhou Scenic Tourism Development, a subsidiary of Guizhou Tourism Group. The aircraft will be deployed across scenic destinations in Guizhou province to offer low-altitude aerial sightseeing and support the province’s push to become a world-class travel destination.
💡The partnership includes plans for expanded cooperation in aircraft R&D, component manufacturing, and trial operations, alongside a separate agreement with the Anshun Economic and Technological Development Zone to build a tech-enabled cultural tourism model. Together, the efforts aim to accelerate Guizhou’s low-altitude economy and establish a competitive industrial cluster.
France-Malaysia
VoltAero, a French developer of electric-hybrid aircraft, has signed a Letter of Intent with Malaysia’s SEDC Energy (SEDCE) and France’s ACI Groupe to establish a regional assembly facility and innovation center for its Cassio aircraft in Sarawak, Malaysia. SEDCE and ACI Groupe also plan to acquire equity stakes in VoltAero as part of a strategic partnership to advance clean aviation across the Asia-Pacific region.
💡The collaboration includes setting up a Cassio assembly line, training local technicians, creating a pilot academy, transferring technology, and developing local supply chains. The Cassio family, with models seating 5 to 12 passengers, targets regional commercial operators, air taxis, cargo, and medical evacuation services, using electric-hybrid propulsion with plans to explore hydrogen and sustainable fuels.
Japan
SkyDrive has raised ¥8.3 billion in a Pre-Series D round led by MUFG Bank, with new investors including JR East and JR Kyushu. Returning backers like Suzuki Motor and Kansai Electric also participated, bringing SkyDrive’s total funding to over ¥43 billion.
💡The capital will support certification efforts for SkyDrive’s SD-05 eVTOL, a lightweight three-seater now under review by Japan’s Civil Aviation Bureau. Funds will also expand testing infrastructure and operational capabilities. SkyDrive has forged strategic alliances with four railway firms to integrate eVTOLs into multimodal networks, laying groundwork for vertiports and air mobility corridors across Japan.
Marine
India
India’s Mazagon Dock Shipbuilders has made its first overseas acquisition, purchasing a 51% controlling stake in Sri Lanka’s Colombo Dockyard for $52.96 million. The facility, previously majority-owned by Japan’s Onomichi Dockyard, is Sri Lanka’s largest shipbuilding and repair yard.
💡The transaction, subject to regulatory approval, is expected to close within four to six months. The move signals India’s growing push into Sri Lanka’s maritime sector, following years of dominant Chinese investment. It follows Adani Group’s entry into terminal operations at Colombo Port earlier this year.
Japan
Mitsui E&S has secured funding from Japan’s New Energy and Industrial Technology Development Organization (NEDO) to develop a hydrogen refuelling system aimed at decarbonising cargo handling at container terminals. The system will support various equipment types, including rubber-tired gantry cranes and container movers, building on Mitsui’s earlier success in launching the world’s first fuel cell-powered RTGC.
💡The modular, scalable system is designed to accelerate the transition from diesel to hydrogen-powered machinery by enabling efficient, high-volume fuelling at ports.
Singapore
Singapore’s Yinson Production has raised $1.17 billion through a senior secured bond offering for its FPSO Maria Quitéria, currently operating under a 22.5-year lease with Petrobras in Brazil’s Jubarte field. The floating unit, moored at a depth of 1,385 meters, can handle up to 100,000 barrels of oil and 5 million cubic meters of gas per day.
💡The 19.6-year, fully amortising notes were priced at a fixed 8.498% coupon and will be listed on the London Stock Exchange’s International Securities Market. Proceeds will refinance existing debt, fund reserve accounts, cover transaction costs, and support shareholder distributions. Yinson called the deal a new milestone as the largest and longest-tenor FPSO project bond to date.
Singapore
The Maritime and Port Authority of Singapore (MPA) has formally charged two crew members of the Singapore-flagged Hafnia Nile in connection with the deadly July 2024 collision involving the tanker and the shadow fleet vessel Ceres I. The incident, which caused a major fire and resulted in one death and serious injuries, occurred about 35 nautical miles northeast of Pedra Branca.
💡The two accused faces allegations including failure to maintain situational awareness and unauthorized helm control. If convicted, each could face up to two years in jail and fines of S$50,000. Court hearings are scheduled for later this mon
South Korea-Vietnam
South Korea’s Samsung Heavy Industries has entered a strategic partnership with PetroVietnam to build oil and chemical tankers at Vietnamese shipyards. The collaboration will combine Samsung Heavy’s design expertise with PetroVietnam’s industrial infrastructure to revitalize Vietnam’s struggling state-owned shipbuilding industry.
💡The agreement includes technology transfer, workforce training, and plans to produce tankers initially focused on the regional MR product tanker segment, with ambitions to build larger vessels up to suezmax class in the future.
Space
Malaysia
Malaysia plans to deploy Low Earth Orbit (LEO) satellite technology to improve connectivity, especially in maritime and hard-to-reach areas, Communications Minister Datuk Fahmi Fadzil said. The initiative, potentially starting in late 2025, aims to address challenges where building traditional towers is impractical, such as remote islands, by using satellites to function like transmission towers from space.
💡The announcement came alongside the launch of a new multi-operator core network (MOCN) base station in Tanjung Asam, designed to enhance mobile internet access for over 500 residents and 350 daily commuters.
Philippines
The proposed Konektadong Pinoy (Open Access in Data Transmission) Act has ignited a national debate, as the Marcos administration pushes for sweeping reforms to improve internet access. Backed by President Ferdinand Marcos Jr. and over 35 business, civic, and international groups, the bill aims to simplify licensing, promote infrastructure sharing, and remove the congressional franchise requirement for internet service providers—a rule unique to the Philippines.
💡Supporters argue the measure will boost competition, lower internet costs, and connect nearly half of the country’s villages still lacking access. But major telecom operators, represented by the Philippine Communications and Telecommunications Operators (PCTO), warn the bill could disadvantage local firms and weaken investment in infrastructure.
Thailand-Cambodia
Thailand’s National Broadcasting and Telecommunications Commission (NBTC) has directed telecom providers to sever all internet and voice connections to Cambodia near the Khlong Luek border crossing, citing efforts to combat cross-border cybercrime. The order, to be implemented within 15 days, targets fraud operations using illegal infrastructure extending into Thai territory. Operators must maintain services for Thai residents in the area by deploying mobile SIM vehicles and establishing separate transmission systems for Cambodian branches.
💡The move comes amid escalating tensions following a deadly border clash in May and reciprocal actions by Cambodia, including internet and electricity cuts to Thailand. The Thai military has also closed border crossings in several provinces, with exceptions only for humanitarian cases.
Thailand-India
Thailand and India plan to boost bilateral trade to US$35 billion by 2027 through enhanced connectivity by land, air, and sea, alongside efforts to reduce trade barriers. Bilateral trade reached US$17.5 billion last year, marking nearly a 9% increase from the previous year, according to Nalinee Taveesin, president of Thailand Trade Representatives.
💡Thailand aims to tap into India’s strengths in space technology, artificial intelligence, biotechnology, electric vehicles, and software to advance key industries, particularly within the Eastern Economic Corridor and its developing “Thailand Silicon Valley.”
Vietnam
SpaceX is finalizing the setup of a legal entity in Vietnam as it moves toward offering Starlink satellite services. The company is completing procedures with the Ministry of Finance and is expected to apply for an operating license once business registration is complete. Under current rules, the licensing process should take no more than 15 days.
💡Vietnam's recent adoption of Resolution No. 193 lifted limits on foreign ownership in low Earth orbit (LEO) satellite telecommunications, paving the way for full foreign participation. While Starlink won't directly compete with Vietnam’s widely available and affordable ground-based networks, it is expected to serve sectors such as aviation, maritime, and remote area connectivity, as well as provide emergency backup in disaster response efforts.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**