Bank of Asia and Group Companies Provide Financial Services to the First GBA-ASEAN Space Technology Ecosystem Hub Deal

9 Aug 2021


British Virgin Islands

Bank of Asia (the "Bank") is proud to announce that the Bank and its group companies are being engaged to provide financial services to a joint-venture between The Angkasa-X Group ("Angkasa-X"), an ASEAN based space technology company, and Silkwave Holdings Limited ("Silkwave"), a GBA based GEO-satellite platform operator. The joint-venture is with the vision to accelerate the ASEAN countries into becoming full-fledged and advanced digital economies, while enabling Angkasa-X and Silkwave to become ASEAN's first GEO-LEO satellite services operator through the 'A-SEANLINK Satellite Constellation'.

The Executive Chairman and CEO of Angkasa-X, Dr Sean Seah, said that Angkasa-X, in partnership with Silkwave that currently operates two GEO-satellite platforms, is set to establish a space technology ecosystem in Penang, Malaysia and to nurture the state into a supply chain and distribution hub for global satellite technologies for the ASEAN markets. The plan can also enable jobs and opportunities throughout Malaysia.

Mr. Chow Kon Yeow, Chief Minister of Penang, described the partnership as an 'innovative breakthrough' for the state, "I would like to congratulate both Angkasa-X and Silkwave for this collaboration which is expected to further elevate the liveability stature of Penang - one of the key goals of Penang 2030."

This GEO-LEO integrated satellite platform serves to address the region's varying needs in Internet connectivity, multimedia infotainment, vehicle-connected services, precision tracking and navigation, environmental monitoring and surveillance, which will accelerate the digital transformation to grow the digital economy for all communities in the ASEAN region.

Both companies, Angkasa-X and Silkwave, are also aiming to create the ASEAN-Greater Bay Area Space-Satellite Industry Alliance to accelerate technology and investment transfer to develop the ASEAN region as one of the world's largest satellite markets.

"The partnership is the first between a GEO and a LEO platform, which will bring about unprecedented synergies such as universal connectivity along with abundant low-cost and innovative infotainment and broadband data services to mass-market consumers throughout the ASEAN region." explained Charles Wong, Chairman and CEO of Silkwave.

Bank of Asia, licensed and regulated in the British Virgin Islands, has through its subsidiary BOA Investment Services Limited been engaged to provide services for outreach to global investors. BOA Investment Services is involved in the consummation and further fund raising for Angkasa-X and Silkwave developments.

Bank of Asia's Chairman Mr. Carson Wen said: "Bank of Asia and its group companies are very privileged to be involved in the Angkasa-X and Silkwave joint venture project, and we are very excited with the huge 'blue ocean' ahead while also playing our part for underserved communities."

"This is the coming together of like-minded people with the expertise, resources and commitment to provide connectivity, infotainment and other valuable satellite-services to the ASEAN population and enterprises at large." added Carson.

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