The Russians have been playing with these things for many years. Often called Caspian Sea Monsters. There was also an Aussie guy building them a few years ago

The reverse delta is very reminiscent of birdwing shapes. Perhaps the owl is the closest, with its own requirement of relatively slow, quiet flight. I lived in Singapore for two and a half years, and it has two monsoon seasons, and when it rains, it really rains! 15'' in ten hours one night! We had to access our transmitter station by rubber dingy the next day, as the tide was in and the sluice gates were closed, so the rainwater couldnt escape to the sea. The main Bukit Timha road was 3 feet deep in water, and it has an open monsoon drain the size of a canal between the two four lane highways, and had become one canal across all eight lane and the drain. So, I wonder how this craft will function when it is deluged by a downpour, as visibility in that situation is about 1 meter/yard. All vehicles on land have to stop. This craft will have to do the same, or risk a collision. When it is stationary in the sea, it will be almost invisible to approaching shipping, of which there is a significant amount, as Singapore is a major shipping crossroads. I dont see any of the usual shipping equipment, like mast lights, and radar. So it could be in serious danger, in those circumstances.

Let's get one thing clear, it does not "hover serenely" at any height. It flies low-level in Ground Effect, yes, but hover, no! ;-))

As a 45 yr proponent of ground effect craft, there are a few details they got wrong on purpose. While this form can work with VERY WELL trained pilots, it is not inherently stable and has a habit of sticking the wing pontoon into the water, killing a test pilot. I don't see anything changed in that regard and other than their pilots need little training lie. GEC lift changes as it gets closer to the water, the CoL moves aft on the wing 15%, thus the center of lift, , pitching it down, not good 6' off the water. And same sideways. So a pilot needs to be well trained and pay good attention to fly these. There are better designs to solve it but few have been built so far.

Nik, no reason why it wouldn't have AIS.

Why not take off and land on coastal runways rather than on water?

Use retractable hydrofoils to lift it out of the water earlier, reducing the pounding the passengers get on takeoff and landing.

I'm wondering about the business case. 6-8 passengers plus luggage at 100mph is pretty much just a really fast limo. OK, a really fast limo that doesn't get stuff in traffic under some conditions. If it were invisible to sensors I could imagine the military being interested in it.

Username; I've looked at the area, and there are literally thousands of ships, shown, but their positions are usually up to 3 mins delayed. This would also assume that all the ships are using the system, AND, that the crew are keeping a diligent check on all the local movements...... Maybe if the satellite tracking of storms is good, they would just not fly in those circumstances. You can look at the area, below.
https://www.marinetraffic.com/en/ais/home/centerx:104.0/centery:1.3/zoom:11

I dunno, looks dangerous to me. More so than an airplane of similar size for sure. Just one big wave/wake and boom.