Rocket launch heralds new dawn for unbanked
A tech business is aiming to improve access to financial services products by granting remote global communities internet access by launching a series of satellites.
Spacecoin – a decentralised physical infrastructure network – is launching its first satellite in December on Elon Musk’s Space X and is hoping through the provision of 5G internet that it will transform the lives of individuals who have previously had no access to financial services.
Speaking to Financial Promoter at the Token 2049 conference in Singapore, Alan Kong, head of marketing at Gluwa (the sister brand of Spacecoin) explained that his company has already established a pedigree for serving emerging markets, having already announced a partnership with the Bank of Nigeria earlier in the year.
“We are focused on providing global connectivity to the people who really need it,” he said
Spacecoin says there are currently around 2.9 billion people who have no internet access, globally – the equivalent of the combined populations of the United States, Europe, South America, India and more.
The company says that through offering 5G internet services from satellite operations, it will be able to offer internet connectivity and financial services to communities that had no access whatsoever.
“Many of us in this room take internet access for granted,” said Scott Hasbrouck, chief technology officer at Spacecoin. “The fact is our business and personal lives are intertwined online makes us feel like we’ve always had this privilege.
“It is not about speed or convenience, it is about having zero access. The cost of the infrastructure is simply too high,” he explained.
In December 2024, the company plans to launch the first space network satellite “CTC-0” which is roughly the size of a microwave oven. It will work with ground stations to deliver internet services without the requirement for much of the infrastructure of traditional providers.