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
Global Space Technology Convention and Exhibition
The 17th edition of the Global Space Technology Convention and Exhibition (GSTCE) will take place on 26-27 February 2025 at the Sands Expo and Convention Centre, Marina Bay Sands, Singapore.
The event will focus on space commercialization as a key economic driver, with nearly 1,000 delegates from over 40 countries.
Learn more about the event here.
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.
IMDEX Asia 2025
IMDEX Asia 2025, held from May 6-8 at the Changi Exhibition Centre in Singapore, is a key event for the naval and maritime defence industry. The exhibition will showcase a wide range of technologies, from traditional sectors like shipbuilding and armaments to new innovations in cybersecurity, unmanned systems, and surveillance.
The event also features conferences and forums where professionals can discuss the latest trends in maritime security and defence. The popular Warships Display at Changi Naval Base allows visitors to explore warships and interact with naval officials.
Learn more about IMDEX Asia 2025 here.
Summary
Financing & Investments: Lanexang Airways Secures $15 Million Funding for Expansion; OCBC and EnterpriseSG Launch SME Start-ESG Programme for Sustainability; Finmo Raises US$18.5 Million in Series A Round to Expand Treasury Management Platform; Singapore to Establish New Entity for National Payment Schemes; Atome Financial Expands Credit Facility to US$80 Million; and Sri Lanka Launches GovPay for Streamlined Digital Government Payments
Environmental Sustainability: ICAO Launches Finvest Hub to Boost Aviation Sustainability Investments; Honeywell and AM Green Partner to Explore SAF Production in India; Fabrum Opens Hydrogen Testing Facility at Christchurch Airport; Mitsubishi Electric and CP Group Partner for Sustainability in Thailand; and Vietjet Partners with OpenAirlines with SkyBreathe Platform
Aviation: Australian Government Considers Nationalising Rex Amid Financial Troubles; Avolon Settles Lawsuit, Books $177 Million from Insurance Claims; SITA Unveils ATC Connect to Revolutionize ATC Communications; Malaysia Aviation Group to Transfer MASwings to Sarawak Government; Avia Solutions Group Launches Global Services Centre in the Philippines; and Embry-Riddle Expands Aviation Education in Asia with New Singapore Campus
Advanced Air Mobility: Hanyang Investment Orders 12 AutoFlight eVTOLs for Wuhan; Volar, VMAN Aviation Order 20 RX4E Electric Aircraft; India Selects Five Sites for eVTOL Trials; Modair Aviation and The ePlane Company Sign MoU for eVTOL Leasing; and SkyDrive Receives G-1 Certification Basis for eVTOL Aircraft from JCAB
Marine: Strategic Marine and Odyssey Group Partner on Multi-Purpose Survey Vessel; Hong Kong Completes Maiden LNG Bunkering, Eyes Green Fuel Hub Ambition; MOL Launches BLUE ACTION NET-ZERO ALLIANCE to Drive Sustainable Marine Transport; Singapore Unveils Plan for Sustainable Growth in Marine and Offshore Energy Industry; and South Korea Invests $178M to Boost Shipbuilding Industry Competitiveness
Space: Spacesail Partners with Measat to Expand Satellite Broadband in Southeast Asia; Telkomsat Completes Satellite Backbone Project to Boost Connectivity in Remote Indonesia; BMKG Partners with Tomorrow Indonesia for AI-Enhanced Weather Forecasting; Malaysia Cancels Earth Satellite Ground Station in Sabah Following RazakSAT-2 Termination; Malaysia’s Reach Ten Becomes Authorized Starlink Reseller to Expand Broadband Coverage; New Report Projects $100 Billion Economic Growth from Earth Observation Data in Southeast Asia; and True Corp. Partners with Galaxy Space for LEO SATCOM Services in Thailand
Financing & Investments
Lao PDR
Lanexang Airways International has secured USD 15 million in funding from the Lao Development Bank to support its expansion plans. The agreement, signed in early February, will enable the airline to develop new routes and acquire additional aircraft.
💡Launched in 2024, the privately-owned carrier currently operates two ATR72-500s on six routes within Laos. Lanexang Airways plans to expand its fleet with five ATR aircraft and two Airbus planes later this year.
Singapore
OCBC Bank, in partnership with Enterprise Singapore (EnterpriseSG), has launched the OCBC SME Start-ESG Programme to help small and medium-sized enterprises (SMEs) improve their sustainability performance. The programme offers a baseline sustainability assessment, expert advice, and access to sustainability-linked loans (SLLs) from OCBC. EnterpriseSG will cover up to 70% of the costs for the annual assessment, which includes carbon footprint evaluations, sustainability ratings, and certifications.
💡OCBC aims to support 300 SMEs in the initiative, building on its efforts to facilitate sustainable finance for SMEs in Asia.
Singapore
Finmo, a treasury management and payments platform, has raised US$18.5 million in an oversubscribed Series A funding round, bringing its total funding to US$27 million. Co-led by Quona Capital and PayPal Ventures, with participation from Citi Ventures, the funds will be used to accelerate product development, enhance AI capabilities, and expand Finmo’s global reach.
💡The platform simplifies financial operations, automates treasury processes, and optimizes liquidity management with features like real-time payments, multi-currency account management, and automated hedging.
Singapore
The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have announced plans to create a new entity to oversee the country’s national payment schemes. The move aims to improve coordination and governance across systems like FAST, GIRO, PayNow, and SGQR, which are currently managed by multiple administrators.
💡The new entity will be guided by representatives from MAS and the financial services industry, and it will promote greater collaboration with international financial institutions and digital wallets. The exact details of the entity's structure and governance will be revealed later this year.
Singapore
Atome Financial has secured an expanded US$80 million credit facility, with new partners BlackRock and InnoVen Capital joining the consortium. This follows a June 2024 funding round led by EvolutionX Debt Capital. The new funding will support Atome's growth across Southeast Asia, including in Singapore, Malaysia, the Philippines, and Indonesia.
💡The company reported a 45% revenue increase to US$280 million and a 35% rise in GMV to US$2.5 billion for FY2024, driven by operational efficiencies and AI integration.
Sri Lanka
Sri Lanka has introduced GovPay, an online platform for simplifying digital payments for government services. Developed by ICTA and LankaPay under the Central Bank of Sri Lanka's oversight, GovPay enables secure payments for taxes, fines, utility bills, and more, via banks and digital wallets.
Initially integrating 16 institutions, the platform plans to expand to 30 more by April 2025. Twelve commercial banks and fintech apps like HelaPay and iPay are involved. The initiative aims to reduce cash handling, enhance efficiency, cybersecurity, and minimize fraud, with the goal of unifying all government payments on the platform.
Environmental Sustainability
Global
The International Civil Aviation Organization (ICAO) has established the Finvest Hub, a global platform to connect aviation sustainability projects with investors. Announced at the Global Implementation Support Symposium in Abu Dhabi, the Hub will facilitate funding for sustainable aviation fuel (SAF) production, clean energy infrastructure, and decarbonization initiatives.
💡The initiative prioritizes support for developing countries through technical assistance, policy guidance, and capacity building. ICAO estimates that $3.2 trillion in investment is needed to meet its 2050 emissions target. The agency is collaborating with financial institutions, including the World Bank and IMF, to operationalize the Hub.
India
Honeywell has signed an MoU with AM Green to explore the production of SAF in India using ethanol, green methanol, and green hydrogen. Announced at India Energy Week 2025, the partnership aims to contribute to India’s energy security and environmental goals while reducing reliance on crude oil imports.
💡The collaboration will focus on the feasibility of utilizing various CO₂ emission sources to produce SAF, aligning with India’s National Green Hydrogen Mission and the CORSIA mandates for carbon-neutral aviation growth
New Zealand
Fabrum, in partnership with Christchurch Airport, has opened a hydrogen testing facility at the airport’s Kowhai Park renewable energy precinct. The facility, focused on liquefiers, gas management, and boil-off gas technologies, supports the development of green hydrogen aviation.
💡Christchurch Airport CEO Justin Watson emphasized the facility’s role in driving decarbonization, following the airport's 92% reduction in operational emissions. Fabrum and the airport are part of a hydrogen consortium with Airbus, Air New Zealand, and others, advancing hydrogen adoption in aviation.
Thailand
Mitsubishi Electric and Charoen Pokphand Group (CP) have signed an MoU to collaborate on advancing carbon neutrality and circular economy initiatives in Thailand. The partnership focuses on reducing waste and promoting efficient resource use, including recycling. By combining Mitsubishi Electric's technology with CP Group's infrastructure, the companies will create new solutions for environmental sustainability. They also plan to explore further collaboration in AI, robotics, and other advanced technologies.
💡Both companies aim to achieve net-zero greenhouse gas emissions from their factories and offices by 2030, and throughout their value chains by 2050.
Vietnam
Vietjet has entered into a strategic partnership with OpenAirlines to implement the SkyBreathe platform, an AI-powered tool designed to optimise fuel consumption and reduce carbon emissions. The platform uses big data, machine learning, and flight data analysis to enhance fuel efficiency, drawing from over 21 million flights in its global database.
💡Vietjet aims to reduce fuel consumption by 2% and cut CO2 emissions by more than 96,000 tons annually.
Aviation
Australia
Australia's third-largest airline, Regional Express (Rex), could be nationalised if it fails to find a buyer after entering voluntary administration in July. Despite efforts to sell, administrators have been unable to secure a deal. The government is offering to work with potential buyers but will consider acquiring the airline if necessary to maintain critical regional services.
💡The government has already invested $50 million to become Rex’s largest creditor and ensure regional flights continue. If nationalised, it would be the first time since 1995 the government has owned an airline. The government prefers a private sale but is prepared to step in if required.
Global
Avolon, the world's second-largest aircraft lessor, has secured $177 million in proceeds from insurance settlements related to planes stranded in Russia following Western sanctions in 2022. The company also announced that it had discontinued its court proceedings in Ireland after reaching commercial resolutions with its insurers.
💡The lessor had initially sued insurers for at least $8 billion after more than 400 planes were stuck in Russia due to sanctions imposed over Moscow's war in Ukraine. Avolon had previously recorded a $304 million impairment for 10 of its aircraft in 2022. Other lessors, including SMBC Aviation, BOC Aviation, and AerCap, are pursuing similar claims through legal proceedings in Ireland and London.
Global
SITA has launched ATC Connect, a messaging platform designed to enhance air traffic control (ATC) communication. This global solution streamlines the sharing of flight information between airlines, airports, and air navigation service providers (ANSPs), improving operational efficiency.
💡By upgrading from traditional Aeronautical Fixed Telecommunication Networks (AFTNs) to Air Traffic Services (ATS) Messaging Handling Systems (AMHS), ATC Connect supports flight plans, NOTAMs, and more, while enabling advanced data sharing such as large files and images. The service ensures seamless communication by converting messages between formats and providing direct access to the ICAO AMHS ATC system for faster flight plan and weather data exchanges.
Malaysia
The Malaysia Aviation Group (MAG) has reached an agreement to transfer its MASwings airline to the Sarawak state government, with the deal set to be completed by year-end. The transfer follows an MoU signed in October 2023 with Sarawak-owned Hornbill Skyways for acquiring a majority stake in MASwings.
💡The airline will continue operating normally during the transition period. Following the acquisition, MASwings will be renamed AirBorneo and is expected to operate as a full-service carrier.
Philippines
Dublin-based Avia Solutions Group (ASG) has launched its Global Services Philippines centre, focusing on supporting the technical, flight operations, and corporate services across its airline and MRO (maintenance, repair, and overhaul) subsidiaries. The centre will also handle administrative functions such as IT, payroll, and finance.
💡Chosen for its skilled workforce and strategic location in South-East Asia, the Philippines is expected to be key to ASG’s growth, particularly with the region’s rapidly expanding air travel market. ASG plans to secure its Air Operator Certificate (AOC) in the country in the near future.
Singapore
Embry-Riddle Aeronautical University has inaugurated its cutting-edge Worldwide Asia Campus and training center in Singapore’s Seletar Aerospace Park.
💡The new campus offers specialized programs, including undergraduate and graduate degrees, uncrewed aircraft systems training, and professional development in fields like aviation maintenance and cybersecurity.
Advanced Air Mobility
China
AutoFlight has secured a ¥157 million ($21.5 million) order from Hanyang Investment Development Group for 12 eVTOL aircraft, with an advance payment received. The eVTOLs will be used for cargo transport, emergency response, and sightseeing flights along the Yangtze River, with a planned vertiport at Wuhan’s Hanyang high-speed train station.
AutoFlight, which has secured type and production certification for the CarryAll cargo eVTOL aircraft, will begin deliveries in March. Certification for the piloted Prosperity aircraft is expected by 2026.
💡AutoFlight is also establishing its central China headquarters in Wuhan, which will feature a demonstration center for low-altitude eVTOL applications. The company is working with the Civil Aviation Administration of China (CAAC) to secure operating certificates, with plans to deliver 15-20 CarryAll aircraft in 2025.
Hong Kong-United Arab Emirates
Volar Air Mobility and VMAN Aviation Services have announced an order for 20 RX4E electric aircraft. The deal was unveiled at the Global Implementation Support Symposium in Abu Dhabi (Feb 10-12, 2025).
💡VMAN will receive the first 10 aircraft in January 2026, with the remaining 10 in January 2027.
India
India has identified five locations in Gujarat and Andhra Pradesh for eVTOL aircraft trials over the next 12 to 18 months. The sites include Mandvi, Sabarmati Riverfront, Amreli, Kurnool, and Puttaparthi Airport.
💡A joint study by the Ministry of Civil Aviation and the World Economic Forum’s C4IR India selected these locations to establish AAM sandbox sites for testing advanced air mobility solutions. The initiative aims to develop infrastructure and regulations for urban air transport, easing congestion and improving accessibility.
India
Modair Aviation IFSC Pvt Ltd has signed a Memorandum of Understanding (MoU) with The ePlane Company at Aero India 2025 in Bengaluru, becoming India’s first lessor to support eVTOL leasing. The partnership aims to advance electric air mobility as a commercially viable solution.
💡Meanwhile, CSIR-NAL and The ePlane Company have partnered to drive innovation in crewed and uncrewed aviation. Their collaboration will focus on R&D, resource sharing, and advancements in drones and VTOL technology to support the development of urban air mobility in India.
Japan
SkyDrive has secured a G-1 certification basis for its electric vertical take-off and landing (eVTOL) aircraft from the Japan Civil Aviation Bureau (JCAB), advancing the company's goal of commercializing the vehicle. This follows an agreement on airworthiness and performance standards for its three-seater eVTOL, the ‘SKYDRIVE,’ currently undergoing flight tests.
💡The certification process builds on a collaboration that began in March 2022, when SkyDrive agreed to follow the JCAB Airworthiness Inspection Manual (AIM) Part II (Revision 61) for eVTOL certification. The revision offers manufacturers flexibility in demonstrating safety for aircraft under 8,618 kg.
Marine
Australia
Strategic Marine has signed a contract with Odyssey Group to build a state-of-the-art multi-purpose survey vessel designed for marine exploration, research, and survey tasks. The vessel will feature advanced technologies, including gyro-stabilization for improved stability, a moonpool for equipment recovery, and a reinforced aft deck for future A-frame installation.
💡The vessel, powered by twin Caterpillar engines and equipped with a deck crane and tugger winch, will provide excellent maneuverability and support offshore operations. With a length of 24m, it meets AMSA Class 1E, 2B survey standards for passenger transport and offshore use.
Hong Kong
Hong Kong has completed its first liquefied natural gas (LNG) ship-to-ship bunkering, marking progress in its goal to become a hub for green marine fuels. Kunlun Energy, a PetroChina unit, supplied 2,200 tonnes of LNG to the dual-fuel vessel Zim Aquamarine.
💡The operation follows a trial run in January and comes ahead of Hong Kong's goal to develop LNG bunkering capabilities by 2030.
Japan
Mitsui O.S.K. Lines (MOL) has launched the BLUE ACTION NET-ZERO ALLIANCE program to support net-zero emissions in maritime transport. The initiative targets reducing Scope 3 greenhouse gas emissions for shippers and NVOCCs by offering low-emission marine services powered by alternative fuels. MOL became the first Asia-Pacific shipping company to issue environmental attribute certificates (EACs) for low-emission voyages, which can be traded on a platform developed with 123Carbon B.V.
💡The EACs, containing data on emission reductions from specific voyages, allow customers to account for their Scope 3 reductions in sustainability reports. The program operates on a flexible trading model, enabling customers to align with their emissions goals. Proceeds from the EAC sales will fund the use of alternative fuels, replacing traditional fossil fuels in MOL's fleet.
Singapore
Singapore’s marine and offshore energy sector has launched a plan to drive sustainable growth by 2030. The initiative aims to create 1,000 new and redesigned local job roles, secure new orders, and cut carbon emissions by 250 kilotonnes annually—equivalent to removing 39,000 cars from the road.
Supported by the Association of Singapore Marine and Offshore Energy Industries (ASMI) and Enterprise Singapore, the blueprint aims to position Singapore as the Asia-Pacific hub for maritime sustainability. It addresses challenges such as resource constraints, talent development, and regional competition, with a target of 5% annual productivity growth.
💡The plan also focuses on upskilling the workforce for offshore renewables, sustainability, digitalization, and advanced manufacturing. It aims to contribute to the development of over 50 gigawatts of offshore renewable energy projects globally by 2030.
South Korea
The South Korean government has announced a Won258.6bn ($178m) investment in its shipbuilding sector, marking a 40% increase from last year’s budget. The Ministry of Trade, Industry, and Energy (MOTIE) will allocate funds to green ship technology (Won171.6bn), digital transformation (Won66.7bn), and unmanned autonomous ship tech (Won20.3bn).
💡The investment supports the "K-Shipbuilding Super Gap Vision 2040," which aims to position South Korea as a global leader in shipbuilding by 2040. Key initiatives include funding ammonia-powered ships, electric propulsion, automation, and digital shipbuilding technologies, with the government also planning to develop the world’s first ammonia bunkering ship by 2028.
Space
China-Malaysia
Chinese satellite operator Spacesail has signed an MoU with Malaysia’s Measat Global Berhad to enhance satellite broadband services in Southeast Asia. The collaboration will focus on LEO broadband services using Spacesail’s Thousand Sails megaconstellation, Direct-to-Device (D2D) communications, and satellite IoT solutions.
💡The partnership aims to expand digital connectivity, particularly in remote areas, and strengthen Malaysia-China relations. The move follows previous agreements with Brazil and Kazakhstan as Spacesail continues its global expansion, with plans to deploy over 600 satellites by the end of 2025.
Indonesia
Telkomsat has successfully completed the Satellite Capacity & BTS USO Backbone Provision Project for BAKTI, expanding digital connectivity in Indonesia’s underserved areas.
💡The initiative ensures the efficient operation of over 1,200 Universal Service Obligation (USO) Base Transceiver Stations (BTS) using satellite technology.
Indonesia
Indonesia’s Meteorology, Climatology, and Geophysics Agency (BMKG) has teamed up with PT Environmental Intelligence Indonesia (Tomorrow Indonesia) to develop an AI-driven weather forecasting system. The collaboration integrates BMKG’s ground sensor network with Tomorrow Indonesia’s satellite monitoring and AI-powered platform to enhance weather prediction and disaster mitigation.
💡The initiative aims to improve extreme weather forecasts, benefiting sectors like aviation, maritime, and agriculture, while strengthening early warning systems and disaster preparedness across the country.
Malaysia
Malaysia’s Science, Technology, and Innovation Ministry (MOSTI) has confirmed that the planned Earth Satellite Ground Station in Tuaran, Sabah, will not proceed after the termination of the RazakSAT-2 Earth observation satellite program. The RazakSAT-2 has been replaced by the Development of National Remote Sensing Satellites Program (PSPJN), which will better meet the country’s data needs.
💡MOSTI noted that existing satellite data stations in Temerloh and Banting are sufficient, making the additional ground station unnecessary.
Malaysia
Malaysia’s Reach Ten Holdings, through its subsidiary Reach Ten Communication, has signed an agreement with SpaceX to become an authorized Starlink reseller. The partnership will expand Reach Ten's satellite broadband services across Malaysia, particularly enhancing coverage in remote areas.
💡By integrating Starlink’s low-Earth orbit (LEO) connectivity with its existing services, Reach Ten aims to support industries like maritime, offshore oil and gas, and IoT.
Southeast Asia
A new report by Singapore Space and Technology Ltd (SSTL) and Deloitte forecasts an additional US$100 billion in GDP for Southeast Asia by 2030, driven by Earth observation (EO) technology. The report highlights agriculture, mining, energy, and disaster response as key sectors benefiting from EO data, with 90% of the gains expected in these areas. Indonesia is set to receive around 50% of the economic benefits due to its large agricultural and natural resource sectors.
💡While Singapore may see limited direct gains, its growing space-tech industry positions it as a regional hub for satellite technology and innovation.
Thailand
True Corporation has signed an MoU with China’s Galaxy Space to enhance Thailand’s digital infrastructure through low-Earth orbit (LEO) satellite technology. The collaboration aims to integrate space-based internet solutions with terrestrial networks, improving broadband connectivity, Direct-to-Cell communication, and enterprise services.
💡The partnership will focus on market research, service trials, and innovations for sectors such as maritime, agriculture, and education.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**