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
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: Choco Up and Wonder Capital Launch US$50M Private Credit Fund for SMEs; NBC and UnionPay Expand Cross-Border QR Payments; Vista Secures $600 Million Investment from Singapore’s RRJ Capital-Led Consortium; Salesforce to Invest US$1 Billion in Singapore Over Next 5 Years; FlexM Secures Major Payment Institution License from MAS to Expand Cross-Border Payment Services; and Funding Societies Receives Investment from Gobi Partners to Enhance SME Financing and Payments Services
Environmental Sustainability: Asia to Outpace Demand in SAF Supply, Boosting Exports and Pressuring Prices; China Launches First 1,000km Liquid Hydrogen-Powered Heavy-Duty Truck; IEEFA Report Urges Credit Rating Agencies to Address Long-Term Climate Risks; Adani Energy Solutions Wins $324 Million Contract for Green Hydrogen Infrastructure; Airbus, JAL Join Japan’s Wood-Based SAF Project; and Tata Consultancy Services Partners with Air New Zealand for AI and Sustainability
Aviation: Brisbane Airport Taps Cirium Sky Warehouse to Drive Digital Transformation; NSW Launches A$16M Fund to Attract International Routes to Western Sydney Airport; ExecuJet Haite Secures CAAC Maintenance Approval for Beijing Daxing Facility; BLR Airport Unveils India’s First Sensory Room for Neurodivergent Travelers; and Spice Healthcare Invests $34 Million to Strengthen SpiceJet's Position
Advanced Air Mobility: EHang Secures 2 Billion RMB Credit Line from Guangzhou Bank; GOVY Partners with Dassault Systèmes to Boost Digital Innovation in Urban Air Mobility ; TCab Tech Completes Structural Validation for E20 eVTOL; Wanfeng’s Diamond Aircraft Acquires Volocopter Assets; EHang Completes First EH216-S Flight in Mexico; and Stralis Secures Key Contract for Hydrogen-Electric Aircraft Propulsion in Japan
Marine: Fishermen Fund $18 Million Deep-Sea Research Vessel; Ocean Network Express (ONE) to Invest $25 Billion in Fleet Expansion and Port Maintenance; HD Korea Shipbuilding Partners to Develop Carbon Capture Technology for Fuel Cells; VINSSEN Receives Type Approval for 60kW Maritime Fuel Cell Stack from RINA; and Pakistan, Hutchison Ports Discuss $1 Billion Port Modernization Investment
Space: China's Meridian Project Phase II Completes National Acceptance; USPACE Technology Group Unveils Satellite Manufacturing Center; USPACE Opens Satellite Electronics Factory in Malaysia; Philippines Boosts Digital Inclusion with Satellite Internet in Remote Areas; and Orion Satellite Systems Unveils Horizon AI to Optimize Multi-Orbit Satellite Data
Financing & Investments
Asia-Pacific
Choco Up, a growth financing platform, has teamed up with Wonder Capital Group to raise US$50 million through private credit funds. The first close of US$10 million has been completed via the CMAG Private Credit Fund.
💡The initiative aims to address the US$2 trillion funding gap for SMEs in APAC, which make up 98% of businesses but contribute only 38% to the region’s GDP. The funds will target asset-light businesses, particularly in e-commerce, SaaS, and technology.
Cambodia
The National Bank of Cambodia and UnionPay International have launched Phase 2 of their cross-border payment initiative, allowing Cambodian users to scan UnionPay QR codes abroad via the Bakong app and local banking apps.
💡The move builds on Phase 1, launched in December 2023, which enabled UnionPay users to scan KHQR codes in Cambodia.
Global
Global private aviation group Vista has finalized a $600 million equity investment from a consortium led by Singapore’s RRJ Capital. This move strengthens Vista’s capital structure, enhances cash flow, and supports its debt reduction efforts.
💡The transaction is expected to close by March 2025, with Jefferies and UBS advising on the deal.
Singapore
Salesforce has announced a US$1 billion investment in Singapore over the next five years, focusing on expanding the adoption of its digital labor platform, Agentforce, and supporting workforce development. Agentforce enables businesses to deploy AI-driven agents for 24/7 operations, addressing labor shortages amid Singapore's aging population and declining birth rates.
💡Salesforce’s research hub in Singapore, established in 2019, has contributed to foundational AI models and over 100 research papers. The company is also expanding its services on Hyperforce to provide local data residency for Data Cloud, Agentforce, and Unified Marketing Applications.
Singapore
Global fintech conglomerate FlexM Pte. Ltd. has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS), enabling the company to offer cross-border money transfer services in Singapore. Established in 2015, FlexM has grown from serving the underbanked with stored value facilities to offering businesses fintech solutions via its Fintech-as-a-Service platform.
💡FlexM’s advanced technology platform supports payment services, merchant acquisition, remittances, and compliance. The company operates in Canada, the US, the Philippines, India, and Norway, earning multiple industry recognitions.
Southeast Asia
Southeast Asian SME digital finance platform, Funding Societies | Modalku, has secured an undisclosed equity investment from venture capital firm Gobi Partners. The funding will support the company's expansion into payments, a strategic move initiated in 2022, while strengthening its technology-driven approach to SME financing. The investment will help optimize lending processes using AI and automation.
💡Having disbursed over $4 billion in financing to 100,000 SMEs, Funding Societies processes an annual transaction value of $1.4 billion in payments. The company has also garnered investments from Cool Japan Fund, Maybank, and a third annual credit facility from HSBC’s ASEAN Growth Fund.
Environmental Sustainability
Asia
According to a Reuters article, Asia’s sustainable aviation fuel (SAF) supply is set to exceed regional demand in 2024 and 2025 as more production facilities come online. While this may boost exports and lower prices, weak domestic demand and limited policy mandates could challenge profitability.
At least five SAF projects outside China are launching this year, with output aimed at regional and European markets. Unlike Europe’s 2% SAF mandate, Asia’s compulsory use begins in 2026, starting with Singapore and Thailand.
Asia-Pacific’s SAF capacity is projected to hit 3.5 million tons annually by end-2025, up from 1.24 million in 2024, though actual output may be lower due to cost concerns. IATA reported 1 million tons of SAF produced globally in 2024, below forecasts.
Some airlines, like Cathay Pacific and Air New Zealand, are voluntarily adopting SAF, while producers such as Neste, Cosmo Energy, and EcoCeres expand capacity. Asia exported over 370,000 tons in 2024, mainly from Neste’s Singapore plant.
💡With production costs at $500–$600 per ton and SAF prices around $1,700, the price gap with conventional jet fuel is narrowing. Asia is expected to remain a net SAF exporter through 2026, with oversupply likely to pressure prices.
China
China has successfully tested its first heavy-duty truck powered by a 100kg liquid hydrogen system, enabling a driving range of over 1,000 kilometers without refueling. The "Track 1000" system, developed by CASC's 101st Institute, integrates a 300kW liquid hydrogen fuel cell with a FAW Jiefang truck.
💡The system will now undergo real-world trials in the Panzhihua liquid hydrogen demonstration zone, with plans for further commercialization and scaling of hydrogen-powered logistics.
Global
A new report from The Institute for Energy Economics and Financial Analysis (IEEFA) highlights the growing exposure of rated debt to environmental risks, underlining the need for credit rating agencies to better account for climate-related threats in their evaluations. Despite the increasing climate risks, the report notes that these risks have not led to a significant rise in credit downgrades, with government support and strong financials often offsetting environmental challenges.
The report emphasizes that current credit rating methodologies focus mainly on near-term, visible risks, leaving long-term climate impacts largely unaccounted for. This gap could leave investors vulnerable to future financial shocks.
In Asia, countries like Vietnam, the Philippines, and Bangladesh are particularly susceptible to climate risks such as flooding, which could become key drivers of future credit downgrades. Meanwhile, sectors heavily exposed to carbon transition risks, such as oil, gas, and utilities, are also seeing increasing pressure on their credit ratings.
💡The IEEFA suggests that rating agencies refine their methodologies to better reflect the long-term climate risks, ensuring a more resilient financial system.
India
Adani Energy Solutions, a division of Gautam Adani's Adani Group, has secured a ₹28 billion ($324 million) contract to build power transmission infrastructure for a green hydrogen and ammonia manufacturing facility in Mundra, Gujarat. The project, set for completion in three years, includes major upgrades to the Navinal electrical substation, such as installing two 765/400kV transformers and constructing a 75-kilometre 765kV transmission line connecting Navinal to Bhuj.
💡The expansion will add 150 circuit kilometres and 3,000 megavolt amperes to Adani’s infrastructure, increasing its total assets to 25,928 cKM and 87,186 MVA. The contract boosts Adani’s order book to ₹575.61 billion ($6.67 billion).
Japan
Airbus, Japan Airlines (JAL), Nippon Paper Industries, Sumitomo Corporation, and Green Earth Institute have signed an MoU to advance SAF production in Japan using bioethanol from domestically sourced wood.
💡The collaboration expands the MORISORA Project—launched in 2023 and formalized into a joint venture in February 2025—by integrating supply and demand of SAF and promoting a low-carbon economy. JAL targets 10% SAF use by 2030, while Airbus supports CORSIA certification for the wood-based SAF, aligning with the aviation industry’s 2050 net-zero emissions goal.
New Zealand
Air New Zealand has signed a five-year deal with Tata Consultancy Services (TCS) to modernize its digital infrastructure, focusing on AI adoption and sustainability. TCS will enhance operations in areas like fleet management, crew scheduling, and cargo services using AI and cloud technologies.
💡TCS will lead workforce upskilling in AI, cybersecurity, and digital engineering, helping the airline stay at the forefront of technological innovation.
Aviation
Australia
Brisbane Airport (BNE) has partnered with Cirium to integrate its Sky Warehouse data platform as part of the airport’s ongoing digital modernisation efforts. The collaboration aims to enhance capacity planning, resource allocation, and operations through advanced aviation data analytics.
💡Initially, Brisbane Airport will leverage Cirium’s schedules data, with plans to incorporate broader datasets including flight, traffic, fleet, and emissions data. The initiative is a key part of the airport’s A$5 billion Future BNE programme, which includes 150 projects over the next decade, preparing for increased passenger traffic and the 2032 Olympics.
Australia
The New South Wales government has unveiled the Western Sydney International Take-Off Fund, a joint A$16 million (US$10.7 million) initiative with Western Sydney International Airport (WSI) to attract international airlines ahead of the airport’s late 2026 opening.
💡The fund, administered by Destination NSW, aims to boost tourism and economic growth by supporting new international routes through subsidies and marketing incentives. It’s expected to bring over 162,000 visitors and generate A$530 million (US$333 million) in visitor spending, helping NSW reach its A$91 billion tourism target by 2035.
China
ExecuJet Haite has received Part 145 maintenance approval from the Civil Aviation Administration of China (CAAC) for its new MRO facility at Beijing Daxing International Airport. The certification enables line and base maintenance for Embraer, Dassault Falcon, Gulfstream, and Bombardier aircraft.
💡The approval extends the company’s maintenance capabilities beyond its Tianjin base, which is already an authorized service centre for major OEMs. The 5,000m² Daxing facility features a climate-controlled hangar that can service up to eight business jets and is part of China’s largest business aviation hub.
India
Kempegowda International Airport Bengaluru (BLR Airport) has launched India’s first sensory room, designed to support neurodivergent passengers and individuals with sensory sensitivities.
💡Located near the 080 International Lounge in Terminal 2, the facility was developed in collaboration with Incluzza, a disability inclusion advocate. It provides a calming space for travelers with autism, anxiety, PTSD, and sensory processing disorders.
India
Spice Healthcare Private Limited, owned by Ajay Singh, promoter and managing director of SpiceJet, will invest over INR 2.94 billion (USD 34 million) in the low-cost carrier. The investment fulfills Singh's previous commitment of INR 5 billion (USD 57.9 million).
💡Singh converted 131,408,514 warrants into equity shares, raising his stake in SpiceJet from 29.11% to 33.47%. Additionally, Singh is selling up to 31.5 million of his SpiceJet shares, with proceeds directed to Spice Healthcare to help fund this investment.
Advanced Air Mobility
China
EHang has announced a strategic partnership with Guangzhou Bank, securing a 2 billion RMB credit line. The agreement includes financial services such as cash management and supply chain finance, aimed at boosting EHang's R&D, production, and operations in the low-altitude economy.
💡EHang has been actively involved in the low-altitude economy, with projects in cities like Guangzhou, Shenzhen, and Zhuhai, and is working to develop air traffic centers and benchmark cities for low-altitude aviation.
China
GOVY, a Guangzhou-based urban air mobility startup and GAC Group subsidiary, has partnered with Dassault Systèmes to accelerate digital innovation in the eVTOL aircraft industry. The collaboration will leverage Dassault’s 3DEXPERIENCE platform to support GOVY’s design, simulation, engineering, and manufacturing processes.
💡GOVY plans to launch its AirCar and AirJet eVTOL aircraft models by 2025.
China
TCab Tech revealed the successful completion of its structural validation campaign for the E20 eVTOL aircraft. The tests, simulating extreme conditions, confirmed the aircraft's structural integrity and compliance with safety standards, laying the groundwork for upcoming crewed flight tests.
💡The E20 is a tilt-rotor aircraft designed to carry one pilot and four passengers, with a range of 200 km (124 miles) and a cruising speed of 260 km/h (162 mph). Powered by the Safran ENGINeUS 100 motor system, which earned type certification from EASA, the E20 has completed nearly 700 test flights. System-level testing is now advancing toward the next phase of crewed flights.
China-Germany
Diamond Aircraft, owned by China's Wanfeng Group, has acquired the assets of Volocopter from a court-appointed insolvency administrator. The €10 million ($11 million) deal will integrate Volocopter with Diamond Aircraft, based in Austria, while keeping Volocopter's headquarters in Bruchsal, Germany.
💡Wanfeng also assumes Volocopter’s obligations, retaining up to 185 employees out of the original 500. Volocopter will continue to focus on certifying its two-seat VoloCity eVTOL model, targeting EASA type certification later this year.
China-Mexico
On March 10, EHang successfully completed the first flight of its EH216-S pilotless eVTOL aircraft in Mexico, marking the expansion of its operations to 19 countries.
💡The flight was part of a collaboration between Mexico’s Federal Civil Aviation Agency (AFAC), EHang, and local partner Air Mobility. AFAC granted a Special Airworthiness Certificate for the EH216-S, following a review of technical documents, inspections, and operational safety compliance.
Japan
Stralis has announced the successful acquisition of a contract with a major Japanese aircraft industry partner, focusing on high-temperature fuel cells (HTPEM) and hydrogen-electric propulsion systems for aviation. As part of the agreement, Stralis will provide expertise in hydrogen-electric technology, leveraging its proprietary systems to support Japan’s growing hydrogen economy. T
💡Stralis aims to fly its A36-HE Bonanza hydrogen-electric technology demonstrator in Japan by 2026.
Marine
China
Fishermen in Zhejiang have raised $18 million to construct a 270-foot oceangoing scientific research vessel capable of "global unlimited navigation," according to state media. The vessel, designed for deep-sea scientific research, will support activities like geological surveys, seabed mapping, and deep-sea exploration. It features a DP2 diesel-electric propulsion system, ensuring precise position maintenance within one meter.
💡The 3,500-tonne vessel, built at Tenglong Shipbuilding in Wenling, will have a speed of 14 knots, a range of 5,000 nautical miles, and an endurance of up to 60 days at sea. It is also designed to support wind farm maintenance and offshore operations. The vessel will be the first privately-run oceangoing research vessel in China, operated by Fujian Baozhou Shipping Co., Ltd.
Japan
Ocean Network Express (ONE), a shipping giant formed by Japan's Nippon Yusen, Sangseon Mitsui, and Kawasaki, has announced plans to invest $25 billion over the next six years. This investment will be used to increase its transportation capacity by 30%, primarily through the construction of new ships, mergers and acquisitions, and port maintenance initiatives.
💡As of August last year, ONE operates a fleet of 243 container ships and holds a 6.4% share of the global shipping market. The company aims to build 42 new container ships by 2028, boosting its capacity by an additional 570,000 TEUs. In addition, ONE is considering acquiring shipping companies with container ship fleets and further investing in port infrastructure for unloading containers.
Pakistan
Pakistan’s Maritime Affairs Minister Muhammad Junaid Anwar Chaudhry recently met with Andy Tsoi, Managing Director of Hutchison Ports, to discuss the swift execution of a proposed $1 billion investment aimed at modernizing Pakistan’s port infrastructure. The investment will focus on upgrading Hutchison Ports' existing terminals in the country, including the Karachi International Container Terminal (KICT) and South Asia Pakistan Terminals Limited (SAPT), to enhance operational efficiency, logistics connectivity, and automation.
💡Hutchison Ports has operated two terminals in Pakistan, contributing over $804 million in government revenues and providing employment to 5,000 individuals. The plan includes advanced port equipment, electrification of operations, and improved road connectivity. Both parties agreed to expedite approvals, address regulatory challenges, and streamline execution to boost Pakistan’s trade and maritime capabilities.
South Korea
HD Korea Shipbuilding and Offshore Engineering (HD KSOE), HD Hydrogen, and DNV have signed a Joint Industry Project (JIP) agreement to develop Pressure Swing Adsorption (PSA) technology for carbon capture in Solid Oxide Fuel Cells (SOFC).
The collaboration aims to integrate PSA technology into SOFCs for shipboard power generation, replacing traditional engines and significantly reducing maritime carbon emissions.
💡The technology selectively captures CO2 by altering pressure, offering a 40% higher energy efficiency compared to conventional CO2 absorption methods, potentially transforming energy use in the maritime industry.
South Korea
VINSSEN, a leader in maritime decarbonization technology, has received Type Approval from RINA, the Italian classification society, for its 60kW maritime fuel cell stack. The approval marks a major milestone in the company's efforts to commercialize its 120kW maritime fuel cell power generation system.
💡Looking ahead, VINSSEN plans to expand its offerings with a 150kW fuel cell stack and onboard power generation systems, paving the way for larger vessels to adopt MW-class hydrogen fuel cell systems.
Space
China
China's Meridian Project (CMP) has passed national acceptance for its second phase, boosting space weather forecasting capabilities. The world’s first ground-based monitoring network covering Sun-Earth space, CMP is crucial for predicting space weather events that can disrupt satellites, communications, and power grids.
💡Phase II, launched in 2019, features advanced systems like the Daocheng Radio Telescope for 3D solar imaging and a tristatic radar for ionospheric tomography. The technologies enable continuous tracking of solar storms and ionospheric dynamics, enhancing China’s space weather services.
Hong Kong
From March 10-13, 2025, USPACE Technology Group showcased the first batch of 100 mass-produced 6U optical remote sensing satellites at its Satellite Manufacturing Centre in Hong Kong’s Tseung Kwan O Advanced Manufacturing Centre.
The company aims to integrate Industrialization 5.0 with satellite technology, with a goal of reducing satellite costs by 80%. The first batch of 100 satellites features 80% of components designed and produced in-house, with international collaboration for optical lenses.
💡Looking ahead, USPACE plans to create a global satellite constellation, targeting 6,000 satellites by 2030. The company aims to dominate the global market, projecting to capture 90% of the market share in 5-meter, 1-meter, and ultra-high-resolution satellites by 2028,
Hong Kong-Malaysia
The plant, leveraging Malaysia's semiconductor industry, will produce satellite systems such as onboard computers, power controllers, and communication payloads. It has an annual capacity of over 100,000 components and will focus on both standardized modules for low-Earth orbit constellations and customized solutions in collaboration with Universiti Putra Malaysia and the Malaysian Space Agency.
💡Already securing orders for an Arab satellite project, the facility also integrates with Thailand’s satellite parts center. Future plans include establishing a "Southeast Asia Satellite Electronics Innovation Alliance" to boost regional aerospace innovation and strengthen Malaysia's role in the global satellite supply chain.
Philippines
The Philippines is advancing digital inclusion through a new initiative led by President Ferdinand R. Marcos Jr. to expand internet access in Eastern Visayas, focusing on remote and underserved regions. Announced during a Regional Development Council meeting in Tacloban City, the initiative combines traditional telecommunications infrastructure with satellite internet to connect Geographically Isolated and Disadvantaged Areas (GIDAs).
💡The effort complements the government’s broader digital strategy, including the National Broadband Plan and the PHP16.1 billion Philippine Digital Infrastructure Project, aiming to bridge the digital divide and support key sectors like education, healthcare, and local businesses.
Thailand-Australia
Orion Satellite Systems, a a subsidiary of Thailand’s Thaicom operating as IPSTAR Australia, launched Horizon AI on March 17, an AI-powered forecasting tool aimed at optimizing satellite data across LEO, MEO, and GEO networks.
💡Horizon AI uses predictive analytics to track usage trends, anticipate overages, and suggest proactive plan adjustments, helping customers manage bandwidth efficiently and avoid excess costs. The tool enhances Orion’s Multi-Orbit Service Management platform, supporting more intelligent, cost-effective satellite communication management.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**