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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IATA Raises 2025 Airline Profit Outlook Amid Resilient Demand
The International Air Transport Association (IATA) has revised its 2025 financial outlook for the airline industry, projecting stronger profitability compared to 2024. The update highlights the sector's continued resilience despite economic headwinds and geopolitical uncertainties, driven by sustained demand for air travel.
Battery storage and the future of Pakistan's electricity grid
The Institute for Energy Economics and Financial Analysis (IEEFA) has released a report on Battery Storage and the Future of Pakistan's Electricity Grid. It finds that battery storage adoption is rapidly increasing across residential, commercial, and industrial sectors, driven by high electricity costs and falling solar prices.
The report urges timely grid upgrades, smart metering, and regulatory changes to manage BESS growth, avoid grid instability, and support efficient power planning.
Events
Asian Sky Forum 2025
The Asian Sky Forum 2025 will take place from June 24–26 at the Avani+ Riverside in Bangkok, Thailand. With 200 to 250 attendees expected, the forum will bring together key stakeholders including aircraft operators, owners, charter companies, MRO providers, financiers, regulators, and industry suppliers for networking and in-depth discussions on the future of business aviation in Asia.
Learn more about the event 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.
Learn more about the symposium here.
Industrial Transformation ASIA-PACIFIC (ITAP) 2025
Industrial Transformation ASIA-PACIFIC (ITAP), the region’s leading Industry 4.0 event, will return to Singapore EXPO from 15–17 October 2025. The event connects global industry leaders and innovators to accelerate digital transformation, showcase cutting-edge manufacturing technologies, and promote sustainable industrial practices.
Learn more about the event here.
Summary
Financing & Investments: Amber Secures $45M to Expand Battery and EV Automation Technology; Australia, Vietnam Strengthen Fintech Partnership with New MoU; Botree Recycling Secures Eight-Figure Series B to Boost Global Expansion; Indonesia to Launch Billion Dollar Integrated EV Battery Project with CATL and State Partners; Nomupay Secures €35M Investment from Japan’s SBPS to Boost Asia Expansion; and Temasek Pulls Back from Early-Stage Investments Amid Market Shift
Environmental Sustainability: How Blended Finance Could Bridge Asia’s $2.5 Trillion Sustainable Investment Gap; Cathay Pacific Begins Refueling Flights in Hong Kong with Sinopec-Produced SAF; Hong Kong Startup Advances Urban Lithium Battery Recycling; Malaysia Urged to Enforce EV Battery Recycling Mandates; and Taoyuan Airport Advances to Level 4 Carbon Accreditation
Aviation: Virgin Australia Targets ASX Listing with A$685 Million IPO; China Resumes Boeing Jet Deliveries Amid Tariff Pause; Thales Opens Advanced Inflight Entertainment Lab in Bengaluru; Ascend Airways Nears Final AOC Approval, Targets Cargo Launch in November; and Kuehne+Nagel and SATS Launch Faster Aircraft Parts Delivery Service in Singapore
Advanced Air Mobility: Chery to Launch First eVTOL Flying Car in October; EHang and AirX Launch eVTOL Vertiport Near Mt. Fuji; Merlin Advances Autonomous Flight Testing in New Zealand; and Trump Orders Boost Drone Security, Supersonic and eVTOL Development
Marine: Japan's Shipbuilders Launch Joint Study on Liquefied Hydrogen Carrier Construction; MPA and Yinson GreenTech Partner to Advance Maritime Digital Twin; Singapore and France to Launch Biomethane Bunkering Pilot for Green Shipping; Singapore and NYK Launch New Phase of Autonomous Ship Trials; South Korea Updates Electric Ship Standards to Boost Green Vessel Adoption; and KR and HD Hyundai Team Up to Boost Green Ship Tank Safety
Space: China Launches Fourth Batch of Guowang Satellites for Mega Constellation; China Completes First Overseas New-Generation Radio Telescope in Thailand; Iran and Malaysia Boost Tech Ties with Focus on Cybersecurity and AI; Singapore, Airbus Partner to Advance NTN Connectivity; SSTL Relaunches as SST Think Tank to Boost Asia’s Space Economy; Singapore Partners with AST SpaceMobile to Boost Crisis Connectivity; Thailand Proposes New Rules to Ease Satellite Frequency Use for Mobile Earth Stations; and Thales Deepens Vietnam Presence with Focus on Space, AI, and Critical Systems
Financing & Investments
Australia
Amber has raised $45 million in a funding round led by ETF Partners, with additional support from Square Peg, Gentrack, Rubio Impact Ventures, and Breakthrough Victoria. The funding will support the company’s growth and international expansion of its battery and EV automation technology, which currently serves 40% of new automated home batteries in Australia.
💡Amber’s technology enables users to manage home batteries and EV charging based on real-time electricity prices, helping reduce costs and optimize energy use. With recent agreements with UK utilities E.ON and Ecotricity, Amber plans to expand across Europe and advance its vehicle-to-grid (V2G) capabilities. The company also partners with Gentrack to license its software globally.
Australia-Vietnam
Austrade and the Vietnam Banks Association (VNBA) signed an MoU on June 2 to deepen fintech collaboration between the two countries. The agreement establishes a framework for knowledge exchange, joint business missions, academic partnerships, and investment to build a stronger fintech ecosystem and boost bilateral trade in financial services and technology. It aims to link Australian fintech innovators with Vietnamese institutions and support startups in both markets.
💡Vietnam’s fintech sector, with around 260 companies, is rapidly expanding, aided by new regulations like a banking fintech sandbox. VNBA’s Nguyen Quoc Hung called the MoU a key milestone that enhances financial ties and opens new growth opportunities. Planned initiatives include a fintech and cybersecurity immersion program in 2026.
China
Suzhou-based Botree Recycling Technologies has raised an eight-figure RMB sum in additional Series B funding from the Taiping Science and Technology Innovation Fund, supplementing nearly RMB 100 million (USD 14 million) previously committed by the round’s lead investor. The capital will accelerate the company’s product research and development and support its international project expansion.
💡Founded in 2019, Botree provides comprehensive battery recycling solutions, serving clients across Asia Pacific, Europe, North America, and the Middle East with advanced technologies that improve metal recovery efficiency and lower costs.
Indonesia
Indonesia is set to begin construction on a $6-7 billion fully integrated electric vehicle (EV) battery ecosystem in East Halmahera, North Maluku, starting mid-June 2025.
The project, led by Chinese battery maker CATL and state-owned Indonesia Battery Corporation (IBC), will combine a smelter, HPAL processing plant, cathode factory, and battery cell manufacturing in one location.
💡The initiative is backed by joint ventures involving key players like PT Aneka Tambang (Antam), PT Indonesia Asahan Aluminium, Pertamina New & Renewable Energy, and PLN. It spans upstream nickel mining and refining to downstream battery assembly and recycling.
Ireland-Japan
Dublin-based Nomupay has partnered with Japanese payments firm SB Payment Service Corp. (SBPS) in a €35 million deal valuing Nomupay at €254 million. The investment accelerates Nomupay’s mission to simplify access to Asia’s fragmented payment markets for merchants across Europe, Southeast Asia, the Middle East, and beyond.
💡Founded in 2021, Nomupay offers a unified payments platform that aggregates local payment methods into a single API, streamlining acquiring, treasury, and payouts across regions.
Singapore
Temasek, Singapore’s state-backed investment giant, has sharply reduced its early-stage investments—down 88% from $4.4 billion in 2021 to $509 million in 2024—amid rising interest rates, losses on failed startups, and a tougher IPO environment. According to the Financial Times, only $70 million has been committed to early-stage ventures so far this year, as Temasek adopts a more conservative stance.
The $300 billion fund is now focusing on fewer, later-stage companies closer to going public. The retreat follows high-profile write-offs, including a $275 million loss from collapsed crypto exchange FTX.
💡While defending its due diligence process, Temasek acknowledged broader market pullbacks since 2022 and has capped early-stage investments at 6% of its portfolio, reflecting a strategic pivot toward lower-risk, scalable opportunities.
Environmental Sustainability
Asia
A World Economic Forum report highlights Asia’s $2.5 trillion annual gap in funding sustainable development goals (SDGs), amid declining traditional aid and strained public finances post-pandemic. Blended finance—using concessional capital to attract private investment—offers a vital solution to unlock funding in renewable energy, infrastructure, agriculture, and financial inclusion, leveraging Asia’s $4.5 trillion in private capital and dynamic financial ecosystem.
💡Yet, growth is held back by fragmented project pipelines, bespoke deals, high risk perceptions, and poor coordination between public and private sectors. The report urges stronger pipeline development, aligned partnerships, better policy frameworks, and innovative platforms to realize blended finance’s full potential.
Hong Kong
Cathay Pacific has started refueling select flights at Hong Kong International Airport with sustainable aviation fuel (SAF) supplied by China Petroleum & Chemical Corporation (Sinopec). The SAF, produced by Sinopec’s Zhenhai Refining & Chemical Company (ZRCC) from used cooking oil via the HEFA process, is blended with conventional jet fuel and certified by ISCC to cut lifecycle carbon emissions by around 80%.
💡This marks the first batch of SAF exported by ZRCC to Hong Kong.
Hong Kong
Hong Kong-based Achelous Pure Metals has developed a portable, eco-friendly system to recycle lithium-ion batteries directly in urban centers. Using robot-assisted sorting and nanoparticle-based separation, the technology safely extracts hazardous materials and recovers valuable metals like lithium, cobalt, and nickel from battery waste.
💡The company aims to scale this approach starting in Hong Kong and expand across Southeast Asia, supporting local “micro-factories” that convert discarded batteries into recyclable materials for export.
Malaysia
Environmental groups are calling on the Malaysian government to enforce strict regulations on electric vehicle (EV) battery recycling. Sahabat Alam Malaysia president Meenakshi Raman said EV manufacturers and importers should be legally required to collect and recycle batteries equal to the number of vehicles sold, with penalties for non-compliance and incentives for eco-friendly designs. She also urged investment in certified recycling facilities and the rollout of a battery passport system to track battery origin, use, and recyclability.
💡The Environment Protection Society of Malaysia and EcoKnights echoed these concerns, pushing for legal mandates on both producers and consumers to ensure safe battery disposal. They called for tax breaks to support local recycling infrastructure and a task force to prevent mismanagement. The groups warned that without strong oversight, used EV batteries could pose serious environmental and health risks.
Taiwan
Taoyuan International Airport in Taiwan has achieved Level 4 certification in the Airport Carbon Accreditation program. The airport has boosted sustainable aviation fuel infrastructure, improved electric power systems for aircraft, and switched its ground fleet to electric vehicles, supported by new EV charging stations.
💡Upgrades to terminal energy systems, including HVAC and lighting, have cut nearly 9,000 metric tons of CO₂e over five years—equivalent to emissions from millions of passengers or the absorption capacity of several large urban forests.
Aviation
Australia
Virgin Australia plans to list on the Australian Securities Exchange (ASX) under the ticker code VGN, offering 236.2 million shares at A$2.90 each to raise A$685 million, representing 30.2% of shares on issue.
💡The company’s market capitalization is expected to reach A$2.3 billion based on the offer price. The Prospectus has been lodged with the Australian Securities and Investments Commission and ASX.
China-USA
Following a pause in US-China tariff tensions, Beijing has reportedly allowed Chinese airlines to resume business with US manufacturers, clearing the way for Boeing to complete jet deliveries.
💡The earlier ban, which disrupted deals for carriers like Juneyao and Xiamen Airlines, led some aircraft to be returned from Boeing’s Zhoushan completion center near Shanghai.
India
Thales has launched a state-of-the-art Inflight Entertainment (IFE) and Services lab at its Engineering Competence Centre in Bengaluru, reinforcing its commitment to India’s ‘Aatmanirbhar Bharat’ vision. The new facility will focus on the design, development, and testing of next-generation IFE systems for Indian and global airlines.
💡Equipped to simulate a full aircraft IFE environment, the lab enables end-to-end software and hardware validation, including secured data deployment and immersive customer experience reviews
Malaysia
Ascend Airways Malaysia has entered the final phase of its Air Operator Certificate (AOC) process and plans to begin cargo operations by November 2025, followed by passenger services. The Kuala Lumpur-based ACMI and charter airline, backed by Avia Solutions Group, received its Conditional Air Service Permit (CASP) in 2024 and is working with CAAM to complete certification.
💡Its first Boeing 737-800 freighter is set to arrive in Q3 2025, with two passenger aircraft to follow by early 2026. The airline aims to support regional carriers with flexible capacity amid growing demand in Asia-Pacific.
Singapore
Kuehne+Nagel and SATS Ltd. have introduced a rapid delivery solution for urgent aircraft parts at Singapore Changi Airport to address Aircraft-on-Ground (AOG) events, significantly reducing downtime for grounded aircraft. The service, developed with Kuehne+Nagel’s subsidiary Sterling, enhances real-time visibility and accelerates access to critical components, minimizing operational disruptions.
💡The partnership is also expanding globally with initiatives to improve warehouse and trucking efficiency, Sea-Air logistics, and expedited aerospace deliveries. In Frankfurt, SATS subsidiary WFS and Kuehne+Nagel have launched a streamlined cargo clearance service to cut delays. Similar Sea-Air solutions introduced in Los Angeles and Singapore aim to boost speed, reduce costs, and lower emissions.
Advanced Air Mobility
China
Chery plans to launch its first electric vertical takeoff and landing (eVTOL) aircraft in October, with certification processes beginning concurrently. The announcement was made by Wang Junjie, director of Chery’s flying car laboratory, at a forum in Chongqing.
💡Chery previously conducted an 80-kilometer test flight and released a prototype video earlier this year. The launch follows regulatory changes easing controls on low-altitude airspace in China.
China-Japan
EHang, in partnership with Japan’s AirX, has completed a new eVTOL vertiport at Gotemba Premium Outlets, near Mt. Fuji, as part of a Mitsubishi Estate Group-led initiative to advance Urban Air Mobility in Eastern Japan.
💡The site will host its first EH216-S autonomous flight demonstrations this fall, marking a key milestone in Japan’s push for low-altitude, green mobility solutions.
New Zealand
Merlin has secured an Experimental Certificate of Airworthiness from New Zealand’s Civil Aviation Authority (CAANZ), enabling the company to begin certification flight tests of its autonomous fixed-wing aircraft technology. Building on earlier approvals from CAANZ and the FAA, Merlin is now entering the final testing phase under close regulatory supervision, with pilot authorizations allowing multiple concurrent test flights to speed progress.
💡In recent years, Merlin has made key advances including opening a dedicated test facility, obtaining Part 135 and Part 145 certificates for operations and maintenance, and partnering with Quikjet to study pilot fatigue.
USA
President Donald Trump has signed executive orders to enhance U.S. drone security while accelerating rules for supersonic flights and eVTOL aircraft. The FAA is directed to fast-track regulations allowing drones to operate beyond the operator’s line of sight, alongside tighter restrictions to address terrorism, espionage, and safety threats.
The administration will prioritize American-made drones in federal procurement and increase national security reviews of Chinese drone manufacturers amid concerns over technology reliance and potential risks.
💡The orders also lift the ban on supersonic flights over land, replacing it with noise standards to accommodate quieter aircraft, aiming to cut travel times. Regulatory barriers for eVTOL development are similarly targeted to support urban air mobility. .
Marine
Japan
Kawasaki Heavy Industries, Imabari Shipbuilding, and Japan Marine United Corporation have announced a joint study to explore a shared construction scheme for liquefied hydrogen carriers. The initiative aims to assess how the companies can pool their facilities and workforce to scale production beyond Kawasaki’s first commercial hydrogen carrier.
💡Liquefied hydrogen carriers are vital to enabling long-distance hydrogen transport and building a commercial supply chain. This collaboration strengthens Japan’s broader push toward a carbon-neutral economy and builds on Kawasaki’s recent hydrogen-related partnerships, including ventures targeting hydrogen liquefaction in Australia and cross-border shipping to Japan.
Singapore
Singapore’s Maritime and Port Authority (MPA) has signed an MoU with Yinson GreenTech (YGT) to enhance the Maritime Digital Twin (MDT), a real-time digital model of the port environment aimed at improving operational efficiency and sustainability.
💡Under the agreement, YGT will share data and insights from its electric harbor craft fleet to support more accurate scenario modeling and optimized fleet deployment. The partnership also includes co-developing digital workflows to scale electric vessel operations, aligning with MPA’s mandate for all harbor craft to adopt net-zero fuel solutions by 2030.
Singapore-France
Singapore and France have signed a collaboration agreement to jointly develop a biomethane supply chain and certification framework, with a pilot biomethane bunkering trial planned in Singapore. The initiative, involving shipping company CMA CGM, was announced by the Maritime and Port Authority of Singapore (MPA) and France’s Directorate General for Maritime Affairs.
💡The partnership also extends to port digitisation, including trials for automated data exchange and streamlined port clearance with Haropa Port and the Port of Marseille-Fos. Bio-LNG, a key focus of the project, could reduce lifecycle emissions by up to 80%, though challenges like methane slip and limited feedstock remain.
Singapore-Japan
On June 4, Singapore's Maritime and Port Authority (MPA), NYK, and MTI Co. kicked off a new phase of Maritime Autonomous Surface Ship (MASS) trials with a joint workshop in Singapore. The initiative follows a 2024 agreement to deepen collaboration on decarbonisation, digitalisation, and maritime workforce development.
💡The workshop gathered over 60 participants from government, academia, and industry—including institutions like ClassNK, TCOMS, A*STAR, and several Singapore universities—highlighting broad support for advancing autonomous vessel technologies.
South Korea
South Korea’s Ministry of Oceans and Fisheries (MOF) has revised its 2020 electric vessel standards to accelerate adoption of low-emission ships. Effective May 29, the updated rules introduce requirements for fuel cell and portable power systems, redundancy in propulsion systems, and stricter fire safety in battery rooms.
💡Key revisions also streamline risk assessments for identical vessel builds and allow select non-explosion-proof equipment if safety measures are in place.
South Korea
Korean Register (KR), HD Hyundai Mipo, and HD KSOE have signed an MoU to enhance the structural safety of Type-C cargo tanks used in liquefied gas carriers. The partners will apply Engineering Critical Assessment (ECA) techniques—fracture mechanics-based methods that simulate crack behavior under real-world conditions—to ensure the tanks can safely transport alternative fuels like LNG, ammonia, and hydrogen.
💡The initiative targets early-stage design improvements. HD Hyundai Mipo will lead strength and fatigue analyses, while HD KSOE will oversee tank design and ECA evaluations. KR will assess compliance with its rules and the IGC Code, aiming to issue an approval in principle. The collaboration supports safer, more sustainable tank designs for green shipping.
Space
China
China successfully launched a fourth group of satellites for its Guowang low Earth orbit megaconstellation on June 5, using a Long March 6A rocket from Taiyuan Satellite Launch Center. While the launch was confirmed successful, details on the number, capabilities, or manufacturer of the satellites were not disclosed.
💡Guowang, managed by China Satellite Network Group (China SatNet), aims to deploy nearly 13,000 satellites across multiple orbital altitudes, providing broadband and tailored data services for both government and civilian use. The constellation plans to feature advanced dynamic beam control and optical inter-satellite links for flexible connectivity.
China-Thailand
China has launched its first overseas new-generation radio telescope in Chiang Mai, northern Thailand, boosting a global network that tracks deep space signals and Earth’s rotation. Developed with Thailand’s National Astronomical Research Institute, the 13-meter antenna began operations after pandemic delays, completing high-precision 24-hour observations. Equipped with fast slewing antennas and dual-frequency receivers, it delivers real-time data for GPS, climate, and earthquake research.
Together with a second telescope under construction in southern Thailand, it forms part of China’s Very Long Baseline Interferometry (VLBI) network, linking global telescopes into a single Earth-sized antenna. VLBI measures signal arrival times with millimeter accuracy, monitoring celestial and tectonic movements.
💡The new stations join China’s Tianma-13, Seshan-13, and Urumqi-13 telescopes, participating in international VLBI efforts involving more than 30 stations worldwide, marking key China-Thailand scientific cooperation.
Malaysia-Iran
Iran’s ICT Minister Seyyed Sattar Hashemi and Malaysia’s counterpart Ahmad Fahmi bin Mohamed Fadzil met in Tokyo to discuss expanding bilateral cooperation in cybersecurity, smart governance, AI, and space communications. They plan to sign a memorandum of understanding and pursue joint investments.
💡Hashemi emphasized Iran’s readiness to attract $20-25 billion in foreign investment and invited Malaysia to strengthen partnerships, while Malaysia highlighted its national digital program focused on fiber optics and space tech, expressing interest in sharing expertise with Iran.
Singapore
Airbus, Singapore’s IMDA, and national space office OSTIn have signed a multi-year MoU to co-develop Non-Terrestrial Network (NTN) technologies, focusing on seamless integration with 5G/6G terrestrial networks.
💡Announced during ATxSG 2025, the collaboration aims to drive hybrid satellite-terrestrial connectivity for sectors such as aviation, maritime, and public safety.
Singapore
Singapore Space & Technology Ltd (SSTL) has relaunched as SST Think Tank, Asia’s first global space think tank dedicated to commercialising space technologies across industries. Building on two decades of regional leadership and its flagship Global Space and Technology Convention, the Think Tank aims to drive space adoption in sectors like AI, sustainability, cybersecurity, and finance.
💡Key initiatives include the SST Growth Lab, supporting Asian startups in global expansion and funding, and the Deloitte-SST Executive Leadership Program, training leaders in space-driven innovation.
Singapore
Singapore’s Defence Science and Technology Agency (DSTA) will team up with U.S.-based AST SpaceMobile to leverage its space-based cellular broadband network for humanitarian aid, disaster relief, and emergency response. The collaboration aims to enhance connectivity and situational awareness in remote and hard-to-reach areas using direct-to-smartphone satellite technology.
💡AST SpaceMobile is developing the world’s first space-based cellular broadband network accessible by standard mobile devices to support both commercial and government users.
Thailand
The Thai National Broadcasting and Telecommunications Commission (NBTC) has introduced a draft regulation to simplify frequency authorization for Earth Stations in Motion (ESIMs) — including those on vehicles, aircraft, ships, and offshore platforms. The proposal designates specific frequency bands for both geostationary and non-geostationary satellites, aligning with International Telecommunication Union (ITU) guidelines.
💡By removing the need for individual frequency approvals for each ESIM, the draft aims to accelerate the deployment of high-speed satellite internet for mobile users across sectors.
Vietnam
French aerospace and defence firm Thales is expanding operations in Vietnam, aligning with the country's long-term tech ambitions. A new MoU signed with the Vietnam Space Committee and OSB Group will boost cooperation in education, innovation, and applications across space domains—particularly telecom, navigation, and exploration.
💡The agreement builds on Vietnam’s 2021 national space strategy and Thales’ decades-long presence in the country.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**