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.**
Announcements
I’m pleased to share that I took part in the Asian Sky Forum 2025 held in Bangkok.
Together with a fantastic panel moderated by Jeffrey Lowe, Founder of Asian Sky Group, and featuring Amy Yang, CEO of Vista, Simon Bambridge, CEO of TAG Aviation, and Violet Kwek, Co-Founder of Lendicate Group, we explored the challenges and opportunities in attracting talent to the business aviation sector.
It was a valuable experience contributing to the future growth of the industry.
Events
The Advanced Air Mobility Asia Symposium (AAM Asia)
The Advanced Air Mobility Asia Symposium (AAM Asia) will take place from September 16-18, 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.
MRO Asia-Pacific 2025
MRO Asia-Pacific 2025 will take place from September 16-18 at the Singapore Expo Convention and Exhibition Centre. The event brings together over 300 solution providers and more than 6,000 industry professionals from airlines, lessors, MROs, OEMs, and suppliers for networking, learning, and business growth opportunities.
Learn more about the event 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. 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.
Super Terminal Expo (STE) 2025
Super Terminal Expo (STE) 2025 will take place at Hong Kong’s AsiaWorld-Expo from November 4-6, gathering over 4,000 global aviation and transport professionals. Supported by Hong Kong International Airport, the event focuses on innovative planning and development of intermodal transportation hubs, featuring 120+ exhibitors showcasing solutions for passenger and cargo operations, smart terminal automation, and rail integration.
Learn more about the event here.
Summary
Financing & Investments: BlackRock, Mubadala end Asia credit partnership; HKMA, AIIB team up for green venture capital; Galbot, Bosch JV advances humanoid robotics; Garrett opens Wuhan innovation center; Japan drives Asia M&A rebound; Malaysia rolls out VC tax incentives; AWS launches Singapore innovation hub; Thailand updates digital asset rules; and Shift4 to acquire Smartpay in NZ
Environmental Sustainability: AIIB and Keppel partner to invest $1.5B in Asia-Pacific green infrastructure; GRI launches new climate and energy reporting standards aligned with global goals; Singapore Business Federation seeks extension for small firms on climate disclosures; Southeast Asia study reveals gaps in sustainability-linked finance addressing nature risks; and UK, Kenya, and Singapore form coalition to strengthen voluntary carbon markets.
Aviation: China’s Civil Aviation Law Revision to Boost Innovation ; China Bans Non-Certified Power Banks on Flights Amid Safety Concerns; EASA Halts Single-Pilot Flight Research Over Safety Concerns; EASA, IATA Develop Joint Strategy to Counter GNSS Interference; Apollo Secures $750M Deal for Mumbai Airport Debt Refinance; and Singapore Airlines Emissions Rise Despite Fleet Modernization Efforts
Advanced Air Mobility: EHang’s EH216-S Completes First Pilotless Passenger Flights in Indonesia
Marine: Hong Kong Ship Recycling Convention Enters Force; Imabari Shipbuilding Gains Control of JMU as Japan Pushes Shipbuilding Revival; K Line and Provaris Team Up for Compressed Hydrogen Shipping; Daehan Shipbuilding Targets KOSPI IPO Amid Industry Boom; and Samsung Heavy to sue Russia’s Zvezda over $3.5bn contract dispute
Space: Chinese Astronauts Complete Second Tiangong Spacewalk, Advance Station Upgrades; QUICK³ Nanosatellite Launches to Test Space-Based Quantum Communication; Satellogic Partners with Uzma Berhad on Malaysian Government Satellite Project; Telecom Reform Bill Faces Scrutiny Ahead of Presidential Decision; Addvalue Technologies Secures $2.1M in New Contracts, Strengthens FY2025 Outlook; and Kacific, PTCL, and TI Partner to Expand Satellite Broadband in Pakistan
Financing & Investments
Asia
BlackRock and Mubadala Investment have agreed to wind down their Asia-focused private credit partnership due to difficulties sourcing deals in China and Indonesia, according to sources familiar with the matter.
💡The 2023 partnership, which involved Mubadala matching BlackRock’s capital commitments, deployed only limited funds amid challenges meeting return targets and leadership changes in Indonesia.
Asia
The Hong Kong Monetary Authority (HKMA) and the Asian Infrastructure Investment Bank (AIIB) have formed a strategic partnership to co-invest in venture capital funds targeting emerging Asian markets. The initiative will focus on green and tech-enabled infrastructure, aiming to boost sustainable development and innovation across the region.
💡The collaboration also seeks to enhance Hong Kong’s role as a regional hub for venture capital by leveraging its financial ecosystem.
China
Beijing-based humanoid robotics startup Galbot has formed a joint venture with Bosch Group’s Boyuan Capital to accelerate the industrial application of embodied AI through humanoid robots. The new entity, BOYIN INNOVATION ALLIANCE, will target high-precision manufacturing, leveraging Galbot’s Vision-Language-Action models and proprietary industrial datasets to enable robots to adapt autonomously to dynamic tasks.
💡The JV announcement coincided with Galbot’s record-setting RMB 1.1 billion ($153 million) funding round co-led by CATL and state-backed investors, cementing its unicorn status.
China
Garrett Motion Inc. has officially opened its new Wuhan Innovation Center. Located at Garrett’s existing Wuhan Plant, the facility joins its Shanghai R&D Center to form a “dual innovation engine” driving advancements in turbocharging and electrified mobility solutions.
The new center will focus on high-efficiency electrification systems—including 3-in-1 E-Powertrains, e-cooling compressors, and fuel cell components—leveraging Garrett’s core strengths in high-speed motors, oil-less bearings, and power electronics.
💡The facility is already conducting inverter testing and will expand to full system validation.
Japan
Japan is leading Asia’s M&A rebound in 2025 with $232 billion in deals in the first half, driven by take-private transactions, outbound acquisitions, and strong private equity activity. Management reforms, low interest rates, and major deals by firms like Toyota and NTT are fueling momentum, alongside increased foreign and activist investor interest.
💡Bankers expect the trend to continue as Japanese firms pursue overseas growth amid a shrinking domestic market and government pressure for better governance. Japan’s relative insulation from global volatility and landmark investments—such as SoftBank’s $40 billion round for OpenAI—are reinforcing its position in global dealmaking.
Malaysia
Malaysia has introduced new tax incentives to attract greater investment in its venture capital (VC) and private equity (PE) sectors, aiming to expand funding access for local startups. Under the scheme, qualifying investment funds will enjoy a 5% tax rate for up to 10 years if they allocate at least 20% of capital to Malaysian startups, while registered VC and PE firms will benefit from a 10% rate. These changes also apply to onshore limited liability partnerships.
💡To complement the tax measures, Bank Negara Malaysia has reformed foreign exchange policies to simplify cross-border fundraising, allowing firms to apply based on fund mandate size. The government is also strengthening the local ecosystem through Khazanah Nasional’s selection of five VC firms under two new programs—EMP and RMI—which support early-stage local investors and attract regional players like AppWorks and Granite Asia to scale Malaysian startups regionally.
Singapore
Amazon Web Services (AWS) has opened its first Innovation Hub in Asia Pacific, located in Singapore, to support regional digital transformation through interactive demonstrations of cloud and AI technologies.
💡The 8,000-square-foot facility features over 50 use cases across industries and plans to host more than 1,000 business leaders annually, with rotating exhibits to showcase evolving innovations.
Thailand
Thailand’s SEC is seeking public feedback on proposed updates to digital asset listing rules, aiming to align regulations with current market trends while enhancing investor safeguards.
💡Key changes include broader eligibility for utility tokens, stricter disclosure of related parties, and new measures to monitor insider trading; feedback is open until 21 July 2025.
USA-Australia-New Zealand
Shift4, a US payments technology provider, has agreed to acquire Smartpay for NZ$296.4 million (around US$180 million), valuing Smartpay at a 46.5% premium over its recent share price.
💡The deal, expected to close in Q4 2025 pending regulatory approval, aims to expand Shift4’s presence in Australia and New Zealand by combining its payment infrastructure with Smartpay’s local distribution network.
Environmental Sustainability
Asia-Pacific
At its 10th Annual Meeting in Beijing, the Asian Infrastructure Investment Bank (AIIB) signed a partnership agreement with Keppel Ltd. to facilitate up to USD 1.5 billion in sustainable infrastructure investments across the Asia-Pacific region.
The collaboration will focus on projects developed by Keppel and its private funds, targeting sectors such as renewable energy, power transmission, digital infrastructure, transport, and urban services.
💡The agreement, effective through December 2030, supports AIIB’s Corporate Strategy for 2021–2030 and emphasizes green, technology-enabled infrastructure and private capital mobilization.
Global
The Global Reporting Initiative (GRI) has launched two new sustainability standards—GRI 102: Climate Change and GRI 103: Energy—designed to align corporate reporting with global climate goals and promote transparent, science-based disclosures. These standards integrate environmental impacts with social dimensions, including ‘just transition’ metrics addressing effects on workers, Indigenous Peoples, and communities.
💡Aligned with frameworks like the Greenhouse Gas Protocol and IFRS S2, the standards aim to streamline reporting and support informed decision-making by investors, regulators, and companies.
Singapore
The Singapore Business Federation (SBF) has called for a 12- to 24-month extension for smaller SGX-listed companies to meet ISSB climate disclosure requirements set for 2025. A recent survey showed only 4% of these firms feel ready, citing limited resources and the need to develop internal systems. Smaller firms, which represent 84% of SGX listings, face challenges adapting to ISSB’s broader and more complex standards compared to previous frameworks.
💡SBF urges regulators to apply proportional requirements based on company size, improve guidance on flexibility measures, and introduce Singapore-specific reporting templates and a centralized data platform to simplify compliance.
Southeast Asia
A new working paper released on June 26, highlights significant gaps in how sustainability-linked finance (SLF) instruments address nature-related risks in Southeast Asia. The study reveals that 60% of nature-related key performance indicators (KPIs) reported by companies—particularly on water use and waste management—are missing from SLF sustainability performance targets (SPTs).
Given the region's rich biodiversity and vulnerability to ecosystem collapse, the paper calls for harmonizing regional SLF frameworks with global standards like the Taskforce on Nature-related Financial Disclosures (TNFD) to enhance transparency, reduce greenwashing, and better mobilize finance for nature conservation.
💡The authors recommend four policy actions to improve SLF effectiveness: standardizing nature-related metrics in SLF deals; accrediting sustainability coordinators to independently verify targets; aligning corporate KPIs with SLF targets under financial regulation; and introducing fiscal incentives to lower financing costs for nature-positive projects.
Southeast Asia
DBS, OCBC, and UOB, in partnership with the University of Cambridge Institute for Sustainability Leadership (CISL) and supported by the Monetary Authority of Singapore, have launched an industry-first report assessing nature-related financial risks in Southeast Asia’s food and agriculture sector. The 18-month study focuses on the palm oil industry as a pilot, analyzing how biodiversity loss, drought, and ecosystem degradation impact credit risk within lending portfolios.
💡The report highlights the need for improved data, localized risk analysis, and enhanced collaboration to integrate nature-related risks into banking practices. It emphasizes the critical link between natural capital and economic stability, urging financial institutions to adopt nature-risk assessments to support sustainable lending and foster long-term value creation.
UK-Kenya-Singapore
The UK, Kenya, and Singapore have launched an international coalition to establish shared principles aimed at boosting the integrity and scale of voluntary carbon markets ahead of COP30 in November 2025. The initiative, which includes France and Panama as founding members and Peru as an endorser, seeks to provide clear guidance for businesses on the use of high-quality carbon credits to drive credible emissions reductions.
💡 Working alongside bodies like the Integrity Council for the Voluntary Carbon Market (ICVCM), the coalition aims to close gaps between credit suppliers and buyers and support global climate goals through greater market transparency and alignment.
Aviation
China
China’s revised Civil Aviation Law will include new provisions aimed at strengthening the country’s aviation manufacturing and accelerating the development of the low-altitude economy, a spokesperson for the National People’s Congress (NPC) Standing Committee said Monday. The changes, outlined in the second review draft, seek to support enterprise-led innovation, enhance R&D in key technologies, and improve design capabilities for large aircraft and engines.
💡The draft adds a dedicated chapter on development promotion, including measures to optimize low-altitude airspace use, establish regulatory platforms, and improve airworthiness and flight management systems for low-altitude operations.
China
China’s Civil Aviation Administration will ban airline passengers from Saturday from carrying power banks lacking Chinese “3C” safety certification or those recalled over safety risks. The move comes amid rising global concerns over lithium battery fires, including recent incidents involving Air Busan and Hong Kong Airlines flights linked to suspected power bank malfunctions.
💡The new rule, which applies to all passengers boarding flights in China, targets power banks due to their potential to overheat or catch fire. While aviation rules already prohibit in-flight charging with power banks in China, the regulation further tightens safety controls as lithium battery-related incidents on planes continue to rise globally.
Global
The European Union Aviation Safety Agency (EASA) has suspended its research into single-pilot and reduced-crew flight operations, citing current technology’s inability to meet the safety standards of two-pilot cockpits. The decision affects studies under the European Plan for Aviation Safety (EPAS) 2025 and follows concerns from pilot unions and the public about reduced redundancy and emergency response capacity.
EASA found that advancements in pilot workload management, health monitoring, and automation are still needed before single-pilot concepts can be safely considered.
💡While not ruling out future research, EASA will now focus on improving existing two-pilot operations, aligning with global aviation’s priority on safety and cautious innovation.
Global
EASA and the International Air Transport Association (IATA) are jointly developing a strategy to address the growing threat of interference with global navigation satellite systems (GNSS). Triggered by a 220% rise in GPS signal loss events from 2021 to 2024, the initiative aims to reinforce aviation safety through improved reporting, mitigation, and infrastructure resilience.
💡Following a May workshop involving over 120 experts, the proposed strategy includes enhanced real-time monitoring, standardised reporting protocols, tighter control of jamming devices, backup navigation systems, and better civil-military coordination. Both agencies urge the International Civil Aviation Organization (ICAO) to prioritise global alignment on standards at its upcoming assembly.
India
Apollo Global Management has closed a $750 million investment-grade financing package for Mumbai International Airport Ltd. (MIAL), operated by Adani Airports Holdings (AAHL). The four-year senior secured notes, backed by Apollo-managed funds and long-term investors, aim to refinance MIAL’s existing debt while enhancing financial flexibility for operational upgrades, modernisation, and sustainability efforts.
The financing also includes an option for an additional $250 million to support future capital investments and capacity expansion.
💡MIAL, a public-private partnership where AAHL holds a 74% stake and the Airports Authority of India 26%, manages Chhatrapati Shivaji Maharaj International Airport—India’s second-busiest. The transaction is Apollo’s second major financing for MIAL. Legal advisers included Allen & Overy and Cyril Amarchand Mangaldas for MIAL, and Milbank with Khaitan & Co for Apollo.
Singapore
Singapore Airlines reported a 13% increase in emissions over the past year, reaching 21.4 million tonnes of CO₂e, as the airline expanded operations and faced longer flight routes due to airspace restrictions. While the carrier emphasized its investment in fuel-efficient aircraft—claiming up to 25% lower emissions per plane—it acknowledged that such improvements still rely heavily on fossil fuels.
The company also warned of rising regulatory costs tied to climate compliance, particularly under the global CORSIA offsetting scheme, which could cost up to $150 million by 2030. Sustainable aviation fuel (SAF), which can reduce emissions by about 65%, remains a cornerstone of the airline’s long-term decarbonization plans, although supply remains limited.
💡Singapore Airlines also cited increasing exposure to climate-related risks, investing in flood defenses at Changi Airport as part of its broader resilience strategy.
Advanced Air Mobility
China
💡Supported by the Indonesian Ministry of Transportation and the Directorate General of Civil Aviation (DGCA), the flight was conducted by local partner Prestige Aviation and marks a key milestone in EHang’s push to develop urban air mobility in Southeast Asia.
Marine
Global
The Hong Kong Convention for Safe and Environmentally Sound Ship Recycling takes effect on 26 June, setting mandatory global standards for ship design, recycling operations, and enforcement. Developed by the IMO, it bans hazardous materials, requires detailed inventories, and ensures worker safety.
💡Supported by the Norway-backed SENSREC project, countries like Bangladesh and Pakistan receive aid to implement the rules. With 24 Parties—including major flag states and recycling nations—covering over 57% of world shipping, the Convention marks a key step in sustainable ship recycling worldwide.
Japan
Imabari Shipbuilding will increase its stake in Japan Marine United (JMU) from 30% to 60%, making it a subsidiary and strengthening consolidation in Japan’s shipbuilding sector. This move builds on a six-year alliance and aims to boost competitiveness against dominant Chinese and South Korean yards.
💡Japan seeks to double shipbuilding output and regain 20% global market share by 2030, reversing a decline from nearly 50% in the 1990s to about 10% today. Supported by government initiatives emphasizing national security and energy needs, plans include state-funded shipyard infrastructure and a Japan-US shipbuilding fund to reduce reliance on China. The strategy targets LNG and naval vessel production, aligning with growing U.S.-Japan cooperation.
Japan-Australia
Japanese shipping giant Kawasaki Kisen Kaisha (K Line) has signed a 12-month MoU with Australia’s Provaris Energy to jointly develop compressed hydrogen shipping and offshore storage solutions. The partnership focuses on Provaris’ 27,000 cu m H2Neo carrier and H2Leo barge for regional hydrogen transport and storage.
💡K Line will provide technical, commercial, and operational expertise to optimize Provaris’ newbuild program, cost models, and chartering strategy, supported by Clarksons Norway as commercial advisor.
South Korea
Daehan Shipbuilding, a mid-sized South Korean builder of suezmax and aframax tankers, plans to list on the KOSPI exchange later this year. Following a ₩200bn ($146m) investment in 2022 and exit from court receivership, Daehan has secured a strong orderbook extending over three years.
💡With lead underwriters KB Securities and NH Investment, the IPO could value Daehan at over ₩1 trillion ($730m). The listing coincides with a global shipbuilding supercycle driven by the need to replace aging, less efficient vessels from the 2003–2008 boom, according to broker BRS.
South Korea-Russia
Samsung Heavy Industries announced it will sue Russia’s largest shipbuilder, Zvezda, for illegally terminating contracts worth KRW4.85tn ($3.5bn) to supply parts and steel hull blocks for 10 icebreaking LNG carriers and seven shuttle tankers. The Korean firm plans to seek damages through international arbitration.
💡The contracts, signed in 2020-21, were disrupted after US sanctions on Zvezda following Russia’s 2022 invasion of Ukraine. Zvezda unilaterally canceled the deal last year, accusing Samsung Heavy of default, while Samsung withheld $800m in advance payments. Samsung Heavy disputes Zvezda’s claims and is pursuing legal action.
Space
China
Two Chinese astronauts aboard the Tiangong space station conducted their second extravehicular activity (EVA) in five weeks on June 26, as part of the ongoing Shenzhou-20 mission. Chen Zhongrui initiated the spacewalk by opening the Wentian module hatch at 3:04 a.m. Eastern (0704 UTC), later joined by mission commander Chen Dong. The pair spent nearly 6.5 hours installing debris shielding and upgrading extravehicular equipment, while astronaut Wang Jie supported operations from inside the station.
💡The EVA introduced automated foot restraint and interface adapters on Tiangong’s robotic arm, expected to shorten future spacewalk durations by about 40 minutes. The Shenzhou-20 crew, in orbit since April 24, has been conducting experiments in life sciences, physics, and space technology, including work with the intelligent robot "Xiao Hang" and microbial studies.
Germany-Italy-Singapore
The QUICK³ nanosatellite, developed by a German-led consortium, was launched from Vandenberg, California, to test secure quantum communication technologies in space. Weighing just four kilograms, the satellite uses single-photon sources—unlike conventional laser systems—to enable fast, tap-proof data transmission over long distances. The mission aims to validate whether these components can function under space conditions, a key step toward building a global quantum satellite network.
💡QUICK³ also carries an experiment to test the Born probability rule of quantum mechanics in zero gravity. The project involves institutions from Germany, Italy, and Singapore, including TU Munich, the University of Jena, and the National University of Singapore. It is funded by the German Federal Ministry for Economic Affairs and Energy.
Malaysia
Satellogic, Inc., company specializing in satellite manufacturing and high-resolution Earth observation data, has announced its role as the technology partner to Uzma Berhad, which has been selected to lead the Malaysian High-Resolution Earth Observation Satellite Project (MHREOSP). The project is a government initiative aimed at advancing Malaysia’s space capabilities and remote sensing infrastructure.
💡As part of the collaboration, Satellogic will oversee the design, development, assembly, integration, and testing of a high-resolution satellite, working alongside Malaysian personnel. The satellite will be based on Satellogic’s established NewSat platform, featuring technical upgrades to achieve 50-centimeter resolution across all spectral bands.
Philippines
The Konektadong Pinoy Act, or Open Access in Data Transmission Act, has been ratified by Congress and is now awaiting President Ferdinand Marcos Jr.'s approval. The bill seeks to expand internet access, reduce costs, and improve service quality by allowing more players in the data transmission market without requiring new legislative franchises or CPCNs, aiming to boost competition and reach underserved areas.
💡However, the Philippine Chamber of Telecommunications Operators (PCTO), including PLDT and Globe, expressed concerns over regulatory gaps and national security risks. They argue the bill exempts satellite operators from registration and delays cybersecurity rules for new providers, potentially creating a two-tier system with uneven regulation. Supporters say the reforms are essential to modernize the sector, where only a third of Filipino households have fixed broadband access.
Singapore
Singapore-based Addvalue Technologies has announced $2.1 million in new orders from three undisclosed space industry clients for its Inter-Satellite Data Relay System (IDRS) terminals. The contracts, to be delivered over the next 12 months, bring the company’s order book to $10.6 million and are expected to significantly impact its current financial year.
💡The announcement follows a strong FY2025 performance, with revenue rising 21.6% to $15.5 million and net profit climbing 62.2% to $1.95 million.
Singapore-Pakistan
Kacific Broadband Satellites Group has signed an MoU with Pakistan Telecommunication Company Limited (PTCL) and Telco Integrators (TI) to boost satellite internet, broadband, and voice services across Pakistan. The partnership combines Kacific’s satellite technology, PTCL’s national fiber and subsea network, and TI’s local expertise to deliver affordable, scalable connectivity to underserved areas.
💡PTCL will provide core infrastructure, while TI supports deployment and operations. The collaboration targets telecom operators, enterprises, and SMEs, aiming to bridge Pakistan’s digital divide. This is Kacific’s third major deal in 2025, expanding its Ka-band services on Paksat-MM1 to over 20,000 remote sites.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**