[SatNews] A new wholesale agreement has been signed...

LightSquared™ and m-banco, a U.S.-based company that delivers mobile communications and financial services to the U.S. Latino community, have signed a wholesale agreement that will enable m-banco customers to conduct financial transactions and data and voice communications using mobile devices. With m-banco's Mobile Money solution, customers can use mobile devices to conduct data and voice communications and banking services such as wire transfers, device-to-device payments and device-to-ATM transactions. The solution is designed for customers who do not have a bank account, either by choice or for other reasons such as not having enough money to open an account or being unable to afford high bank fees. In fact, according to the Federal Deposit Insurance Corporation (FDIC), 8 percent of American households do not have a checking or savings account, a portion of the population often referred to as the "unbanked." Using LightSquared's nationwide 4G-LTE network, m-banco will provide high-speed data services to support VOIP communications and Mobile Money transactions.