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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.

Ant Group to Seek Stablecoin Issuer License in Hong Kong

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Ant Group, an affiliate of Alibaba and operator of the popular mobile payments app Alipay, announced plans to apply for a license to issue stablecoins in Hong Kong through its overseas arm, Ant International. This follows the recent passage of a stablecoin bill by Hong Kong’s legislature, which establishes a regulatory framework for fiat-referenced stablecoin issuers.

Stablecoins are cryptocurrencies pegged to fiat currencies such as the U.S. dollar, frequently used by traders to move funds between tokens while maintaining stable value.

Ant International said it will apply for the fiat-referenced stablecoin (FRS) issuer license once the licensing process opens after the Stablecoins Ordinance takes effect on August 1.

The company also reportedly plans to pursue stablecoin licenses in other jurisdictions, including Singapore and Luxembourg.

Ant Group was founded by billionaire Jack Ma and is 33% owned by Alibaba. It remains a key player in China’s digital payments ecosystem.

Nvidia CEO Urges UK to Boost Computing Power to Fully Harness AI Potential

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Nvidia’s CEO Jensen Huang said on Monday that the UK currently lacks sufficient computing infrastructure to fully capitalize on its leading artificial intelligence research capabilities. Huang’s remarks coincided with the UK’s partnership with Nvidia to create a new AI testing environment aimed at fostering innovation.

Speaking during London Tech Week alongside Prime Minister Keir Starmer, Huang praised the UK’s top universities, startups, and its status as the world’s third-largest AI venture capital market. He welcomed Starmer’s plan to increase Britain’s domestic computing capacity by 20 times and inject £1 billion ($1.36 billion) in investments.

“The ability to build these AI supercomputers here in the UK will naturally attract more startups and empower the country’s vibrant research ecosystem,” Huang said, calling Britain “an incredible place to invest.”

The UK’s Financial Conduct Authority (FCA) launched a framework to enable financial firms to experiment with AI tools in a controlled environment starting this October. Partnering with Nvidia, the FCA will offer firms access to advanced computing resources, specialized AI expertise, improved datasets, and regulatory guidance.

Finance Minister Rachel Reeves emphasized the government’s commitment to removing regulatory barriers to economic growth, labeling it a “top priority.” Earlier this year, she expressed satisfaction with regulators’ efforts to reduce red tape.

Prime Minister Starmer also announced that Israeli fintech company Liquidity Group will open its European headquarters in London, committing to a £1.5 billion investment, further signaling the UK’s ambition to become a global AI and tech hub.