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.**
Happy to Announce the Launch of Beyond Boardrooms: Leadership in an Age of Change!
Last week, I kicked off the launch of Beyond Boardrooms: Leadership in an Age of Change!
I also sat down with Christina Teo, who calls herself not a CEO, founder, or advisor—but a Sounding Board. Her perspective completely rewired how I think about leadership in an era where AI moves faster than regulation, headlines, or human processing speed.
We explore why the “Solitary Genius CEO” is dead, and why the real power move today is having a safe, intelligent space to test your logic before executing it. Key takeaways include:
Why vulnerability is a strategic risk-management tool
How AI demands bolder, faster, and more human decision-making
Why the best leadership conversations happen outside the boardroom
Christina’s insights highlight exactly why my Fractional General Counsel work exists—not just to draft documents or solve problems, but to act as a strategic partner who helps leaders stress-test ideas before they touch the market, the press, or the regulators.
If you’re a founder, leader, or operator navigating the AI-accelerated future, this episode is a must-listen.
You can also have a listen on Spotify.
Summary
Financing & Investments: D3 Bio Raises $108M to Advance Global Oncology Trials; Capital A and Standard Chartered Malaysia Explore Ringgit-Denominated Stablecoin; Validus Secures $30M Series D to Expand in Indonesia and Thailand; Abacus Digital Completes $31M Bond Offering to Grow MoneyThunder Lending App; and FPT and SCSK Launch Joint Venture to Modernize COBOL-Based Systems in Japan
Environmental Sustainability: UWA and German Universities Launch Hydroexchange Hydrogen Project; HKUST and Towngas Establish Hong Kong Hydrogen Hub; BlackRock’s GIP Acquires Stake in Aditya Birla Renewables; Brookfield Enters Southeast Asia with Alba Renewables and Vietnam Wind Project; and BII Commits £308 Million to Southeast Asia Clean Energy
Aviation: Qantas Employees Approve 14% Pay Rise Through 2028; IATA Projects 1.9 Million Tonnes SAF Production in 2025; ExecuJet MRO Malaysia Expands Maintenance with EASA and FAA Approvals; Thales and Novatis Upgrade Johor Bahru Radar; and Airways New Zealand and Airservices Sign MOU on Regional Air Traffic
Advanced Air Mobility: Eve Air Mobility and SkyGrid Publish AAM Traffic Management White Paper; China’s Jiutian Drone Carrier Completes First Flight; AVIC’s AR-E800 UAV Completes Maiden Flight; Hong Kong Advances Low-Altitude Economy with Regulatory Sandboxes; and Japanese Team Develops Carbon Electrode for Lithium-Air Batteries
Marine: MACN Launches “Transparent Trade Routes” Anti-Corruption Program; Japan’s NYK Orders AI-Enabled Car Carrier; MOL, Sinopec, and Marubeni Develop Marine Biodiesel Supply in China; NYK and MOL Settle UK Car Carrier Cartel Case; and Hanwha Raises Stake in Australian Shipbuilder Austal
Space: Brazil Strengthens Space Partnership with China; China Launches Kinetica-1 Rocket with Nine Satellites; China’s Kuaizhou-11 Rocket Deploys DEAR-5 and Xiwang-5 Satellites; Japan’s ArkEdge Space Launches Three 6U Satellites via Falcon 9; and Rocket Lab Conducts First Dedicated JAXA Mission with RAISE-4
Financing & Investments
Investments across Asia highlight a focus on technology-driven innovation, with strong growth in digital finance, AI-powered lending, biotech trials, and legacy system modernization, supported by cross-border collaborations and strategic funding.
China
D3 Bio, a Chinese clinical-stage biotech focused on oncology therapeutics, has raised $108 million in a Series B round led by IDG Capital and SongQing Capital, with participation from existing investors including Temasek and WuXi AppTec’s Corporate Venture Fund.
💡The proceeds will fund global Phase III trials of its lead asset, elisrasib, targeting KRAS G12C-mutant cancers, and support the development of its broader pipeline of first-in-class and best-in-class oncology programs.
Malaysia
Capital A Berhad and Standard Chartered Bank Malaysia Berhad have signed a letter of intent to jointly explore the development and testing of a Ringgit (MYR)-denominated stablecoin through Bank Negara Malaysia’s Digital Asset Innovation Hub (DAIH). The initiative marks Capital A’s first major foray into regulated digital assets and will leverage Standard Chartered’s institutional infrastructure while tapping into Capital A’s ecosystem to develop wholesale digital asset use cases.
💡Under the project, Standard Chartered Malaysia would act as the issuer of the stablecoin, while both firms collaborate on conceptualization, testing, and potential pilot programs.
Singapore-Malaysia
Validus, the Singapore-based digital supply chain financing platform, has raised $30 million in a Series D round led by Malaysia’s sovereign wealth fund Khazanah Nasional. The funding follows Validus’s divestment of its Singapore business to Grab’s digital bank, GXS, in April, and will support strategic growth in Indonesia and Thailand, where the firm aims to double its loan books over the next three years.
💡Founded in 2015, Validus has disbursed over $5 billion in loans to SMEs through its full-stack, vertically integrated lending platform. Its model combines anchor-led supply chain financing, proprietary data-driven credit analytics, and marketplace frameworks for institutional participation. The firm’s Indonesia operations have been profitable for three consecutive years, and its platform serves banks and corporate anchor partners in markets representing a $46 billion supply chain financing opportunity.
Thailand
Abacus Digital Company Limited, developer of Thailand’s digital lending app MoneyThunder, has completed its first $31 million bond offering to institutional and high-net-worth investors. The issuance, which offered an annual interest rate of 4.6 percent, was fully subscribed, reflecting strong investor demand and confidence in the company’s growth prospects and AI-driven lending technology. The proceeds will be used to expand the firm’s loan portfolio and support its regional FinTech ambitions.
The company’s proprietary Abacus Core Technology (ACT) engine enables real-time risk assessment and loan approvals, allowing MoneyThunder to serve previously underserved borrowers. Abacus Digital reported that over 30 percent of its loan recipients had been rejected by traditional lenders, and more than half of users have seen income improvements after receiving funding.
💡The firm has maintained a non-performing loan ratio below 3 percent, achieved net profitability for three consecutive years, and disbursed over $744 million in loans since inception, with a current user base exceeding 4.5 million.
Vietnam-Japan
Vietnam-based IT services provider FPT and Japanese technology firm SCSK Corporation have established a joint venture, COBOL PARK Co., Ltd., to support organizations relying on mainframes and COBOL-based legacy systems.
The venture, set to begin operations in October 2025, will be majority-owned by SCSK (66.7%) with FPT holding 33.3%, and will focus on maintaining business continuity while enabling digital transformation for Japan’s financial sector and other legacy-dependent industries.
💡It aims to address the “2025 Digital Cliff” by providing skilled personnel, modernization roadmaps, and AI-driven solutions to optimize legacy system management, mitigate rising maintenance costs, and overcome the shortage of COBOL-trained engineers.
Environmental Sustainability
Across Asia and beyond, investments and partnerships are accelerating the transition to clean energy, with a strong focus on hydrogen technologies, renewable power generation, and regional decarbonization, supported by international collaborations, private capital, and infrastructure development.
Australia-Germany
The University of Western Australia (UWA), the University of Koblenz, and the Weihenstephan-Triesdorf University of Applied Sciences in Germany have launched the Hydroexchange project, an international research partnership focused on advancing hydrogen technologies and supporting the transition to a clean energy economy.
💡The initiative will conduct comparative studies of integrated hydrogen systems at an industrial scale in Germany and Australia, combining engineering, chemical, and socio-economic analyses.
Hong Kong
The Hong Kong University of Science and Technology (HKUST) and The Hong Kong and China Gas Company Limited (Towngas) have signed a Memorandum of Understanding to establish Hong Kong’s first hydrogen energy innovation platform. The collaboration will create the Hong Kong Hydrogen Hub, an open innovation platform focused on technology commercialisation, startup incubation, policy and standards development, green certification, and professional talent cultivation to accelerate the adoption of hydrogen energy technologies.
💡The partnership will leverage HKUST’s research capabilities and Towngas’ industry expertise in hydrogen production, storage, and applications. Research will target hydrogen production, storage and safety, fuel cells, and energy generation.
India
BlackRock’s infrastructure investment unit, Global Infrastructure Partners (GIP), has acquired a minority stake in Aditya Birla Group’s clean energy subsidiary, Aditya Birla Renewables (ABREN), for INR 20 billion (USD $225 million), valuing the company at approximately $1.6 billion. The deal includes an option for an additional investment of INR 10 billion ($110 million) and aims to support ABREN’s expansion across India’s renewable energy sector.
💡Founded in 2011, ABREN operates a 4.3 GW portfolio spanning solar, floating solar, solar-wind hybrid, wind, and battery storage, with a focus on emerging clean energy technologies such as green hydrogen and green ammonia. The investment is intended to accelerate ABREN’s growth toward a 10 GW capacity target, aligning with India’s goal of 500 GW of installed renewable energy by 2030 and the nation’s broader decarbonization and energy security objectives.
North America-Southeast Asia
Brookfield Asset Management has entered Southeast Asia’s renewable energy sector with the acquisition of Singapore-based Alba Renewables and a 100-megawatt operational wind project in Vietnam. This marks Brookfield’s first renewable energy investments in the Philippines, Vietnam, and Thailand, signaling its intent to build a multi-country decarbonisation platform across the region. Alba Renewables, founded in 2023, holds a 1.8-gigawatt portfolio of wind, solar, and battery storage projects and will benefit from Brookfield’s global operating expertise and capital depth.
💡The investments were executed through Brookfield’s Catalytic Transition Fund, which targets transition-aligned assets in emerging markets. The Vietnam wind project complements Alba’s early-stage pipeline, positioning Brookfield to expand renewable capacity across Southeast Asia.
UK-Southeast Asia
British International Investment (BII), the UK’s development finance institution, has committed £308 million ($400 million) in climate finance across South-East Asia as part of its strategy to invest up to £500 million ($666 million) by 2026. The investments are expected to deliver more than 1.8 GW of clean energy capacity and avoid over 1.6 million tons of greenhouse gas emissions, supporting the region’s green transition and addressing its high climate vulnerability.
BII is deploying capital across equity, debt, funds, and co-investment platforms, including the SUSI Asia Energy Transition Fund and the Sustainable Asia Renewable Assets initiative. Its projects include rooftop solar in Indonesia, wind projects in Vietnam, and solar and battery storage developments in the Philippines.
💡The investments aim to de-risk projects, attract private capital, create green jobs, and advance South-East Asia’s decarbonization targets while accelerating the region’s clean energy infrastructure.
Aviation
The aviation sector is seeing a mix of workforce agreements, infrastructure upgrades, and sustainability efforts, with Qantas securing pay and job protections, airlines facing high costs and slow adoption of sustainable aviation fuel, and regional collaboration and technology investments enhancing maintenance, air traffic management, and airport surveillance.
Australia
Qantas employees have approved a new enterprise agreement that provides a minimum 5% wage increase in the first year, backpay to 1 July, roster protections, and the option to cash out annual leave. The agreement covers around 3,600 Australian Services Union members, including customer service staff at airports and lounges, and secures a total pay rise of 14% through 2028.
💡The deal, supported by about 60% of employees and subject to Fair Work approval, also includes job security measures to limit sudden roster changes. Qantas described the agreement as providing certainty for both employees and the business, while the ASU highlighted ongoing concerns over outsourcing and emphasized continued advocacy for local, well-paid aviation jobs.
Global
The International Air Transport Association (IATA) estimates that global Sustainable Aviation Fuel (SAF) production will reach 1.9 million tonnes (2.4 billion liters) in 2025, doubling 2024 output, before slowing to 2.4 million tonnes in 2026. Despite this growth, SAF will account for only 0.6% of total jet fuel consumption in 2025 and 0.8% in 2026, with the associated premium expected to add USD 3.6 billion in fuel costs for airlines. The 2025 output represents a downward revision due to limited policy support and high SAF prices.
💡IATA highlighted that mandates in the EU and UK have failed to accelerate SAF adoption, creating high costs without guaranteeing supply. Airlines face SAF prices up to five times higher than conventional jet fuel, forcing many to reconsider commitments to using 10% SAF by 2030. IATA called on regulators to implement strong production incentives and scale SAF supply to reduce costs and support aviation decarbonization, warning that current policies risk undermining long-term climate goals.
Malaysia
ExecuJet MRO Services Malaysia, a wholly owned subsidiary of Dassault Aviation, has expanded its maintenance capabilities with new approvals from the European Union Aviation Safety Agency (EASA) and the US Federal Aviation Administration (FAA). EASA certified the Subang Airport facility to perform line and base maintenance on the Falcon 7X aircraft, as well as non-destructive testing (NDT) including ultrasonic, eddy current, magnetic particle, and penetrant testing. The FAA also approved two additional NDT methods using ultrasonic and penetrant inspection.
💡ExecuJet MRO Services operates globally across Africa, Asia, Australasia, Europe, and the Middle East, providing airframe, avionics, and engine maintenance for aircraft including Bombardier, Dassault, Embraer, Gulfstream, and Hawker, in compliance with international regulatory and safety standards.
Malaysia
Thales, in partnership with local firm Novatis, has been selected to upgrade the radar station at Johor Bahru’s Senai International Airport, operated by the Civil Aviation Authority of Malaysia (CAAM). The modernization includes the installation of a Thales RSM NG secondary surveillance radar and two ADS-B stations, enhancing approach surveillance at the airport and supporting operations at Kuala Lumpur Air Traffic Control Centre, providing comprehensive coverage across Peninsular and East Malaysia.
💡The RSM NG system will improve airspace monitoring, aircraft identification, and cybersecurity resilience, while maintaining service continuity during installation.
New Zealand-Australia
Airways New Zealand and Airservices Australia have signed a Memorandum of Understanding (MOU) to enhance collaboration on air traffic services across the region.
💡The agreement establishes a framework for joint work in operational contingency planning, air traffic management innovation, workforce planning and training, and advanced safety analytics, aimed at improving safety, efficiency, and resilience in regional aviation.
Advanced Air Mobility
The Asia-Pacific advanced air mobility sector is advancing with initiatives spanning urban air traffic management, high-capacity drones for logistics and defense, regulatory support for low-altitude operations, and breakthroughs in high-energy batteries.
Asia-Pacific
Eve Air Mobility and SkyGrid have jointly published a white paper titled “Enabling Advanced Air Mobility – Automated Traffic Management Services for Low-Altitude Operations” at the CANSO Airspace Asia Pacific 2025 conference in Hong Kong. The paper outlines a framework for integrating automated eVTOLs and other low-altitude aircraft into urban and regional airspace, emphasizing collaboration between Air Navigation Service Providers and third-party service providers to ensure safe, scalable, and efficient Advanced Air Mobility (AAM) operations.
💡Eve and SkyGrid said the publication serves as a roadmap for regulators, ANSPs, and industry stakeholders to support the projected growth of the Asia-Pacific eVTOL fleet, expected to represent 41% of the global market by 2045, while maintaining safety and sustainability standards.
China
China’s Jiutian, a large drone carrier developed by AVIC, completed its first flight in Shaanxi province, marking a milestone in the country’s uncrewed aerial capabilities.
💡The 16.35-metre aircraft can carry up to 6 tonnes of payload, including 100 small drones or loitering munitions, and operate at altitudes up to 15,000 metres with a 12-hour endurance. Capable of surveillance, electronic warfare, and civilian logistics, the UAS demonstrates potential for swarm operations and high-impact missions.
China
The 800-kg AR-E800, completed its maiden flight in Jingdezhen, Jiangxi Province. Built by AVIC, the UAV carries up to 300 kg using internal or sling transport, supporting high-altitude delivery, infrastructure, and emergency operations. The four-minute test flight demonstrated takeoff, hover, maneuvers, and landing.
💡Designed for general aviation, the AR-E800 has already secured 160 confirmed and intention orders, signaling strong commercial potential in logistics, power systems, and infrastructure engineering
Hong Kong
Hong Kong is positioning the low-altitude economy as a key part of its aviation strategy, aiming to become a regional leader in unmanned aviation and cross-border drone logistics, Secretary for Transport and Logistics Mable Chan said at the opening of Airspace Asia Pacific 2025. The city has launched initiatives including the Low-Altitude Economy Regulatory Sandbox and Regulatory Sandbox X, exploring AI-enabled drones for medical deliveries, infrastructure inspection, and heavy-lift or passenger-carrying operations.
💡Hong Kong’s role as an international financial and legal hub, combined with Greater Bay Area manufacturing and R&D capacity, is being leveraged to develop a “smart sky” ecosystem, while new technologies such as Shanghe Tech’s Low-Altitude Traffic Management System 3.0 support cross-border drone operations and security.
Japan
Japanese researchers at the National Institute for Materials Science (NIMS) and carbon-materials specialist Toyo Tanso have developed a carbon electrode enabling larger, higher-output lithium-air batteries. The team built a stacked 1-Wh pouch cell using 4 cm × 4 cm electrodes, demonstrating stable cycling, improved output, and structural scalability—issues that previously limited lithium-air technology to tiny coin-cell formats. The electrode’s hierarchically porous carbon design balances oxygen flow and chemical stability, marking a step toward practical applications.
💡The breakthrough could accelerate the use of lithium-air batteries in electric aircraft, eVTOLs, and long-range EVs, offering energy densities far exceeding current lithium-ion cells.
Marine
The marine sector is advancing on multiple fronts, including anti-corruption initiatives, AI-driven vessel innovation, sustainable fuels, resolution of long-standing cartel cases, and strategic international investments.
Global
The Maritime Anti-Corruption Network (MACN) launched a three-year initiative, “Transparent Trade Routes,” to strengthen integrity in maritime supply chains in Indonesia, Malaysia, and Germany, supported by the Siemens Integrity Initiative. The programme includes anti-corruption alliances, training, HelpDesk escalation tools, and public-private dialogue frameworks.
💡It builds on MACN’s Collective Action methodology, aiming to reduce corruption, promote compliance, and create systemic change across ports and maritime operators, benefiting both global companies and SMEs.
Japan
Japan’s Nippon Yusen Kaisha (NYK) has ordered a 199.95-metre car carrier from Shinkai Toyohashi Shipbuilding, featuring an advanced autonomous navigation system. Scheduled for delivery in March 2026, the vessel will combine AI-powered collision avoidance, image recognition, and radar analysis with traditional crew oversight. It will also include a large motion mitigation system to reduce cargo-shifting risks and ship-wide Wi-Fi to enhance onboard communication.
💡Trials will be conducted during commercial voyages to validate the new technologies.
Japan-China
Mitsui O.S.K. Lines (MOL), Sinopec, and Marubeni signed an MOU to establish a long-term supply system for marine biodiesel fuel in China. MOL will promote biodiesel use, while Sinopec and Marubeni develop storage, transport, and supply infrastructure.
💡Biodiesel, produced from recycled biomass, can significantly reduce CO₂ emissions without engine modifications.
Japan-UK
Japan’s NYK and Mitsui OSK Lines (MOL) agreed to pay £54 million ($72.25 million) to settle the UK car carrier cartel class action, concluding a 25-year saga. The case targeted price-fixing on shipments of 17 million cars and vans (2006–2015).
💡If approved by the Competition Appeal Tribunal in January 2026, total recoveries will reach £92.75 million, with damages distributed to affected UK vehicle buyers and lessees, marking the end of one of the shipping industry’s longest-running competition scandals.
South Korea-Australia
South Korea’s Hanwha Group has received approval to increase its stake in Australian defence shipbuilder Austal to 19.9%, making it the company’s largest shareholder. The move follows clearance from both Australia’s Foreign Investment Review Board and the US government, reflecting Austal’s strategic role supplying small combatants and support ships to the US Navy.
💡Hanwha initially acquired 9.9% in March, and the increased holding positions it ahead of Tata Rang Ventures’ 19.28% stake.
Space
Global space activity is accelerating with international collaborations, small- and medium-lift satellite deployments, and technology demonstrations, highlighting efforts in Earth observation, environmental monitoring, scientific research, and the development of reusable launch capabilities.
Brazil-China
Brazil is strengthening its space partnership with China through two high-profile projects: a joint laboratory for radio astronomy at UFCG and UFPB, and the continent’s largest radio telescope, BINGO.
💡The initiatives support deep-space observation, satellite tracking, and scientific exchange, underscoring Brazil’s strategic alignment with China despite regional US influence.
China
China’s CAS Space successfully launched the Kinetica-1 (Lijian-1 Y11) rocket, deploying nine satellites, including UAE, Egypt, and Nepal payloads, for Earth observation, climate monitoring, and education.
💡The mission marks Lijian-1’s 11th flight, with future plans for reusable stages, fairing recovery, and suborbital research supporting space tourism and China’s deep-space goals.
China
China successfully launched the Kuaizhou-11 Y8 rocket from the Jiuquan Satellite Launch Center, deploying two payloads into their planned orbits: the experimental spacecraft DEAR-5 and the Xiwang-5 Phase-2 satellite. DEAR-5, developed by Beijing-based AZSPACE, features a 300-kg cargo capacity and hosts 34 experiments from universities, research institutes, and companies, covering microgravity research, space technology, materials science, and technology verification.
💡The Kuaizhou-11 solid-fuel vehicle has a one-tonne payload capacity to a 700 km sun-synchronous orbit, and this flight marked its fourth mission.
Japan
Tokyo-based ArkEdge Space launched three 6U-class satellites—AE5Ra, AE5Rb, and AE5Rc—on November 29, via SpaceX Falcon 9 Transporter-15, bringing its in-house operated fleet to 12. The satellites began initial operations for radio-frequency observations to support maritime situational awareness and safety.
The mission uses ArkEdge’s standardized 6U satellite bus, developed under Japan’s Ministry of Economy, Trade and Industry and NEDO programs, enabling simultaneous multi-satellite production, deployment, and coordinated operations.
💡AE5R also tests satellite-to-satellite handovers to maintain continuous communication with ground stations, advancing the company’s multi-satellite constellation capabilities for environmental monitoring, disaster response, maritime safety, and IoT applications.
New Zealand-Japan
Rocket Lab successfully launched its first dedicated mission for JAXA, deploying the RApid Innovative payload demonstration SatellitE-4 (RAISE-4) from Launch Complex 1 in New Zealand on December 14, 2025. The mission demonstrated eight new technologies developed by Japanese companies, universities, and research institutions.
💡The mission used Rocket Lab’s Electron rocket, a small-lift launch vehicle designed to carry satellites into low Earth orbit. A second JAXA mission and a dedicated ESA launch are scheduled for 2026.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**
Really impressive roundup covering APAC aviation's infrastructure gaps and financing challenges. The SAF price premium hit - $3.6 billion added cost with only 0.6% adoption in 2025 - makes it clear production incentives matter way more than mandates. Back when I was tracking refinery projects, the thing that always surprised me was how slow the trnasition moved even with big commitments, and seeing IATA call out EU/UK mandates failing to accelerate supply kinda proves that point.