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World’s first financial transaction using nanosatellites completed successfully

by LLB Reporter
26th Oct 17 3:05 pm

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Sky and Space Global Ltd (ASX: SAS, “Sky and Space Global” or the “Company”) is pleased to announce that it has successfully performed the world’s first financial transaction using nanosatellites in conjunction with the mobile payments start-up BeepTool Communications & Integrated Services Ltd (“BeepTool”). 

The tests demonstrated that financial transactions could be made from one phone to another using bandwidth from Sky and Space Global’s first three nanosatellites, the 3 Diamonds. This creates huge potential for improving commerce in rural areas by using secure and safe peer-to-peer banking. For testing such as this, the Company has developed a dedicated Android application called ”Chatellite”, which is used to transfer files, perform phone calls, text messages and voice recordings.

Africa-based BeepTool is a mobile payments, messaging and voice app that is used by over 800,000 customers across the African region and globally. BeepTool and Sky and Space Global have entered into an agreement for a portion of the bandwidth from the 3 Diamonds nanosatellites.

Under the terms of the agreement, BeepTool and Sky and Space Global will collaborate to integrate the BeepTool app with Sky and Space Global’s communication bandwidth software systems. Following a successful outcome of the pilot, BeepTool has agreed to purchase from SAS all the available communications bandwidth that is required by BeepTool to fill its bandwidth demand. 

Sky and Space Global’s CEO, Mr. Meir Moalem said: “Sky and Space Global has again been part of a world first.  Never before has a financial transaction been processed using bandwidth from nanosatellites.  By working with partners such as BeepTool, we can really start to make a difference in people’s lives and grant them access to the kind of connected services that they haven’t had access to before.

“This is just one way that Sky and Space Global’s disruptive technology and business model is helping to connect the unconnected and drive socio-economic development.”

BeepTool CEO, Precious Ada Enoh said: “It’s exciting to be part of this history-making integration with Sky and Space Global (SAS). At the beginning it sounded incredible but we (BeepTool and SAS) have made considerable progress towards actualizing seamless communication and financial inclusion for all Africa, especially the millions of people without internet and cellular connectivity.

We are proud to be a partner of SAS on this disruptive technology and business model, we are proud of the successful integration of BeepTool financial services to SAS nanosatellite grid and we are looking forward to a successful integration of other key aspects of this solution. Our hope is to connect the unconnected and the unbanked everywhere in Africa.”

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