Beyond Horizons
Trailblazing Tales from Asia
Your exclusive gateway to the latest developments across transportation and space, and most importantly, how to finance it all - debt, equity, and defi! We follow and forecast where the money’s at.
Join us as we navigate through the latest roundup to uncover key developments across the region.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**
Events
2nd Low Carbon Fuels Summit
The 2025 Low Carbon Fuels Conference returns to Singapore on 20-21 February, building on last year's success. The event will focus on advancements and challenges in scaling a low-carbon fuels economy, with a key emphasis on decarbonizing aviation and maritime sectors.
The summit will also explore sustainable solutions, including Sustainable Aviation Fuels (SAF), renewable marine fuels, biofuels, ammonia, and green hydrogen, to help meet net-zero targets while minimizing infrastructure disruption.
Learn more about the event here.
Business Aviation Asia Forum and Expo (BAAFEx)
The first-ever Business Aviation Asia Forum and Expo (BAAFEx) will take place from March 4-6, 2025, at the Changi Exhibition Center in Singapore. Organized by Xperia Events, BAAFEx is set to be the premier gathering for the business aviation sector, bringing together key stakeholders.
BAAFEx will feature aircraft on static display from major players, including Boeing Business Jets, VistaJet, and Amber Aviation. VistaJet will showcase its flagship Bombardier Global 7500, while Amber Aviation will present a Gulfstream G450.
The event will feature a dynamic exhibition, offering the latest innovations and services from top aviation companies. Expert panels and keynote speakers will provide insights into the trends and challenges in business aviation.
Summary
Financing & Investments: Cambodia Integrates Visa with Bakong Tourists App to Enhance Digital Payments; SoftBank, OpenAI, Oracle to Build $500 Billion AI Venture in U.S.; Odisha and GFTN Partner to Launch Fintech Hub in Bhubaneswar; Tokenize Xchange Acquires Coinseeker for $30M to Enhance Blockchain Capabilities; Revolut Launches Robo-Advisor Service in Singapore; and SEC Enhances ESG Product Platform with SRI Fund Details
Environmental Sustainability: Topsoe to Support Chinese SAF and Renewable Diesel Project; Sungrow Hydrogen Partners with ACME Group for 320MW Green Ammonia Project in Oman; Axens to Supply Technology for HVO/SAF Projects in Portugal, Malaysia, and Pakistan; South Korea to Cut Biomass Energy Subsidies Amid Environmental Concerns; Thailand Approves Carbon Tax to Support Emissions Reduction Goals; Fertiglobe Eyes $1 Billion Investment in Cleaner Ammonia Pending Asian Buyer Deals; and BII, FMO, and SUSI Partners Launch Renewable Energy Platform in Southeast Asia
Aviation: Australian Government Steps in to Save Rex Airlines; Manila Airport to Relocate Turboprop Flights to Ease Congestion; Transport Minister Addresses Greater Bay Airlines' Flight Cancellations; Daemyung Sono Group Seeks Control of T’way Air; and ST Engineering Signs MRO Deal with Korean Air for LEAP-1B Engines
Advanced Air Mobility: Australia and New Zealand to Test Zero-Emission Aircraft in 2025; EHang Joins EU’s U-SAVE Emergency Aerial Supply Project; EHang Launches World’s First EH216-S Vertiport in Shenzhen; Electra.aero and Hunch Mobility Partner to Expand On-Demand Air Travel in India; and JetSetGo Partners with Eve Air Mobility for eVTOL Traffic Management in India
Marine: China Launches First Methanol Bunkering Training Platform; COSCO and GSBN Pilot Blockchain-Based System for Safer Hazardous Cargo Transport; Japan Marine United Selected for Zero-Emission Shipbuilding Project; DNV, Hyundai Mipo, and KSOE Collaborate on Electric Propulsion Standards; and HMM Partners with India’s JNPA for Vadhvan Port Development
Space: China's Tiangong Space Station Demonstrates Artificial Photosynthesis for Space Exploration; China Tests Reusable Rocket with Longxing-2 Flight; Zenno Astronautics and ANA Trading Partner to Advance Space Technologies in Japan; and South Korea’s Space Agency to Invest $562.5 Million in 2025 R&D
Financing & Investments
Cambodia
The National Bank of Cambodia (NBC) has officially integrated the Bakong Tourists app with Visa, providing international visitors with more digital payment options. This integration, launched today, allows tourists to link their Visa cards to the app and make payments at approximately 4.5 million merchants across Cambodia using KHQR codes.
💡The Bakong app, first launched in November 2024, also enables users to transfer funds to their Bakong accounts, offering an alternative to cash transactions. This move supports Cambodia's goal to reduce reliance on physical currency and promote the use of the local Khmer Riel.
India-Singapore
The Government of Odisha and Singapore’s Global Finance & Technology Network (GFTN) have signed an agreement to establish a fintech hub in Bhubaneswar, focused on insurance technology (insurtech). The initiative aims to support India’s “Insurance for All” vision by 2047 and align with the country’s goals for financial inclusion and sustainable development.
💡The new Global Competency Centre will foster innovation in insurtech, provide advanced training, and create collaboration platforms for both local and international companies. It will also utilize the global sandbox APIX for insurance and pensions innovation, and pilot ESG disclosure infrastructure for MSMEs.
Japan-USA
SoftBank Group, OpenAI, and Oracle are launching "Stargate," a $500 billion initiative to build advanced AI infrastructure in the United States. Announced by U.S. President Donald Trump during his first day in office, the project aims to bolster U.S. technological capabilities and create over 100,000 jobs.
SoftBank CEO Masayoshi Son will chair the venture, with OpenAI managing operations. Partners like Microsoft, Nvidia, and Arm Holdings will contribute key technologies. Initial funding of $100 billion will come from the founding companies and Abu Dhabi-based MGX.
💡The project will prioritize rapid deployment, with 10 data centers already under construction in Texas. Trump emphasized the initiative's role in countering global technology threats, calling it a vital investment for the nation's future.
Singapore
Tokenize Xchange’s development arm has acquired blockchain intelligence platform Coinseeker for $30 million. Titan Lab, the creator of Tokenize's underlying Titan Chain, will integrate Coinseeker’s AI-driven analytics, ratings, and insights to bolster its blockchain operations.
💡Based in Singapore, Tokenize Xchange facilitates digital asset trading for retail and institutional clients, with a reported daily trading volume exceeding $250 million, according to CoinGecko. Despite the acquisition, Tokenize’s native token, TKX, fell 8.2% in the past 24 hours to $30.16, underperforming the market's broader 6% decline, as per CoinDesk's CD20 Index.
Singapore
Revolut has introduced its Robo-Advisor service in Singapore, allowing customers to automate investments through a diversified portfolio tailored to their unique needs. The service is designed for individuals who lack the time or expertise to actively manage investments.
Customers complete a simple questionnaire to determine their risk tolerance and financial goals, with the Robo-Advisor then automatically investing and managing their funds. The minimum investment amount is just $100, and the service continuously monitors and rebalances portfolios to maintain target allocations.
Thailand
The Securities and Exchange Commission (SEC) has strengthened its ESG Product Platform by adding details on Sustainable and Responsible Investing (SRI) Funds. The funds are now categorized by tax-benefit products like Retirement Mutual Funds (RMF), Super Savings Funds (SSF), and Thai ESG Funds. Updated daily, the platform offers key metrics such as assets under management (AUM), fund counts, and participating asset managers to ensure accurate and timely data for investors.
💡The SEC plans to further expand the platform by categorizing Thai ESG Funds that invest in companies with corporate value-up plans, promoting transparency and encouraging sustainable investments.
Environmental Sustainability
China
Topsoe will provide key technology for a clean fuels project in Guangxi, China, led by Chuangui New Energy. The project will convert 300,000 tonnes of used cooking oil into SAF and renewable diesel annually by December 2026. Using Topsoe's HydroFlex technology, the initiative aims to reduce emissions by 800,000 tonnes of CO2 each year.
💡This marks Topsoe's second SAF project in China.
China-Oman
💡Under the agreement, Sungrow Hydrogen will supply multiple sets of 1000Nm³/h ALK hydrogen production equipment and flexible green hydrogen production solutions, with deliveries slated to be completed by 2025. The project, a key part of ACME Group’s green energy strategy in the region, is set to begin operations in 2026. It is expected to produce 300 tonnes of green ammonia per day, positioning Oman as a significant player in the global green hydrogen industry.
France-Asia
Axens, a clean fuels company, will provide its Vegan technology for hydrotreated vegetable oil (HVO) and SAF projects in Portugal, Malaysia, and Pakistan. The agreements with Galp (Portugal), LOKEN (Malaysia), and SAFCO Venture Holdings (Pakistan) include licenses, catalysts, proprietary equipment, and technical services.
💡The company plans to launch three additional Vegan units in 2025.
South Korea
The South Korean government is reducing subsidies for biomass energy following criticism over its links to deforestation and carbon emissions. The reforms, which include phasing out support for new biomass power plants, have been praised by environmentalists but criticized for loopholes and slow implementation.
Biomass energy is South Korea’s second-largest renewable energy source. The country has subsidized biomass through renewable energy certificates for over a decade, with $688 million allocated in a recent year. However, 82% of South Korea’s biomass fuel is imported, with reports linking imports to deforestation in countries like Indonesia.
💡Under the new policy, subsidies for six state-owned co-fired plants will end this year, while support for three dedicated biomass plants will phase out by 2027. Private plants will face a gradual subsidy reduction over 10–15 years. However, domestically produced wood pellets and chips, including those co-fired with coal, remain fully subsidized. Additionally, plants under construction or already approved are exempt from the changes.
Thailand
On January 21, Thailand's cabinet approved a carbon tax of 200 THB ($5.9 USD) per tonne of carbon emissions, aiming to reduce greenhouse gases. The tax will be integrated into the existing oil tax structure, meaning it will not impact retail oil prices.
💡The measure targets sectors like automotive and oil, which contribute 70% of the country's carbon emissions.
UAE-Asia
Fertiglobe Plc plans to invest over $1 billion in a blue-ammonia project in the UAE, contingent on securing buyer commitments from Japan and South Korea, which are subsidizing ammonia imports. The project aims to reduce CO2 emissions by 50% and will incorporate carbon capture technology. Fertiglobe also plans a green ammonia plant in Egypt, with a decision expected this year.
💡If international buyers don’t fully commit, the company may sell a portion as bunker fuel.
UK-Southeast Asia
British International Investment (BII), FMO, and SUSI Partners have teamed up to launch Sustainable Asia Renewable Assets (SARA), a platform focused on developing renewable energy projects in Southeast Asia. Supported by SUSI's Southeast Asia Energy Transition Fund (SAETF), which raised $139 million in new commitments, the platform's cornerstone asset is Vietnam’s Dam Nai wind farm. BII and FMO have contributed $70 million and $50 million respectively, boosting SAETF’s capital to $259 million.
💡The platform aims to address early-stage development risks and expand its portfolio to 500MW in the next 5-6 years. SAETF targets utility-scale renewable energy projects in Vietnam, the Philippines, Thailand, and Cambodia, with plans to attract commercial capital for future projects.
Aviation
Australia
The Australian government has acquired AU$50 million in debt to prevent Rex Airlines' collapse, ensuring vital regional air services continue. Rex entered voluntary administration in mid-2024 due to financial strain from a failed capital city expansion, leaving AU$500 million in debt.
💡As the main secured creditor, the government provided an AU$80 million loan for operations, AU$7.1 million for staff entitlements, and ticket sale guarantees. The intervention aims to stabilize the airline and preserve essential regional transport links.
Hong Kong
Transport Minister Mable Chan confirmed that officials met with Greater Bay Airlines’ senior management regarding the cancellation of 128 flights between February and March, impacting 5,500 passengers. The airline attributed the cancellations to delays in new aircraft deliveries and safety inspections, while also acknowledging internal scheduling negligence.
💡Chan stated that authorities are expecting a detailed report from the airline within a week, including information on remedial actions. She emphasized that the airline must protect passenger rights and minimize disruption. The government aims to support Greater Bay Airlines in learning from this situation and improving future scheduling flexibility.
Philippines
Manila's Ninoy Aquino International Airport (NAIA) will transfer all turboprop operations to secondary airports starting March 30, 2025, to alleviate congestion. The Manila Slot Coordination Committee (MSCC) mandated the move, redirecting 30% of affected flights to Clark International Airport (CRK), 100 kilometers north of Metro Manila.
💡Cebu Pacific’s regional carrier, Cebgo, will shift Manila–Siargao flights to CRK, while direct Manila–Surigao flights will cease, requiring connections via Cebu. PAL Express and other turboprop carriers like Sunlight Air and Air Swift have one year to comply. The initiative aims to improve passenger experience and optimize NAIA's capacity.
South Korea
Daemyung Sono Group, T’way Air’s second-largest shareholder, is pushing to control the airline’s management. The group has requested board changes and access to the shareholder registry ahead of the March meeting.
💡Sono, which also holds a stake in Air Premia, is considering a merger between the two airlines for expanded long-distance routes. The group criticized T’way’s safety and maintenance issues, proposing nine new board members to improve operations and shareholder value. With a 26.77% stake, Sono is close to T’way Holdings’ 30.07%, setting up a potential dispute at the shareholder meeting.
Singapore-South Korea
ST Engineering's Commercial Aerospace unit has secured a five-year maintenance, repair, and overhaul (MRO) contract with Korean Air for the airline’s Boeing 737 MAX fleet's LEAP-1B engines.
💡The agreement covers quick-turn services, including high-pressure turbine work and performance restoration shop visits at ST Engineering’s Singapore facility. The company, a designated Premier MRO provider by CFM for LEAP engines, is expanding its engine services to meet growing airline demands. ST Engineering’s Singapore facility now tests LEAP-1A and LEAP-1B engines and offers additional services, including rotor balancing and grinding.
Advanced Air Mobility
Australia and New Zealand
Australia and New Zealand are advancing efforts to decarbonize aviation, with four zero-emission aircraft prototypes set for test flights in 2025. Air New Zealand will begin trials of the battery-electric Alia CX300 in April, targeting freight operations from 2026. The airline is also investing in mobile charging infrastructure and collaborating with BETA Technologies to refine operations.
Brisbane-based Stralis Aircraft will test its hydrogen-electric powertrain on a Beechcraft Bonanza, with plans to develop a 15-seat hydrogen-powered commuter plane by 2029. Sydney’s AMSL Aero will test its hydrogen-electric Vertiia VTOL, aiming for certification in 2027 to support passenger, freight, and aeromedical services.
💡Meanwhile, Melbourne-based Dovetail Electric Aviation will convert a Cessna Caravan to battery-electric propulsion, targeting certification by 2026, with future plans for hydrogen-powered models.
China
EHang is participating in the EU-funded U-SAVE project to develop an aerial system for rapid delivery of emergency supplies. The company’s EH216 eVTOL aircraft will feature in demonstrations in Zaragoza, Spain, and Tartu, Estonia, with additional tests at its UAM Center in Lleida–Alguaire, Spain.
💡Key partners include AERA, ALIA, ANRA Technologies, and EAVA, supported by health and logistics organizations. The project aims to integrate eco-friendly, intelligent solutions for urban emergency response.
China
EHang has opened the Luohu UAM Exhibition (Experience) Center in Shenzhen’s Luohu Sports and Leisure Park, featuring the world’s first fully automated EH216-S vertical lift vertiport. The center supports commercial operations of the EH216-S.
Spanning 753 square meters, the center includes a hangar, boarding area, and integrated takeoff and landing pad with rapid charging. The center aligns with Luohu’s 2024-2026 Low-Altitude Infrastructure Plan to develop 100 vertiports, bolstering the district’s low-altitude economy.
💡Situated near scenic landmarks, the site will promote aerial tourism and deepen EHang’s partnerships in Shenzhen to advance innovative low-altitude business models.
India
Electra.aero has signed an MoU with Hunch Mobility to deploy Electra's EL9 hybrid-electric aircraft for on-demand regional air travel in India. Announced at the India Urban Air Mobility Expo 2025 in Greater Noida, the partnership aims to provide affordable, sustainable, and quiet air transport in one of the world's most congested markets.
💡The EL9, capable of ultra-short takeoffs and landings, will leverage Hunch Mobility’s platform and infrastructure to offer direct air connectivity to underserved regions. The collaboration will focus on optimizing operations, developing route networks, and promoting policies to advance Advanced Air Mobility in India.
India
JetSetGo has partnered with Brazil-based Eve Air Mobility to explore the integration of Eve's Vector Urban Air Traffic Management (UATM) software for future eVTOL operations in India. Vector aims to enhance safety and efficiency in urban airspace by supporting flight coordination, vertiport automation, and airspace management.
The partnership follows JetSetGo’s recent intent to pre-order 50 electric multicopters from Japan's SkyDrive. JetSetGo will collaborate with Eve and Indian aviation authorities to develop operational frameworks and infrastructure for integrating eVTOLs into Indian airspace.
💡As Eve’s second customer in India, the partnership aims to promote urban air mobility and position India as a leader in sustainable, scalable intra-city air transport solutions.
Marine
China
China introduced its first methanol bunkering simulation training platform in Zhoushan on January 15. The platform, developed by Zhejiang Ocean-U New Energy System Engineering and Zhejiang Ocean University, aims to address gaps in domestic methanol bunkering training. It provides real-life simulations to help ship operators enhance safety management and emergency response, supporting the growth of green shipping technologies.
💡Seacon Ships Management (Zhejiang) became the platform's first customer.
China
COSCO Shipping Lines and Global Shipping Business Network (GSBN) have launched a pilot project to streamline digital document sharing for transporting hazardous materials, including carbon black, a flammable substance used in tire production.
💡The December 2024 pilot simplifies the certification process using GSBN’s blockchain-enabled platform. Carbon black safety certifications from Longxing Chemical are verified through accredited testing labs within the China National Accreditation Service for Conformity Assessment (CNAS) network, enabling COSCO to handle hazardous cargo more efficiently.
Japan
Japan Marine United Corporation (JMU) has been chosen by Japan’s Ministry of the Environment and Ministry of Land, Infrastructure, Transport and Tourism to participate in the “Promotion of Zero-Emission Ship Construction” project. The initiative aims to establish a domestic production system for zero-emission and alternative-fuel vessels.
💡The project involves an investment of ¥20 billion ($128.4 million), with operations set to begin in 2027, reinforcing Japan’s commitment to leading the transition toward sustainable maritime practices.
Norway-South Korea
Norwegian classification society DNV has partnered with South Korea’s HD Hyundai Mipo Dockyard (HMD) and HD Korea Shipbuilding & Offshore Engineering (KSOE) to establish digital twin-based standards for testing electric propulsion systems.
💡The project focuses on improving ship safety and efficiency by enabling hardware-in-the-loop (HiL) testing of complex electric-powered vessel systems earlier in the development process. Verified digital assets and standardized procedures will ensure reliable integration of systems from multiple suppliers, advancing sustainable and digital maritime technologies.
South Korea-India
South Korea’s HMM has signed an MOU with India’s Jawaharlal Nehru Port Authority (JNPA) to collaborate on developing Vadhvan Port. The Indian government’s project aims to establish Vadhvan as one of the world’s top ten container ports by 2040, with a capacity of 23 million TEUs annually and nine container terminals. The port’s 20-meter natural depth will allow it to accommodate HMM’s 24,000 TEU vessels and enhance connectivity to India’s inland logistics network.
💡HMM plans to leverage this partnership to strengthen its presence in India, where it already operates routes like India North Europe Express (INX), Far East-India Mediterranean (FIM), and India-America Express (IAX).
Space
China
China's Tiangong space station has successfully conducted its first artificial photosynthesis experiment, producing oxygen and key ingredients for rocket fuel. The Shenzhou-19 crew used semiconductor catalysts to convert carbon dioxide and water into oxygen and ethylene, a hydrocarbon for propellants.
💡The technology, operating at room temperature, is more energy-efficient than current methods used on the International Space Station, paving the way for long-term space missions and human survival beyond Earth.
China
A Chinese state-owned company launched the Longxing-2 rocket on January 18 to test reentry and landing burns, but has yet to release any results or details. The test, launched from Haiyang, Shandong province, aimed to simulate the first stage of a reusable flight by reaching 75 km before performing a reentry burn and powered descent into the Yellow Sea. The test follows a successful vertical takeoff, vertical landing (VTVL) test in June 2024.
💡Developed by the Shanghai Academy of Spaceflight Technology (SAST), the Longxing-2 rocket is part of China's reusable launch vehicle development, which could reduce costs and increase flight frequency for missions like megaconstellations and lunar projects. Powered by methane-liquid oxygen engines from Jiuzhou Yunjian, the rocket aims to advance reusable launch technology, with plans for additional tests and a full reusable Long March 12A rocket.
New Zealand-Japan
New Zealand-based Zenno Astronautics has partnered with ANA Trading, part of Japan's leading airline group ANA, to introduce advanced superconducting space technologies to the Japanese market.
💡The agreement focuses on deploying Zenno's Z01 superconducting magnetic torquers, designed for precise satellite positioning across various satellite sizes. The technology supports the growing need for in-orbit repositioning to enhance commercial value. The partnership also aims to collaborate on future technologies to boost innovation and competitiveness in the Japanese space sector, aligning with ANA Group's "Next Stop, Space" strategy to expand its presence in the space industry.
South Korea
South Korea’s Korea Aerospace Administration (KASA) has announced plans to invest 806.4 billion won ($562.5 million) in aerospace R&D for 2025, a 43.3% increase from last year. The funding will support key projects, including 187.4 billion won ($130.5 million) for research at the Korea Aerospace Research Institute and KASI, and 150.8 billion won ($105 million) for developing a new rocket.
💡Other investments include 35 billion won ($24.4 million) for a communications satellite, 24.9 billion won ($17.3 million) for a microsatellite swarm, and 500 million won ($348,000) for reusable rocket hardware. KASA is also collaborating with NASA on a lunar mission, contributing 7.3 billion won ($5.1 million).
**Nothing in this article is intended to be or should be construed as legal or financial advice.**