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
16th Asian Ground Handling International Conference
The 16th Asian GHI Conference, set for 18-20 March 2025 in Da Nang, Vietnam, will unite over 1,000 industry leaders from airlines, airports, ground handlers, and suppliers. Key discussions will address operational challenges in ground handling. Confirmed participants include major airlines like Cathay Pacific, Emirates, Vietnam Airlines, and China Airlines, alongside top ground handlers such as dnata, Menzies, SATS, and HACTL.
Learn more about the 16th Asian GHI Conference here.
IMDEX Asia 2025
IMDEX Asia 2025, held from May 6-8 at the Changi Exhibition Centre in Singapore, is a key event for the naval and maritime defence industry. The exhibition will showcase a wide range of technologies, from traditional sectors like shipbuilding and armaments to new innovations in cybersecurity, unmanned systems, and surveillance.
The event also features conferences and forums where professionals can discuss the latest trends in maritime security and defence. The popular Warships Display at Changi Naval Base allows visitors to explore warships and interact with naval officials.
Learn more about IMDEX Asia 2025 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.
With key demonstrations in Korea and Japan, the symposium will bring together global stakeholders to address challenges and opportunities in Asia’s rapidly expanding aerospace market.
Learn more about the symposium here.
Summary
Financing & Investments: Saudi Arabia's Sovereign Wealth Fund to Invest $100M in AirAsia; Hex Trust Receives MPI License from MAS; Qashier Receives Major Payment Institution License from MAS; Korea Hydro & Nuclear Power Issues Asia's First Green Bond for Nuclear Energy Projects; Thailand Invests 3.6 Billion Baht to Boost Aviation Capacity; Vietnam to Create Legal Framework for Cryptocurrencies; and Vingroup Plans to Start $9B Can Gio Sea Reclamation Project by April
Environmental Sustainability: Australian Government Allocates A$250m for Low-Carbon Liquid Fuels Development; Deloitte Report Highlights SAF's Potential and Roadmap for Business Adoption in Aviation; Cosmo Energy to Begin Japan's First Domestic SAF Production in April; Malaysia Aviation Group Partners with FatHopes Energy for SAF Production; AirAsia X Joins FTSE4Good Bursa Malaysia Index After ESG Rating Improvement; and Bangchak Corporation Set to Launch SAF Production in Bangkok
Aviation: Labor Politicians in Wagga Wagga Launch Petition to Support Rex Amid Administration; DIAL Launches AI-Powered UTAM System for Airside Operations; AirAsia to Move Domestic Services to KLIA T2 Starting April 2025; JNP Aviation Focuses on Increasing Pacific Representation in New Zealand's Aviation Industry; Jet Aviation Singapore Joins Airbus Corporate Jets Service Network; and Vietjet Aviation Academy Signs Pilot Training Agreement with New Zealand
Advanced Air Mobility: EHang, Zaragoza & Guangzhou Universities Launch Low-Altitude Flight Safety Lab; and EHang and DHL Partner to Advance UAV Logistics
Marine: Hong Kong's CK Hutchison to Sell Majority Stake in Panama Canal Ports to BlackRock-Led Group; A.P. Moller Maersk Plans $5 Billion Investment in India’s Maritime Infrastructure; India Sets Ambitious Maritime Development Goals for 2025; Singapore Increases Biofuel Blend Limit for Bunker Ships; and South Korea to Provide $17.3 Million in Export Vouchers to SMEs
Space: Myanmar and Russia Sign Space Cooperation Memorandum; Philippine Space Agency to Map National Seagrass Stock Using Satellite and Ground Data; Philippines Enhances Digital and Space Infrastructure with South Korean Support; Singapore to Launch Laser Communications Satellites with Transcelestial; Singapore Boosts Space Ambitions with $45 Million Investment and Key Partnerships; Singapore and UAE Forge Space Collaboration with MoU; and Vietnam's PM Issues Directive to Accelerate 5G, 6G Research, and Satellite Development
Financing & Investments
Malaysia
Saudi Arabia's sovereign wealth fund is set to invest $100 million in AirAsia, the budget airline owned by Malaysia's Capital A, according to Bloomberg News. This investment is part of AirAsia's $225.99 million (1 billion ringgit) fundraising effort, with additional discussions underway with potential investors from Singapore and Japan.
AirAsia is offering investors up to a 15% stake in the airline, which is valued at $2 billion, as it looks to recover from pandemic-induced losses and target growth. Capital A aims to achieve profitability this year following a loss in 2024, which included a one-off charge in its aviation business.
💡The airline's parent company, Capital A, is also consolidating operations by transferring AirAsia’s budget carrier operations to long-haul unit AirAsia X Bhd (AIRX).
Singapore
Hex Trust Group, a digital asset custodian, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS) on 1 March 2025. This license enables Hex Trust to offer regulated cross-border money transfer and Digital Payment Token (DPT) services.
With this approval, the company can now provide integrated solutions such as custody, OTC trading, settlement, and fiat on/off-ramps.
💡Operating in Singapore since 2020, Hex Trust also holds licenses in Hong Kong, Dubai, France, and Italy. Founded in 2018, the company offers institutional digital asset custody, staking, and market services.
Singapore
Singapore-based fintech startup Qashier has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). The license allows Qashier to offer merchant acquisition, payment processing, and domestic and international money transfer services.
This follows the company's in-principle approval in mid-2024, making Qashier a regulated payment services provider in Singapore.
💡Founded in 2019, Qashier provides point-of-sale (POS) systems with integrated payment solutions and customer loyalty programs. Qashier processes over US$1 billion in transactions and supports more than 12,000 businesses across Singapore, Malaysia, Thailand, and the Philippines.
South Korea
South Korea’s Korea Hydro & Nuclear Power Co. (KHNP) has issued Asia's first green bond designed to finance nuclear energy projects. The company raised HK$1.2 billion ($154 million) through the sale of the notes to global institutional investors in Hong Kong and Singapore.
💡The bond proceeds will fund nuclear power plant safety improvements and next-generation nuclear research. KHNP is leading efforts to export nuclear technology, aiming to meet a government goal of exporting 10 reactors by 2030. The bond issuance will help reduce financing costs for future nuclear power projects.
Thailand
Thailand plans to invest 3.6 billion baht in advanced technology to enhance its aviation infrastructure and become a regional hub by 2037. The investment will modernize air traffic control at key airports, increasing annual flight capacity from 1.2 million to 2 million. The investment will be privately funded through loans, avoiding public debt.
The funding will be allocated evenly across three new international airports: U-Tapao Airport, Andaman International Airport, and Lanna Airport, all expected to be completed between 2029 and 2030. Each airport will receive around 1.2 billion baht to build air traffic control for dual runways and accommodate over 100,000 flights annually.
💡AEROTHAI is also rolling out digital tower systems at major airports like Suvarnabhumi and Don Mueang by 2026, with quieter airports following in 2027. Additionally, systems like Air Traffic Flow Management (ATFM) and Airport Collaborative Decision Making (A-CDM) will be integrated to improve efficiency and safety.
Vietnam
Vietnam’s Prime Minister, Pham Minh Chinh, has directed the Ministry of Finance and the State Bank of Vietnam to develop a legal framework for cryptocurrencies, with a draft policy due this month. The finance ministry will lead efforts to regulate digital assets, which are currently undefined in the country’s laws. The Prime Minister has instructed the ministries to finalize policies by Q2 2025.
💡Vietnam is a top adopter of digital assets, with 21% of its population owning crypto in 2022. Last year, crypto transactions totaled US$120 billion, according to Chainalysis.
Vietnam
Vingroup has requested approval to begin its $9 billion Can Gio Sea Reclamation Urban Development project in Ho Chi Minh City by April 30, 2025. The company is seeking help from the HCMC People’s Committee to fast-track legal processes.
The 2,870-hectare project in Can Gio District is expected to be completed by 2030 and will feature a coastal tourism and resort area, smart city, high-tech services, and residential zones. It aims to house 230,000 people and attract nine million tourists annually.
💡While approvals for the zoning plan, environmental impact assessment, and feasibility study are in place, some licenses are still pending. Vingroup is also seeking permission for a subsidiary to develop a tourism plan.
Environmental Sustainability
Australia
The Australian government has committed A$250 million (€147m) from its A$1.7 billion Future Made in Australia Fund to support the development of low-carbon liquid fuels (LCLF), including sustainable aviation fuel (SAF) and renewable diesel. The initiative aims to aid Australia's transition to net-zero emissions, providing decarbonisation solutions for industries such as aviation, shipping, and heavy transport.
💡A partnership formed by IFM Investors, Ampol, and GrainCorp will advocate for targeted incentives to boost domestic LCLF production, with the government’s investment seen as a critical step in fostering the renewable fuels supply chain and supporting agriculture and regional communities.
Global
Deloitte's report, Aviation’s Ticket to Decarbonisation, explores the potential of SAF and provides a roadmap for its procurement and adoption.
💡Focusing on the Asia Pacific region, the report serves as a guide for businesses seeking to transition to SAF, outlining key considerations and necessary steps for implementation.
Japan
Cosmo Energy Holdings will begin domestic production of SAF in April at its Sakai refinery in western Japan. The company plans to produce 30,000 kilolitres (kl) of SAF annually, aiming for 300,000 kl by 2030 through a combination of domestic production and imports.
The Sakai project is set to produce 24,000 kl of SAF in fiscal 2025, with major customers including Japan Airlines, ANA, and DHL already secured. Cosmo also plans to produce additional SAF at its Sakaide refinery by 2029.
💡Cosmo Energy faces challenges in reducing SAF production costs, securing raw materials, and attracting buyers, as SAF is 3-5 times more expensive than conventional jet fuel. However, the company remains optimistic, aided by subsidies covering about half of its capital expenditures.
Malaysia
Malaysia Aviation Group (MAG), the parent company of Malaysia Airlines and Firefly, has signed a memorandum of understanding (MoU) with FatHopes Energy to explore using used cooking oil (UCO) for SAF production in Malaysia.
💡The partnership will assess the economic, environmental, and logistical aspects of SAF production in Malaysia. MAG and FatHopes Energy also plan to collaborate with airports, fuel suppliers, and airlines to improve SAF deployment efficiency across MAG’s network.
Malaysia
AirAsia X (AAX) has been included in the FTSE4Good Bursa Malaysia Index following a significant improvement in its sustainability performance. The airline’s ESG rating increased from 2.1 in 2023 to 3.5 in 2024, reflecting progress in its sustainability strategy, including better carbon reduction measures and enhanced fuel efficiency.
💡In 2023, AAX achieved a 32% reduction in carbon intensity and avoided 5,395 tonnes of CO₂ emissions. The airline also improved governance practices, expanded its diversity and inclusion efforts, and conducted its first gender pay gap analysis. AAX is committed to further advancing its sustainability goals through fleet modernization, fuel efficiency, and waste management initiatives.
Thailand
Bangchak Corporation Plc is on track to begin selling SAF by the second quarter of 2025. The company’s SAF factory in Bangkok, which is 93% complete, will produce 1 million liters of SAF daily, with 60% of its capacity dedicated to the aviation market.
💡Using used cooking oil as raw material, Bangchak plans to meet growing demand for eco-friendly jet fuel, despite some global delays in SAF adoption. The factory is located near Bangchak's oil refinery in Phra Khanong district.
Aviation
Australia
Labor politicians in Wagga Wagga, including NSW MLC Stephen Lawrence and Riverina candidate Mark Jeffreson, have initiated a petition to rally support for Rex Airlines as it enters a new private sale process. At Wagga Wagga Airport, a key Rex hub, Lawrence emphasized that the Albanese government would consider nationalizing the airline if a private buyer is not found.
💡The petition has already gained significant traction, with a strong public response highlighting the community's desire to keep Rex operational, fearing the consequences of its failure. The campaign will expand through door-knocking, phone banking, and an online petition.
India
Delhi International Airport (DIAL), managed by GMR Airports, has launched the Unified Total Airside Management (UTAM) system, an AI-driven platform designed to enhance airside efficiency and safety. Developed with WAISL, UTAM integrates real-time data from various airport sources, enabling airlines, ground handlers, and airport authorities to monitor aircraft movements, ground service equipment (GSE), and vehicle activity.
The system uses AI, machine learning, IoT, and radar for centralized management of airside operations, tracking vehicles and optimizing aircraft and GSE movements. Key features include monitoring flight movements, parking stand utilization, baggage handling, and taxiway management, along with ensuring safety by tracking vehicle speeds and paths.
💡After a successful pilot with Akasa Airlines, DIAL plans to onboard additional airlines in the coming months.
Malaysia
AirAsia will relocate its domestic services from Sultan Abdul Aziz Shah Airport (Subang) to Kuala Lumpur International Airport Terminal 2 (KLIA T2) on April 7, 2025. The shift aims to optimize operations amid a 16% year-on-year rise in passenger traffic on key routes like Kuala Lumpur to Kota Kinabalu and Kuching.
💡After resuming operations from Subang in August 2024, the airline evaluated passenger trends and operational needs, concluding that KLIA T2 offers the best platform for efficiency and service improvements. While Subang remains convenient, its redevelopment will take time, prompting the move to KLIA T2.
New Zealand
JNP Aviation CEO Josh Godsmark Payne has emphasized the company's mission to enhance Pacific people's representation in New Zealand's aviation sector. Through outreach and partnerships, JNP Aviation is striving to inspire young Pacific and Māori individuals to pursue careers in aviation.
💡Pacific people currently make up 11% of the aviation industry workforce in New Zealand. JNP Aviation, which provides ground handling, cargo, passenger services, and airport management, also runs JNP Aviation Training (JNPAT). The training branch equips around 200 students annually with aviation skills, aiming to increase Pacific and Māori representation in the industry. The scheme is funded by New Zealand's Ministry of Education, Ministry of Social Development, and Ministry for Pacific Peoples.
Singapore
Jet Aviation’s Singapore facility has become the third location to join the Airbus Corporate Jets (ACJ) Service Centre Network, making it the only member in the Asia-Pacific region. The agreement allows the facility to perform authorized maintenance, refurbishment, modification, warranty work, and software upgrades for ACJ 318/319/320/321 series aircraft.
💡This expansion builds on Jet Aviation’s long-standing partnership with ACJ, enhancing services for customers in Asia.
Vietnam-New Zealand
On February 28, 2025, New Zealand Prime Minister Christopher Luxon visited Vietjet Aviation Academy (VJAA) to witness the signing of a pilot training collaboration with the International Aviation Academy of New Zealand (IAANZ). The partnership aims to train qualified pilots for Vietnam’s aviation industry and beyond.
💡Vietjet also proposed an investment project for a Multi-Functional Center to enhance tourism and investment ties between New Zealand, Vietnam, and the global market. This follows the announcement of Vietjet's new direct route between Ho Chi Minh City and Auckland.
Advanced Air Mobility
China
EHang has signed an agreement with the University of Zaragoza (Spain) and the University of Guangzhou (China) to establish a Joint Laboratory for Low-Altitude Flight Safety.
The lab will focus on research, innovation, education, and industry cooperation in low-altitude flight management and the low-altitude economy. EHang will contribute its expertise in Urban Air Mobility (UAM), while the universities will provide knowledge in automation, control engineering, and intelligent transportation.
💡Through this partnership, EHang aims to expand its expertise to Spain and support the growth of the low-altitude economy in Europe.
China
EHang and DHL Global Forwarding are collaborating to develop low-altitude intelligent logistics using uncrewed aerial vehicle (UAV) technology. DHL Global Forwarding CEO Tim Scharwath, along with Aditi Rasquinha, CEO of DHL Global Forwarding Greater China, and Timothy Cheng, VP of Hong Kong and South China, recently visited EHang to explore potential applications.
💡The partnership focuses on integrating EHang’s EH216-S autonomous aerial vehicle into logistics operations, aiming to improve delivery efficiency, transportation networks, and service capabilities.
Marine
Hong Kong-USA
CK Hutchison, a Hong Kong-based company, has agreed to sell most of its stake in two major Panama Canal ports to a group led by US investment firm BlackRock. The $22.8 billion deal involves 43 ports in 23 countries, including the two terminals at the Atlantic and Pacific entrances to the canal.
Although CK Hutchison operates under Hong Kong's laws, it is not controlled by the Chinese government.
💡The sale follows months of criticism from former President Donald Trump regarding Chinese influence in the Panama Canal, a vital shipping route. Panama's government, however, rejected claims of Chinese control, affirming its sovereignty over the canal. The transaction is awaiting approval from the Panamanian government.
India
A.P. Moller Maersk, the world's second-largest shipping company, has announced plans to invest $5 billion in India’s maritime infrastructure. The investment will focus on ports, terminals, and land-based facilities. Of the total amount, $2 billion is allocated for expanding operations at the Pipavav terminal in Gujarat, while the remaining funds will go toward developing a container terminal at the proposed Vadhavan Port in Maharashtra.
💡However, the investment is contingent on Maersk securing an extension to its 30-year concession agreement for the Pipavav port, which is set to expire on September 19, 2028. The company is in discussions with the Gujarat Maritime Board for the extension, but the process will be open to competitive bidding from other parties. It is unclear whether Maersk has the right to match the preferred offer.
India
The Ministry of Ports, Shipping and Waterways (MoPSW) hosted the two-day ‘Chintan Shivir, 2025’ in Srinagar, focused on unlocking India’s Blue Economy potential. The event reviewed ongoing projects valued at ₹2 trillion, with Union Minister Sarbananda Sonowal setting a goal of completing 150 projects by September 2025.
Key initiatives include enhancing shipbuilding and repair capabilities, advancing financial and digital solutions for maritime infrastructure, and promoting sustainability within the shipping industry. Notable announcements included the establishment of the Bharat Container Shipping Line, a Coastal Green Shipping Corridor, and investments in inland waterways in Jammu & Kashmir.
💡The government aims to boost port competitiveness, attract investment, and strengthen India's position as a global maritime leader by 2047.
Singapore
The Maritime and Port Authority of Singapore (MPA) has raised the allowable biofuel blend for Singapore-registered bunker ships from B25 to B30, effective 7 March 2025. This follows a draft Marine Environment Protection Committee (MEPC) guidance on transporting biofuel blends, agreed at the 12th Session of the Sub-Committee on Pollution Prevention and Response (PPR 12), and set for approval in April 2025.
Under the new provisions, ships can carry up to 30% biofuel blend (B30), provided residues and tank washings are disposed of on land or the ship’s oil discharge monitoring equipment is approved for the blend.
💡The MPA supports early implementation of this guidance, and shipowners must seek approval for biofuels above B30 or those not listed in the IBC Code.
South Korea
The South Korean government will allocate export vouchers worth 25 billion won ($17.3 million) this year to assist small and midsized enterprises (SMEs) in expanding their global market presence and enhancing export competitiveness. A total of 300 companies will benefit from the program, which includes business consulting, exhibition participation support, and assistance with international shipping.
💡Last year, companies that participated in the program recorded $14.7 billion in exports. The Ministry of Trade, Industry, and Energy aims to help medium-sized firms transition to export-focused businesses, especially in challenging trade conditions.
Space
Myanmar-Russia
Myanmar and Russia have signed 10 agreements, including a significant memorandum between Myanmar’s Ministry of Science and Technology and Russia’s Roscosmos, focusing on space exploration for peaceful purposes. The agreement marks Myanmar’s intention to enhance its satellite and space technology capabilities with Russian support.
💡Other agreements cover nuclear cooperation, resource extraction, healthcare, and customs.
Philippines
The Philippine Space Agency (PhilSA), in collaboration with the Department of Environment and Natural Resources (DENR), is launching a nationwide initiative to map the country's seagrass ecosystems. The project will utilize satellite imagery from Diwata-2, NorSAT-2, and other international sources, combined with drone surveys and community data, to create a comprehensive seagrass map by 2025.
💡The effort aims to enhance marine biodiversity, blue carbon sequestration, and sustainable fisheries management. The data will inform DENR’s conservation policies, while PhilSA will focus on automating processes and developing methodologies for coastal protection efforts.
Philippines
The Philippines is advancing its digital and space infrastructure with support from South Korea. The government has adopted the National Cybersecurity Plan 2023-2028 to secure its digital assets and is driving digital transformation through initiatives like the Budget and Treasury Management System and the Agriculture-based Central Data Ecosystem.
💡A key partnership with South Korea under the Economic Innovation Partnership Program focuses on modernizing space and digital capabilities. This includes the National Communications Satellite Roadmap to expand satellite connectivity in remote areas and the development of an Integrated Data Center to strengthen digital infrastructure, supporting the country’s technological growth and national development.
Singapore
Singapore is advancing space-based communication with the planned launch of two satellites in 2026, funded by the Office for Space Technology and Industry (OstIn). The satellites, developed by ST Engineering Satellite Systems, will test high-speed, low-latency inter-satellite laser communication using optical terminals from local startup Transcelestial.
Aimed at demonstrating 10 Gbps optical links, the mission seeks to provide cost-effective, high-throughput connectivity for underserved regions, serving telecom operators rather than directly connecting to users.
💡This marks the first phase of Transcelestial's plan to establish a laser-linked satellite constellation, potentially transforming space-based data transmission and reducing reliance on congested radio frequencies.
Singapore
Singapore is ramping up its space sector with a USD $45 million investment over the next two years, following an initial $111 million commitment in 2022. The funding has already led to 14 space-related patents, strengthening Singapore’s position in the expanding global space economy.
The city-state, home to around 70 space companies and over 2,000 professionals, is partnering with U.S.-based LeoLabs and ST Engineering’s Geo-Insights to create the region's first space situational awareness (SSA) center. The initiative aims to track satellites and debris, mitigating collision risks in low-Earth orbit.
💡Moreover, Singapore has launched an Earth observation project with the UN Office for Outer Space Affairs, focusing on sustainability and regional humanitarian issues.
Singapore
The UAE Space Agency and Singapore's Office for Space Technology & Industry (OSTIn) have signed an MoU to strengthen bilateral cooperation in space research and peaceful activities.
💡Areas of focus include promoting the space sector, academic partnerships, and advancements in technologies like the UAE's Sirb synthetic aperture radar (SAR) satellite program.
Vietnam
Vietnam’s Prime Minister Pham Minh Chinh has issued Directive No. 05/CT-TTg to prioritize the rapid commercialization of 5G, advancement of 6G research, and development of telecommunications satellites as part of the nation’s digital transformation strategy.
The directive aims to achieve 8% GDP growth in 2025 by leveraging science, technology, and innovation. The Ministry of Science and Technology is tasked with accelerating 5G deployment and advancing next-gen telecom technologies.
💡The government also seeks to strengthen space technology and improve digital connectivity, while focusing on cybersecurity, network resilience, and boosting agricultural productivity through technology adoption.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**