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.**
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EUROCONTROL’s FlyingGreen Platform
EUROCONTROL has launched FlyingGreen, a comprehensive platform designed to assist the aviation industry in decarbonisation efforts and climate resilience. It comprises four strategic pillars: NetZero for emissions reduction and fuel burn tracking, Fuelling Decarb for sustainable fuel assessment, ClimAdapt for climate risk assessment, and DecarbFin for accessing green funding.
The platform's initial release includes tools such as emissions forecasting, green energy transition assessment, climate risk pre-screening, and guidance on EU sustainable financing regulations via the Bluebook.
FlyingGreen is central to EUROCONTROL's corporate programme "Raising the Bar: EUROCONTROL 2030," aiming to enhance aviation's sustainability and resilience.
Aviation’s Ticket to Decarbonisation
Deloitte's report titled "Aviation’s Ticket to Decarbonisation" outlines the significant potential of Sustainable Aviation Fuel (SAF) and provides a strategic roadmap for businesses aiming to adopt and procure SAF. Specifically focusing on the Asia Pacific region, the report serves as a comprehensive starting point for leaders looking to navigate the transition to SAF, offering essential insights and actionable steps for implementation.
AI Preparedness Index
The IMF recently published its AI Preparedness Index, assessing 174 countries on their readiness to adopt and utilize AI technology. North America emerged as the top region with a preparedness index averaging 0.74. Singapore was ranked as the world's most prepared country for AI, attributed to its substantial investments in AI infrastructure and talent development over the years. Despite China's significant presence in AI development, it ranked 31st globally, trailing smaller nations like Malta and Luxembourg.
The IMF highlighted that while developed economies are well-positioned for AI, they also face the highest potential job disruptions, particularly in high-skilled sectors. Conversely, Africa showed lower readiness for AI adoption, with South Africa leading among its peers despite regional challenges.
ESG reporting: From compliance to competitive advantage
Accenture's survey of 730 CFOs and senior finance executives from large companies reveals that only about 20% feel well-prepared for upcoming requirements to report and seek external assurance on climate-related risks and opportunities. Despite this, a majority anticipate increased sustainability reporting mandates in the coming years. The survey underscores that executives who are better prepared are more likely to view sustainability as a business opportunity rather than just a compliance issue.
Summary
Finance and Investments: Thailand Expands Investment in Data Centres and Cloud Services; Beumer Group Expands Operations in India with INR 2 Billion Investment; and SK Hynix Plans $75 Billion Investment in Chips and AI
Artificial Intelligence: China's Plan for AI Standards Development; Singapore Prepares AI Security Guidelines Amid Rapid Adoption; and China Leads Global Generative AI Patent Race, Filing Six Times More than US
Environmental Sustainability: DHL Express and CIMB Partner on SAF Initiative; Yang Ming Marine Transport Pioneers Biofuel Bunkering in South Korea; and Aether Fuels Secures $34 Million to Scale Sustainable Fuel Technology
Aviation: ST Engineering Partners with Safran Aircraft Engines for LEAP Engine Module Repair Offload; Cebu Pacific Signs Historic Deal with Airbus for 152 A321neo Aircraft; Approval Boosts Garuda Indonesia and Singapore Airlines Partnership; and Malaysian PM Clarifies MAHB Ownership Status During Parliamentary Session
Advanced Air Mobility: Australian Government Funds Solar-Powered Drone Development; and FlyFreely Partners with AAM CRC to Boost Australia's Aerospace Sector
Marine: Japanese Authorities Investigate Marine Engine Manufacturers for Emissions Data Manipulation; and Korean Maritime Technology Companies Install First Domestic Onboard Carbon Capture System on Container Ship
Space: Japanese Telecom Giants Expand into Space with High-Speed Network Initiatives; Cangyu Space Technology Plans $100 Million Investment in Malaysian Satellite Project; Dhruva Space and Kinis Strengthen Collaboration for IoT Connectivity in India; and FY-3F Satellite Begins Operational Services for Enhanced Meteorological Monitoring
Finance and Investments
Thailand
Thailand's Board of Investment (BoI) is accelerating its efforts to attract investments in data centres and cloud services, in line with global digital trends and government policies. The BoI has greenlit 37 projects worth 98.6 billion THB, including several data centre constructions. Amazon Web Services (AWS), for instance, plans a 200 billion THB investment.
💡NextDC from Australia plans a budget of 13.7 billion THB, STT GDC from Singapore pledges 4.5 billion THB, and Evolution Data Centre, also from Singapore, will invest 4 billion THB. Additionally, Supernap (Switch) from the US intends to invest 3 billion THB, Telehouse from Japan 2.7 billion THB, and One Asia from Hong Kong 2 billion THB. Google and Microsoft are also engaged in discussions with the Thai government regarding their investment plans in data centres.
Germany-India
Beumer Group is expanding its presence in India by investing over INR 2 billion in a new production facility in Jhajjar, set to open in September 2025. Covering more than 10 acres, this strategic move marks Beumer's first German company to establish production in the region's development zone. With over two decades of operation in India, Beumer initially served the cement industry and now provides solutions for airports, mining, minerals, and e-commerce.
💡The new site aims to enhance Beumer's global manufacturing footprint, focusing on quality leadership and long-term success in India's growing aviation and industrial sectors.
South Korea
SK Hynix, one of the world's leading chipmakers, has announced a substantial investment of approximately $75 billion in its semiconductor operations by 2028. This investment aims to bolster its market position and meet increasing global demand for memory chips.
Alongside enhancing chip production, SK Hynix plans to allocate funds towards advancing artificial intelligence (AI) technologies and high bandwidth memory (HBM) chips. The decision follows recent financial challenges, including operating losses in 2022, which the company partly overcame with a recovery driven by AI sector growth.
💡Supported by a South Korean government stimulus package for chip industries, SK Hynix aims to streamline operations and sustain profitability in a competitive semiconductor market.
Artificial Intelligence
China
China has announced plans to establish over 50 national and industrial standards for artificial intelligence (AI) by 2026, aiming to guide the sector's high-quality development. Jointly unveiled by the Ministry of Industry and Information Technology and other government bodies, the guidelines outline seven key areas for AI standardization, including technologies, products, and industry applications. The initiative aims to boost technological progress, foster enterprise growth, and enhance industrial upgrading, leveraging AI to drive new industrialization.
💡China's AI industry, which includes over 4,500 companies, saw significant growth, reaching 578 billion yuan in 2023, spurred by advancements in technologies such as large-scale models.
Singapore
Singapore is set to release voluntary guidelines aimed at enhancing the security of artificial intelligence (AI) systems. The Cyber Security Agency (CSA) plans to publish draft Technical Guidelines for Securing AI Systems for public consultation later this month. These guidelines are designed to complement existing security measures and address emerging risks in AI, such as adversarial machine learning.
💡Ruimin He, Singapore's chief AI officer, emphasized at the 2024 World AI Conference the importance for policymakers to consult diverse stakeholders before creating rules for artificial intelligence (AI). He highlighted the potential harmful consequences of AI misuse and advocated for policymakers to adopt a continual learning mindset, staying updated with the latest developments and learning from experts in academia and industry.
China
According to the World Intellectual Property Organization (WIPO), China has emerged as the dominant force in generative AI innovation, filing over 38,000 patents between 2014 and 2023. The figure dwarfs the 6,276 patents filed by the United States over the same period.
The rapid growth in generative AI patents reflects its expanding applications across sectors like autonomous driving, publishing, and document management.
💡WIPO anticipates continued growth in patent filings as generative AI technologies, capable of creating text, images, and music from existing data, reshape industries worldwide.
Environmental Sustainability
Malaysia-Singaore
DHL Express and CIMB Group Holdings Berhad have entered a partnership under the GoGreen Plus programme, enabling CIMB to offset CO2e emissions from its international shipments using sustainable aviation fuel (SAF) in Malaysia and Singapore.
💡CIMB's participation aligns with its goal of achieving net-zero Scope 3 emissions by 2050, emphasizing cleaner transportation practices. DHL's initiative, launched in 2023, supports its broader aim of achieving net-zero emissions by 2050 through significant SAF agreements, addressing a substantial portion of its carbon footprint from air freight operations.
South Korea
Yang Ming Marine Transport Corporation has become the first operator to bunker biofuel in a foreign-flagged vessel in South Korea. Starting this year, the company has begun fueling its fleet with sustainable biofuel, specifically B30 HSFO made from used cooking oil (UCO) and native plants. The initiative is part of Yang Ming's strategy to achieve net-zero emissions by 2050.
The vessel YM Together, serving the Trans-Pacific route PN3, bunkered the biofuel at Pusan Port in collaboration with KPI OceanConnect. The biofuel meets ISO 8217 and International Sustainability & Carbon Certification (ISCC) standards, reducing greenhouse gas emissions by up to 25% compared to conventional marine fuels.
💡Yang Ming integrates onboard technologies like scrubbers and shore power systems (AMP) to further enhance emission reductions.
Global
Aether Fuels, a climate tech startup spun out of Temasek’s Xora Innovation, has raised $34 million in a Series A funding round led by AP Ventures. The funding aims to accelerate the scale-up of their sustainable fuel technology for aviation and ocean shipping.
Aether's Aurora technology transforms various feedstocks into fuel using an advanced Fischer-Tropsch process licensed from GTI Energy, targeting reduced plant costs and increased yield. The company plans to expand R&D capabilities, scale up production infrastructure, and establish a 100 gallon-per-day test plant.
💡Collaborations with GTI Energy and strategic partners are set to develop commercial-scale facilities, including projects in the U.S. and Southeast Asia.
Europe-China
The European Biodiesel Board (EBB) has raised concerns over the influx of biodiesel imports from China into European markets, leading to adverse effects on local producers. The EBB anticipates imminent antidumping measures from the European Commission in response to their trade case. They highlight that Chinese biodiesel imports have contributed to decisions such as worker furloughs at Chevron Renewable Energy Group, halting of projects by Shell and BP in Germany and the Netherlands respectively, and the closure of a biorefinery by Argent Energy. These developments threaten Europe's ability to meet its biofuel demand under the Fit for 55 Package, impacting the transport sector and jeopardizing climate goals.
💡The EBB urges swift action by the European Commission to safeguard the European biodiesel industry and ensure fair market conditions.
Aviation
Singapore
ST Engineering's commercial aerospace (CA) division has entered a two-year agreement, extendable upon mutual agreement, with Safran Aircraft Engines.
The partnership involves ST Engineering providing module repair offload services for the CFM LEAP-1A and LEAP-1B engines. Specifically, ST Engineering will handle repair work for the high pressure turbine (HPT) rotor assembly and stage two HPT nozzle assembly. Additionally, ST Engineering will enhance its support to Safran Aircraft Engines by expanding maintenance offload services for LEAP-1B engines.
💡The collaboration aims to meet the increasing demand for maintenance, repair, and overhaul (MRO) services as flight operations intensify.
Philippines
Cebu Pacific, the leading carrier in the Philippines, has finalized a binding Memorandum of Understanding (MOU) with Airbus for a significant order of up to 152 Airbus A321neo aircraft, marking the largest aircraft purchase in Philippine aviation history valued at USD $24 billion based on current list prices. The MOU includes a firm order for 102 A321neo jets with purchase rights for an additional 50 A320neo Family aircraft.
💡The fleet investment aims to provide Cebu Pacific flexibility in fleet growth to meet market demands.
Indonesia-Singapore
Garuda Indonesia and Singapore Airlines have secured approval from the Competition and Consumer Commission of Singapore (CCCS) for their commercial joint venture agreement. The milestone allows the two sides to deepen their strategic partnership, potentially including joint revenue sharing flights, coordinated flight schedules for enhanced connectivity, and collaborative sales and marketing initiatives.
💡Since initiating their partnership expansion in May 2023, they have integrated loyalty programs and collaborated on marketing efforts, currently codesharing on various routes between Singapore and key Indonesian cities, as well as international destinations.
Malaysia
Prime Minister Datuk Seri Anwar Ibrahim clarified during the prime minister’s question time in the Dewan Rakyat last month that Malaysia Airport Holdings Berhad (MAHB) has not been acquired by foreign companies. Instead, a deal involving MAHB and Global Infrastructure Partners (GIP) has resulted in Malaysian entities Khazanah Nasional Bhd and the Employee Provident Fund (EPF) increasing their ownership to 70% from 41%.
Anwar stressed that this transaction primarily concerns management rights, not the sale of airport assets, similar to MAHB's arrangement at Istanbul Sabiha Gokcen International Airport under Turkish ownership. He assured that crucial management roles at MAHB will remain in Malaysian hands.
💡The announcement comes after concerns were raised about GIP's acquisition by American firm BlackRock, purportedly linked to pro-Israeli interests. However, GIP clarified that BlackRock's involvement does not affect MAHB's privatization through the Gateway Development Alliance (GDA) consortium, which includes the Employer's Provident Fund (EPF), Global Infrastructure Partners (GIP), GIP Aureus Pte Ltd, and the Abu Dhabi Investment Authority (Adia).
Advanced Air Mobility
Australia
The Australian federal government has allocated $1.35 million towards the development of an all-day solar-powered fixed-wing drone under the Pegasus joint project involving V-TOL Aerospace, Li-S Energy, and Halocell. The initiative aims to integrate advanced Li-S batteries and Halocell's solar cells to create a "dawn to dusk" drone platform, enhancing long-range and long-duration capabilities for applications such as ISR and surveys.
💡V-TOL Aerospace anticipates significant advancements in drone technology as a result of the grant.
Australia
FlyFreely, a drone management platform provider, has joined the Advanced Air Mobility Cooperative Research Centre (AAM CRC) as an industry partner. The AAM CRC aims to advance Australia's aerospace sector by uniting researchers, airlines, airports, regulators, and policymakers to address challenges in autonomous human transport and large cargo operations.
💡The AAM CRC aims to secure Australian Government funding via the CRC grant program to further advance the aerospace sector.
Marine
Japan
Japanese authorities are investigating 19 marine engine manufacturers for potential manipulation of nitrogen oxide (NOx) emissions data in engine tests. This follows admissions of wrongdoing by prominent companies Hitachi Zosen and Ishikawajima-Harima Heavy Industries (IHI). Hitachi Zosen revealed falsified fuel consumption data for 1,363 vessels, impacting NOx emissions calculations. The company attributed the misconduct to compliance oversight and has initiated a special investigation unit to prevent recurrence. Similarly, IHI admitted to manipulating emissions data on 4,751 marine engines since 2003.
💡Both companies are cooperating with authorities amid concerns about regulatory violations and environmental impacts under International Maritime Organization rules.
South Korea
A partnership involving Hyundai Merchant Marine (HMM), Samsung Heavy Industries (SHI), PANASIA, and Korea Register (KR) has successfully installed South Korea’s first domestically built Onboard Carbon Capture System (OCCS) on the sub-Panamax container ship HMM Mongla. Developed since April 2023, the OCCS captures, liquefies, and stores carbon dioxide from ship exhausts. KR facilitated risk assessment and compliance with regulations.
💡The milestone positions South Korea as a leader in maritime carbon reduction technology, potentially influencing global discussions at upcoming International Maritime Organization (IMO) conferences on OCCS adoption for greenhouse gas emissions reduction in shipping.
Space
Japan
Major Japanese telecommunications companies Nippon Telegraph and KDDI Corp., are expanding into space to enhance their operations. NTT intends to deploy an airborne base station by 2026 through its NTT C89 orbital development program, utilizing high-altitude platform stations (HAPS) to enable direct smartphone communication.
💡Concurrently, SoftBank Corp. is advancing HAPS technology for satellite-based telecom services in Japan. Additionally, KDDI plans to establish a telecom network linking Earth and the moon by 2028, aiming to implement high-speed 5G communications on the lunar surface by 2030.
China-Malaysia
Cangyu Space Technology, a China-based aerospace company, plans to invest approximately US$100 million in Malaysia over five to ten years. The investment, in partnership with Angkasa-X Group, aims to establish a shared satellite constellation and a real-time remote sensing data platform for ASEAN.
💡The initiative includes developing geostationary and low-earth orbit satellites, a ground station, and infrastructure like the Angkasa-X Space Tech Park for satellite assembly, integration, testing, and an artificial intelligence data center.
India-France
India’s Dhruva Space and France-based satellite operator Kinis have enhanced their collaboration to introduce Kinis IoT connectivity in India and launch a Kinis IoT payload on Dhruva Space's P-30 satellite. The partnership aims to provide advanced and cost-effective IoT solutions in India, leveraging Kinis' satellite constellation capabilities.
💡The two sides will also plan joint satellite missions to augment space segment capacity and develop innovative applications tailored to the Indian market.
China
The Fengyun-3F (FY-3F) satellite has commenced operational services after successful ground and application system testing and trial runs, confirmed by the China Meteorological Administration (CMA). Taking over from FY-3C, FY-3F will support weather forecasting, climate prediction, disaster monitoring, and environmental surveillance.
With 10 advanced instruments, the satellite enables comprehensive observations, enhancing precision in monitoring global atmospheric conditions, including temperature, humidity, trace gases, and Earth's radiation balance.
💡The satellite has already demonstrated its effectiveness in monitoring weather events, such as recent heavy rainfall in the Yangtze River region. FY-3F integrates into the Fengyun operational network, collaborating with other satellites to optimize monitoring capabilities.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**