Fintech players welcome entry of Elon Musk’s Starlink

The entry of Starlink Internet Services Philippines Inc., a unit of tech billionaire Elon Musk’s SpaceX, into the local scene can enable more Filipinos to onboard digital finance platforms, according to a group of financial technology (fintech) players.

In a recent statement, FinTech Alliance.PH welcomed the government’s approval of Starlink as a value-added service provider, which allows the latter to access satellite systems and operate broadband facilities to provide connectivity to the public.

“With the prospect of upgrading our internet connection speeds and improving our satellite broadband services, the Alliance recognizes Starlink’s contribution in enabling a digital environment that will allow greater financial inclusion for the unbanked and the underserved especially in the geographically isolated and disadvantaged areas,” said Angelito Villanueva, the group’s chair.

“This will make digital finance services running on the cloud even more accessible to more Filipinos,” he added.

Last week, the National Telecommunications Commission (NTC) announced the approval of Starlink’s registration as an internet service provider.

Edgardo Cabarios, deputy commissioner of NTC, told the Inquirer that Starlink could start offering internet services after the completion of the satellite gateway installation, which was slated in three months.

The Philippines is set to be the first country in Southeast Asia where the SpaceX division will offer satellite-based internet services.

The internet offering, which is expected to be cost effective, targets the underserved and unserved urban, suburban and rural areas.

Projected download speed ranges from 100 megabits per second (Mbps) to 200 Mbps.