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.*
Watch
If you missed the live event, you can still catch the webinar, "Assessing Opportunities for Scaling Aviation Decarbonization in the Asia Pacific Region: SAF, Technologies, and Greening Airline Operations," which I had the privilege of moderating.
This insightful session brings together industry leaders from BloombergNEF, Asia SAF Association, and LanzaJet to discuss innovative strategies for sustainable aviation in the Asia Pacific.
Watch the recording to discover how the region is making strides toward a greener aviation future.
Reach Out!
For more resources and expert insights on aviation law and policy, visit Beyond Horizons, a specialized legal service delivered by Bethel Chambers LLC.
We offer comprehensive legal services focused on advancing innovative technologies and sustainability in transportation and aerospace.
Our team excels in cross-border transactions, climate and tech financing, and navigating the complex regulatory landscape.
Whether you're involved in aviation finance, biofuels, or the transformation of financial markets, Beyond Horizons is your partner in driving the energy transition and shaping the future of transportation.
Events
The UN Global Compact Network Singapore (GCNS) is hosting an event titled "Gaining Easier Access to Sustainable Finance via Better ESG Strategies, Actions, and Disclosures" on September 5, from 9:30 am to 11:30 am. The event is part of the GCNS SME Series 2024: MOVE FORWARD FASTER!
The SME Series is designed to help SMEs advance their sustainability journey through empowerment, engagement, and action. Attendees will gain valuable knowledge and tools, connect with industry leaders, and receive practical guidance on key areas such as decarbonization, reporting standards, and sustainable finance.
The event is open to both GCNS members and non-members, with registration fees set at S$15 for members and S$30 for non-members. Learn more here.
Dispax World is hosting the 5th International Conference on Unruly Airline Passenger Management & Restraint from November 20-21 at the Carlton Hotel Bangkok Sukhumvit, Thailand.
The event aims to address the challenges associated with unruly passenger behavior, exploring various causes, responses, and legal considerations for airlines and regulatory bodies.
Over two days, attendees will gain insights from aircrew, passengers, regulatory authorities, industry associations, and law enforcement. Students and charities can benefit from a 50% discount on the registration fee.
Summary
Financing & Investments: AirAsia Secures $443M in Private Financing for Post-Pandemic Recovery; DBS Launches Pilot for Programmable Grant Disbursements; Japan Plans Largest IPO in Years with Tokyo Metro Listing; Australia Approves $13.5 Billion Solar Cable to Singapore; and PEXX Acquires Chain Debrief to Enhance Blockchain and Crypto Education
Environmental Sustainability: China Introduces Guidelines for Green Power Trading; Asia Forms Supply Chain for Sustainable Fuels at AZEC Ministerial Meeting; Keppel, ADB, and EnterpriseSG Partner on $800 Million Green Infrastructure Initiative in Asia-Pacific; Boeing Invests in Wagner Sustainable Fuels; Singapore and NOAA Sign MOU for Enhanced Climate Cooperation; and South Korea to Mandate SAF Use by 2025
Aviation: EVA Air First Asian Airline to Adopt Lufthansa Technik’s AeroSHARK Technology; Legal Action Filed Against Jetstar Airways for Alleged Refund Failures During COVID-19; NZ Airports Association Criticizes Visa Fee Increase for Impact on Tourism; Go First Lenders Hire Burford Capital for $1.5B Lawsuit Against Pratt & Whitney; and MRO Japan to Begin Airbus P2F Conversions in 2025
Advanced Air Mobility: Skye Air Mobility Partners with CARiTAS to Revolutionize Medical Deliveries in Kerala; EHang Reports First Adjusted Profit as Production and Revenues Surge; and Volant Secures $100 Million in Series A+ Funding for eVTOL Development
Artificial Intelligence: Survey Reveals AI Adoption in Singapore HR Practices Amid Talent Shortages; Huawei Expands AI Offerings in Asia-Pacific Amid US Sanctions; and Patsnap Enhances Patent Analysis with Generative AI
Marine: Singapore Retains Top Spot in 2024 Xinhua-Baltic Shipping Centre Index; Project to Advance 3D Printing in Singapore's Maritime Sector; and Vallianz Forms JV with Penn Marine to Boost Offshore Energy Presence in Thailand
Space: Chinese Researchers Find Method to Extract Water from Lunar Soil; India Launches First Reusable Hybrid Rocket RHUMI-1; Korean Startup TelePIX Launches AI Processor into Space; and South Korea Contracts SpaceX for GEO-KOMPSAT-3 Satellite Launch
Financing & Investments
Malaysia
AirAsia Bhd has secured $443 million in dual-tranche private financing to support its post-pandemic recovery. The deal includes $200 million from private credit funds Ares Management Corp. and Indies Capital Partners Pte. Ltd. for refurbishing aircraft, and $243 million from aircraft lessors to refinance lease liabilities. The financing, structured as revenue-linked private bonds, is backed by future ticket sales from key routes. The funds will enable AirAsia to return 10 aircraft to service by October and an additional 15 by 2025.
💡The deal, with a coupon rate of 11% for the private credit tranche and 7% for the lessor portion, highlights the growing appeal of private credit in Asia.
Singapore
DBS has initiated a pilot project for programmable grant disbursements with Enterprise Singapore and the Singapore Fintech Association. The project, part of Project Orchid led by the Monetary Authority of Singapore, utilizes Purpose-Bound Money (PBM) and smart contracts to automate and streamline government payments to businesses.
The system ensures funds are only disbursed when specific conditions are met, improving governance, efficiency, and speed of cash payouts. The pilot aims to explore further applications of programmable disbursements and blockchain technology in financial processes.
💡During the Singapore Fintech Festival 2023, 27 local fintech companies participated, using DBS' permissioned blockchain to automate grant payments.
Japan
Japan's national and Tokyo governments aim for a 700 billion yen ($4.7 billion) valuation for Tokyo Metro's upcoming IPO, set for late October, reports Reuters. The sale, which could raise 350 billion yen, is anticipated to be Japan's largest IPO in about six years.
The governments, owning 100% of Tokyo Metro, plan to brief brokerages within a week and seek Tokyo Stock Exchange approval by mid-September. The IPO would surpass last year's Kokusai Electric listing and be the largest since SoftBank Group's 2018 wireless unit IPO.
💡Tokyo Metro operates 195 km of lines and serves 6.5 million passengers daily. The funds from the IPO will support reconstruction bond repayments from the 2011 disaster.
Australia-Singapore
The Australian government has approved Sun Cable's $13.5 billion solar project, which will transport energy from a massive solar farm in the Northern Territory to Singapore via a 4,300 km underwater cable.
The Australia-Asia PowerLink project is set to be the largest solar power installation globally, generating enough electricity to power three million homes. It will deliver up to 6 gigawatts of green energy to Darwin and Singapore in two development stages.
💡A final investment decision is anticipated in 2027, with power supply expected to commence in the early 2030s.
Singapore
Fintech startup PEXX, specializing in stablecoin cross-border payments, has acquired Singapore-based blockchain media platform Chain Debrief. The undisclosed deal follows PEXX’s recent US$4.5 million funding round led by TNB Aura and Antler.
💡The acquisition will integrate Chain Debrief’s content—articles, tutorials, and expert analyses—into PEXX's platform, aiming to provide users with updated blockchain and cryptocurrency information. PEXX also plans to leverage Chain Debrief’s Southeast Asian reach to expand its community and focus on crypto education.
Environmental Sustainability
China
China has released new guidelines for medium- and long-term green power trading, emphasizing a market-based approach, reports Reuters. The rules, issued by the National Development and Reform Commission (NDRC) and the National Energy Administration (NEA), outline a pricing mechanism that combines electricity prices with the cost of green certificates.
The guidelines mandate that green power transactions should not face price limits except as set by the state and should avoid being used to mask price reductions. It also seek to standardize green power trading across regions, which has seen varied rules and pricing mechanisms in pilot areas like Beijing, Guangzhou, and Inner Mongolia since 2021.
💡Green power trading grew by 283% from 2021 to 2023, amounting to 69.7 billion kilowatt-hours, about 1% of China's electricity consumption last year.
Asia-Pacific
Japan, Australia, and nine Southeast Asian nations have committed to creating an extensive supply chain for sustainable fuels, focusing on biofuels and renewable energy. Announced during the second Asia Zero Emission Community (AZEC) Ministerial Meeting in Jakarta, the initiative includes developing a roadmap for biofuels, particularly sustainable aviation fuel (SAF).
The agreement also involves leveraging regional resources such as hydrogen and ammonia. A new Asia Zero Emission Center at ERIA, funded by Japan, will support policy development and project studies. The collaboration aims to align climate goals with economic growth and enhance energy resilience.
💡Indonesia plans to use its renewable resources for clean energy transitions and has signed agreements with Toyota Tsusho and Pertamina for biofuels and green hydrogen.
Asia and the Pacific
Keppel, the Asian Development Bank (ADB), and Enterprise Singapore (EnterpriseSG) have signed a Memorandum of Understanding (MOU) to explore $800 million in energy transition, environmental sustainability, and blended finance projects across Asia and the Pacific. This partnership aims to develop projects in areas like decarbonizing power generation, renewable energy, electric mobility, and waste-to-energy. The initiatives are expected to significantly contribute to Keppel’s infrastructure assets and abate at least 1 million tonnes of CO2e annually.
💡The collaboration will leverage ADB’s financing expertise and EnterpriseSG’s global network to support and finance these projects, initially focusing on Southeast Asia.
Australia
On August 20, Boeing announced its early investment in Wagner Sustainable Fuels to support the development of Australia’s first fully integrated sustainable aviation fuel (SAF) production facility in Brisbane, Queensland. The investment aligns with Boeing’s strategy to expand global SAF access, which is crucial for decarbonizing aviation by 2050.
The Brisbane refinery will use waste-to-SAF technology, enhancing Australia’s fuel security and contributing to local job creation while reducing aviation-related CO2 emissions.
💡The partnership builds on Boeing’s ongoing collaboration with Wagner and is supported by the Queensland government.
Singapore-USA
Singapore's Ministry of Sustainability and the Environment (MSE) and the National Oceanic and Atmospheric Administration (NOAA) have signed a MOU to boost collaboration on environmental and climate issues. The agreement, signed in Singapore by Minister Grace Fu and NOAA Administrator Rick Spinrad, aims to enhance efforts in climate monitoring, coastal protection, and environmental resilience.
💡The MOU includes joint projects and technical exchanges between MSE and NOAA, with a focus on climate prediction, coastal science, and heat resilience. Both parties seek to share knowledge and support climate action initiatives.
South Korea
South Korea will soon require airlines to blend a portion of their jet fuel with sustainable alternatives like cooking oil, palm oil, and biodiesel starting in 2025, reports the Korea Economic Daily.
💡The policy may impact South Korea's leading position in the aviation fuel export market, as domestic refineries currently lack SAF production capabilities. To support the transition, the government plans to offer subsidies for SAF refueling infrastructure and consider tax reductions for SAF-related facilities.
Aviation
Taiwan
Lufthansa Technik AG has announced that EVA Air is the first Asian airline to adopt its AeroSHARK drag-reducing surface technology. EVA Air will modify its nine Boeing 777F freighters with AeroSHARK, which uses riblet films inspired by sharkskin to reduce friction and fuel consumption. The modification of the first freighter, B-16786, has been completed at Taipei Taoyuan International Airport by Evergreen Aviation Technologies Corporation (EGAT). The technology is expected to cut fuel use by about 2,500 metric tons annually and reduce CO2 emissions by over 7,800 metric tons.
💡EVA Air aims to achieve net-zero carbon emissions by 2050 and will continue to assess the benefits of AeroSHARK for its fleet.
Australia
Proceedings have been initiated in the Federal Court of Australia against Jetstar Airways, representing hundreds of thousands of customers who allegedly did not receive refunds for flights cancelled during the COVID-19 pandemic. Echo Law, which previously filed a class action against Qantas over a similar issue, alleges that Jetstar breached contracts, engaged in misleading conduct, and unlawfully benefited from retaining customer funds.
💡Court House Capital is funding the action.
New Zealand
The New Zealand Airports Association has expressed concern over the government's decision to raise visitor visa fees to $341, marking a 62% increase and 69% higher than Australia's fees. NZ Airports Chief Executive Billie Moore criticized the lack of consultation with stakeholders, such as airports and airlines, and warned that the substantial fee hike could deter potential visitors.
💡Moore emphasized that while the government aims to shift more visa processing costs to users, the broader economy benefits from visitor spending. He called for a comprehensive economic growth strategy, including an export growth plan, to address potential declines in tourism demand and support industry recovery.
India
Lenders of the bankrupt Go First airline have engaged Burford Capital to finance their litigation against Pratt & Whitney, alleging engine delivery failures that led to significant operational disruptions and the grounding of aircraft. Go First, which has already filed for insolvency, is seeking $1.5 billion in compensation.
💡Burford Capital’s involvement is expected to bolster the lenders' legal position and help address the financial losses and challenges faced by the airline.
Japan
MRO Japan, certified by EASA, will start Airbus passenger-to-freighter (P2F) conversions in fiscal 2025. Based at Naha Airport, the company will convert A320 and A321 aircraft, following a collaboration with Elbe Flugzeugwerke (EFW).
💡MRO Japan will act as a subcontractor for EFW’s P2F programs, marking its debut as Japan's first Airbus narrowbody P2F conversion site.
Artificial Intelligence
Singapore
A recent Deel survey highlights that more than half of Singaporean organizations are integrating artificial intelligence (AI) into their HR practices. The survey, which queried 250 business leaders from large enterprises, found that 54% of organizations are utilizing AI, with 62% noting its benefits in improving accuracy and reducing human error.
Generative AI leads as the most popular tool, adopted by 64% of respondents, followed by AI recruitment and screening tools (63%) and virtual assistants and chatbots (60%). This adoption aligns with a broader trend, as 98% of organizations are either using or considering AI to enhance business operations and attract talent.
💡Despite the enthusiasm, Singapore faces a shortage of AI talent. The survey found that 39% of business leaders struggle to find suitable candidates, citing high salary expectations, challenges in assessing AI skills, and a lack of qualified local candidates as primary obstacles. To address this, 49% of employers are open to hiring AI talent both locally and internationally.
Asia-Pacific
Huawei is significantly boosting its AI presence in the Asia-Pacific region, marked by a 20-fold increase in its public cloud service over the past four years despite ongoing US sanctions. Jacqueline Shi, President of Global Marketing and Services at Huawei Cloud, announced on August 15th in Bangkok that the company will continue to advance its AI solutions in the region, as quoted by Telecom Tech News. These solutions include the Ascend Cloud Service, the ModelArts AI development platform, and Pangu, Huawei’s proprietary large language model similar to ChatGPT.
💡The Asia-Pacific region remains a key market for Huawei’s cloud computing services, serving as a testing ground for new products like the serverless database before broader release. Huawei is also expanding globally, having launched Egypt's first public cloud service and an Arabic-language LLM, and established a data center in Riyadh, Saudi Arabia.
Singapore
Singaporean startup Patsnap is expanding its patent analysis services by incorporating generative AI, aiming to better serve industries like pharmaceuticals and material sciences. Co-founder Guan Dian shared that the company's new AI-driven chatbots assist researchers and intellectual property lawyers in interpreting complex patent documents and tracking competitors’ technological developments.
💡Patsnap's AI model, built on Meta's open-source technology and trained with data from 200 million patents and extensive scientific literature, offers specialized insights for technical fields, distinguishing it from general-purpose models like ChatGPT.
Advanced Air Mobility
India
Skye Air Mobility, a New Delhi-based drone logistics firm, has partnered with CARiTAS Hospital in Kottayam, Kerala, to launch the Caritas Drone Medical Supply Delivery Unit. The drones will carry up to 3 kilograms over distances of 10-15 kilometers, connecting CARiTAS Hospital with its satellite facilities and remote areas.
💡The initiative aims to improve healthcare by using drones to transport medical supplies and diagnostic samples, reducing delivery times from hours to 5-7 minutes. This system also aims to cut carbon emissions by reducing road transport.
China
Guangzhou-based startup EHang achieved its first adjusted net profit in Q2, with revenues reaching 102 million yuan ($14.3 million) due to a ninefold increase in deliveries of its EH216-S eVTOL aircraft. The company delivered 49 units in Q2, up from 26 in Q1 and five in the same quarter last year. Revenue for Q3 is projected at 123 million yuan.
EHang has received over 1,100 preorders and is expanding production at its Yunfu factory and establishing a new base in Hefei. It has also signed a joint venture agreement with Guangzhou Automobile Group to leverage their automated production expertise.
💡The company ended the quarter with 988 million yuan in cash, focusing on product development and production expansion.
China
Chinese eVTOL startup Volant Aerotech has raised $100 million in a Series A+ round, led by Beijing Robot Industry Development Investment Fund and supported by Yanchuang Group and Shougang Fund’s Shoucheng Holdings. The funds will accelerate the development and manufacturing of the VE25-100 model, advance its airworthiness certification, and boost commercialization efforts.
💡Founded in 2021, Volant has already secured over 700 orders worth $2.1 billion. The company aims to capitalize on the burgeoning low-altitude sector, with applications in sightseeing, training, transport, and urban travel.
Marine
Singapore
The 2024 Xinhua-Baltic International Shipping Centre Development Index (ISCDI) Report, released by the Baltic Exchange and Xinhua News Agency, confirms Singapore's position as the world’s leading shipping centre for the 11th consecutive year, with a score of 96.23 out of 100. Singapore's continued dominance is attributed to its strategic location, robust international outlook, and well-established maritime services ecosystem.
The report highlights several significant achievements for Singapore, including surpassing three billion gross tons in vessel tonnage, which represents a 9.4% increase from the previous year. Additionally, the Port of Singapore’s container throughput reached a record 39.01 million teu, up 4.6% from 2022. The port also set a new benchmark in bunker sales, totaling 51.82 million tonnes, with notable increases in both biofuel and LNG sales.
💡London and Shanghai retain their positions as the second and third leading shipping centres, respectively, while Hong Kong, Dubai, and Rotterdam round out the top five. New entrants to the top 10 include Athens/Piraeus and Ningbo Zhoushan, which climbed a place each, while Hamburg dropped to ninth. The report also notes that Tianjin has made its debut at 19th place. The ISCDI evaluates 43 maritime locations based on port metrics and maritime support services, with the top 10 ports averaging a score of 77.12.
Singapore
Class society ABS is leading a project in Singapore to accelerate the adoption of 3D printing (additive manufacturing) in the maritime industry. The initiative aims to develop a streamlined qualification framework to make the approval process for 3D-printed parts faster and more cost-effective.
💡Partnering with A*STAR and Mencast Marine, ABS will use data-driven models to predict defects and validate them with real-world cases. Supported by the Maritime and Port Authority of Singapore, the project is expected to strengthen Singapore’s maritime innovation and expand its $30.8 million AM market, projected to grow to over $201 million by 2030.
Singapore-Thailand
Singapore OSV operator Vallianz has partnered with Thailand’s Penn Marine Service to expand its foothold in Thailand's offshore energy sector. The joint venture will merge Penn Marine’s local expertise in OSV repair, maintenance, and project management with Vallianz’s chartering services and marine solutions. Vallianz will acquire a 49% stake in the newly established Marineast Vallianz Offshore (MVO), aimed at providing marine vessel services in Thailand.
💡The collaboration aligns with Thailand’s oil and gas sector growth, driven by state-owned PTT’s investment plans, which are expected to increase demand for offshore support vessels.
Space
China
A scientific team in China has developed a method to generate water from lunar soil, potentially supporting future lunar research and habitation. The team, including members from the Chinese Academy of Sciences' Ningbo Institute and Institute of Physics, discovered that heating lunar soil to 1,000°C triggers a redox reaction between hydrogen and iron oxides, producing pure iron and water vapor.
The process can yield 51 to 76 milligrams of water per gram of lunar soil. Scaling this, one ton of lunar soil could supply daily water needs for about 50 people. The proposed strategy involves using solar concentration techniques to heat the soil, condensing the vapor into liquid, which can then be stored for drinking, oxygen production, and hydrogen energy.
💡The lunar soil used in this research was collected during China's Chang'e 5 mission. The discovery is a significant step toward establishing sustainable lunar bases, with China's Chang'e 6 mission further advancing exploration efforts.
India
Tamil Nadu-based startup, Space Zone India, in collaboration with Martin Group, successfully launched its first reusable hybrid rocket, RHUMI-1, from Thiruvidandhai in Chennai on August 24. The rocket, which uses a combination of liquid and solid fuel propellants, was equipped with 3 Cube Satellites and 50 PICO Satellites designed to collect data on global warming and climate change. It features a generic-fuel-based hybrid motor and an electrically triggered parachute deployer, and is notable for being 100% pyrotechnic-free.
💡Space Zone India aims to provide cost-effective space solutions and hands-on training in aerospace technology. Their educational initiatives include engaging students in satellite design and construction, with over 2,500 students participating in the 2023 ‘Dr. A.P.J Abdul Kalam Students Satellite Launch’ project.
South Korea
Korean space startup TelePIX announced the successful launch of its onboard AI processor, TetraPLEX, aboard an Italian satellite on SpaceX's Falcon 9 rocket last Friday. Developed in collaboration with Nvidia, TetraPLEX utilizes Nvidia's graphic processing unit chips to enable efficient, real-time data analysis and edge computing in space.
💡The mission will showcase TetraPLEX's capabilities in high-speed parallel processing of satellite big data AI models and test its image preprocessing algorithms in a radiation-rich environment.
South Korea
South Korea has signed a contract with SpaceX to launch the GEO-KOMPSAT-3 satellite to geostationary orbit in late 2027, according to the Korea AeroSpace Administration (KASA). The deal continues South Korea's expanding collaboration with SpaceX, following previous launches including a lunar orbiter and military reconnaissance satellites.
The GEO-KOMPSAT-3, also known as Chollian-3, will replace the aging GEO-Kompsat-1 and is designed for advanced communications, disaster prevention, maritime safety, and aviation support. The satellite, which began development in 2021 with a budget of approximately $309 million, will include contributions from the Korea Aerospace Research Institute (KARI) and the Electronics and Telecommunications Research Institute (ETRI), with Thales Alenia Space providing key communication technology.
💡KASA is also working on a positioning paper to enhance its space capabilities in areas such as space transportation, satellites, space science, and aeronautics. Planned projects include developing a partially reusable launch vehicle, high-resolution imaging satellites, and a new national launch site, though these initiatives require parliamentary approval for further progress.
**Nothing in this article is intended to be or should be construed as legal or financial advice.*