Klarna to Launch $40/Month Unlimited 5G Mobile Plan in U.S. as It Expands Telecom Offerings

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Swedish fintech Klarna announced on Wednesday its entry into the U.S. mobile services market with a $40 per month unlimited mobile plan offering unlimited 5G calls and data. The move marks Klarna’s effort to diversify beyond financial services and follow the trend of fintech companies entering the telecom space, alongside competitors like British firm Revolut.

Klarna will provide its mobile plan using the platform of U.S. startup Gigs, which operates as a mobile virtual network operator (MVNO) platform in partnership with AT&T. This enables Klarna to offer mobile services without owning network infrastructure.

With over 25 million U.S. users, Klarna views the mobile plan as a natural extension of its neobank ambitions. CEO Sebastian Siemiatkowski told Reuters that the company’s goal is to solve everyday problems, and mobile fits into this strategy.

Unlike most fintechs that launch mobile services in other countries before entering the U.S., Klarna is starting directly in its largest market. The company plans to expand the mobile offering to the UK, Germany, and other countries later this year.

Industry analysts predict significant disruption in the MVNO market over the next two years as more enterprises launch their own mobile services, though increased competition also brings higher risks of failure. The U.S. MVNO market is expected to grow from $14.83 billion in 2025 to $20.84 billion by 2030, according to Mordor Intelligence.

The fintech sector is increasingly seeing telecom services as a growth area, with other fintech firms such as Germany’s N26 and Brazil’s Nubank already offering mobile plans in various countries. Even outside the fintech world, investors like actor Ryan Reynolds and businesses linked to former U.S. President Donald Trump have entered the MVNO market.

Malaysia Plans 50% Increase in Gas-Fired Power Capacity to Support Booming Data Centre Demand

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Malaysia aims to expand its gas-fired power capacity by 6 to 8 gigawatts by 2030 to meet soaring electricity demand driven largely by the rapid growth of data centres, an industry official said. This expansion would represent a 40-54% increase from the current 15 GW of gas capacity, as the country seeks to reduce reliance on coal.

According to Megat Jalaluddin, CEO of state utility Tenaga Nasional Berhad, the government plans to build new gas plants and extend the lifespan of existing ones, positioning gas as the key transitional fuel after coal. Total electricity consumption in Malaysia is projected to rise by 30% by 2030.

Malaysia is expected to see the fastest growth in data centre power demand in Southeast Asia, with data centres’ share of electricity consumption in the region forecasted to triple to 21% by 2027 from 7% in 2022, based on a May report by Bain & Co, Google, and Temasek.

Petronas, Malaysia’s LNG exporter, may start importing liquefied natural gas within four to five years due to rising gas demand. The country also targets adding up to 10 GW of renewable energy capacity by 2030, more than doubling its current 9 GW, as data centres push for greener energy sources.

Deputy Prime Minister Fadillah Yusof highlighted that data centres will require 19.5 GW of power generation by 2035, making up 52% of Peninsular Malaysia’s electricity use, up sharply from about 2% today.

Malaysia’s southern state of Johor has become a leading data centre hub in Southeast Asia, favored for its proximity to Singapore, affordable land and power, and faster regulatory approvals. Tech giants like Microsoft, Nvidia, Google, and ByteDance have committed billions in investments since early 2024, fueling an infrastructure boom.

South Korea Central Bank Governor Open to Won-Based Stablecoins but Cautious on Forex Impact

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South Korea’s central bank governor, Rhee Chang-yong, expressed openness to the idea of issuing stablecoins denominated in the Korean won but flagged concerns over managing foreign exchange flows. Speaking at a press conference in Seoul, Rhee warned that won-based stablecoins could be easily exchanged for U.S. dollar stablecoins, potentially increasing demand for the dollar-linked tokens and complicating forex management.

Stablecoins are cryptocurrencies pegged to stable assets like the U.S. dollar and are widely used in crypto markets for quick fund transfers. While regulators globally remain wary of cryptocurrencies due to their speculative nature and potential competition with national currencies, South Korea’s government appears poised to embrace won-based stablecoins.

President Lee Jae Myung, who took office recently, is advancing his campaign promise to allow local firms to issue won-backed stablecoins. The ruling Democratic Party introduced the Digital Asset Basic Act this month, aiming to create a regulatory framework for such issuances.

The president also appointed Kim Yong-beom, former crypto firm chief and ex-vice chairman of the Financial Services Commission, as his chief policy officer, signaling stronger government backing for crypto initiatives.

Governor Rhee previously cautioned that letting private companies issue stablecoins could undermine the central bank’s control over monetary policy and capital flows, making regulatory oversight a critical challenge.