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CNBC
3 days ago
- Business
- CNBC
Klarna CEO wants to turn the platform into a 'super app' with help from AI
Key Points Klarna CEO Sebastian Siemiatkowski wants to make the platform more of an all-encompassing financial "super app" that's personalized and can offer non-financial services. "With AI, you can abstract and adopt the experience much more to the specific user you're dealing with," Siemiatkowski told CNBC in an interview this week. On Wednesday, Klarna is set to announce the launch of mobile phone plans in the U.S. via a partnership with telecom services startup Gigs. Klarna's CEO is so bullish about artificial intelligence that he sees it changing the way the fintech's 100 million users bank every day. On Wednesday, Klarna — a pioneer of the popular "buy now, pay later" (BNPL) payment method — is announcing the launch of mobile phone plans in the U.S. via a partnership with telecom services startup Gigs. The move follows in the footsteps of rival fintechs Revolut and N26, which have launched similar offerings. Klarna's plans come with unlimited data, calls and texts and will cost $40 a month. The new telco offering aligns with CEO Sebastian Siemiatkowski's vision to make Klarna more of an all-encompassing personalized financial "super app" that can offer services outside the realms of traditional finance. It isn't the company's first attempt. Previously, Klarna tried to make itself more akin to a "super app" — similar to Ant Group's Alipay and Tencent's WeChat Pay — offering additional services through multiple different buttons. This ended up being "confusing for the customer," however, Siemiatkowski told CNBC in an interview. But the Klarna boss stressed the part AI can play as looks to diversify its services and become known for more than its BNPL offering. "I think in this new AI world, there's a better opportunity to serve customers with different services and then adopt the kind of level of articulation and visualization of those services than there was historically," Siemiatkowski said. "With AI, you can abstract and adopt the experience much more to the specific user you're dealing with," he added. Super apps are popular in China and in other parts of Asia. They're meant to serve as a one-stop shop for all your mobile needs — for example, having taxi-hailing and food ordering in the same place as payment and messaging services. However, while super apps have flourished in Asia, adoption in Western markets has nonetheless been slower due to a number of reasons. 'Tremendous opportunity' Siemiatkowski says he's spending a lot of his time focusing on AI. "There's a tremendous opportunity for that — but it's just getting it to work," he said. "Everyone who has used it knows it can spit out some exciting stuff but then you need to make sure that it works every time." Going forward, Klarna's chief sees the platform becoming more of a "digital financial assistant" for users' every-day banking needs. "If we have some information that suggests that you are overpaying for your carrier subscription or your data or whatever," Siemiatkowski says, Klarna will aim to use AI to "offer you both a suggestion of a better price model, but also with a click, implement that and make it a reality." Acknowledging issues with Klarna's previous attempt to become a super app, Siemiatkowski says the technology just wasn't "mature" enough at the time. "Ultimately, the north star for all financial products — especially the fintech companies — is to try and be the financial advisor in your pocket," Simon Taylor, told CNBC. "That private banker like experience but provided by a brand becomes the super-aggregator of your financial life, and that's what 'owning the customer' looks like in the age of AI." Taylor added that, while many firms are still figuring out how to use AI, "you've got companies like Klarna building in public and trying to grab market share for a future that might not yet be built." Klarna reported a $99 million loss for the quarter that ended in March, citing one-off costs relating to depreciation, share-based payments and restructuring. Perception problem Still, Klarna has a perception problem to overcome. In the U.S., the firm has become synonymous with the "buy now, pay later" (BNPL) payment method, which allows consumers to pay off orders over monthly installments — typically interest-free. By contrast, European consumers recognize they can use Klarna to store their deposits and pay for things in one go as well as via a credit plan, according to Siemiatkowski. He also expressed frustration with "the kind of memes that we get in in the U.S. when it's like, 'Oh, Klarna launched with DoorDash... it is a sign of the macroeconomic environment," referring to a tie-up the company announced with food delivery app DoorDash earlier this year that was met with backlash online. Siemiakowski said this kind of reaction wouldn't happen in the German or Nordic markets, where Klarna operates more like online payment system PayPal. He sees a future where Klarna works as a more all-encompassing financial ecosystem with add-on services such as features for investments in stocks and cryptocurrencies — which, he adds, is "not that far off." "Offering people the ability to invest in both stock and crypto is is what's becoming a kind of more standard part of a neobank offering," he said, while stressing he doesn't want to compete with popular U.S. stock trading app Robinhood. When will Klarna IPO? Klarna paused plans to go public in April, after U.S. President Donald Trump announced sweeping tariffs on dozens of countries. Siemiatkowski said that Klarna has already achieved what it set out to do in order to be ready for that milestone — namely, building up a brand in the U.S. "The U.S. is now our largest market by number of users. It's a profitable market for us," he said. "Those things have been accomplished." Whether the company does or doesn't go public, the business strategy for Klarna remains the same. "That is just a healthy way to drive liquidity for our shareholders, as well as give the company more ways to fund itself, if it would like to do so, and ... to show that this is a an established company," Siemiatkowski said.
CNBC
3 days ago
- Business
- CNBC
Klarna CEO wants to turn the platform into a 'super app' with AI
Klarna's CEO is so bullish about artificial intelligence that he sees it changing the way the fintech's 100 million users bank every day as he sets out to diversify the company's services. On Wednesday, Klarna — a pioneer of the popular "buy now, pay later" payment method — is announcing the launch of mobile phone plans in the U.S. via a partnership with telecom services startup Gigs. The plans come with unlimited data, calls and texts and will cost $40 a month. The new phone offering aligns with CEO Sebastian Siemiatkowski's vision to make Klarna more of an all-encompassing personalized financial "super app" that can offer services outside the realms of traditional finance. It isn't the company's first attempt. Previously, Klarna tried to make itself more akin to a "super app" — similar to Ant Group's Alipay and Tencent's WeChat Pay — offering additional services through multiple different buttons. This ended up being "confusing for the customer," Siemiatkowski told CNBC in an interview. But the Klarna boss stressed the part AI can play in Klarna's fresh attempt. "I think in this new AI world, there's a better opportunity to serve customers with different services and then adopt the kind of level of articulation and visualization of those services than there was historically," he said. "With AI, you can abstract and adopt the experience much more to the specific user you're dealing with," Siemiatkowski said in an interview. Super apps are popular in China and in other parts of Asia. They're meant to serve as a one-stop shop for all your mobile needs — for example, having taxi-hailing and food ordering in the same place as payment and messaging services. While super apps have flourished in Asia, adoption in Western markets has nonetheless been slower due to a number of reasons. Siemiatkowski says he's spending a lot of his time focusing on AI. "There's a tremendous opportunity for that — but it's just getting it to work," he said. "Everyone who has used it knows it can spit out some exciting stuff but then you need to make sure that it works every time." Going forward, Klarna's chief sees the platform becoming more of a "digital financial assistant" for users' every-day banking needs. "If we have some information that suggests that you are overpaying for your carrier subscription or your data or whatever, we can now offer you both a suggestion of a better price model, but also with a click, implement that and make it a reality," Siemiatkowski said. Acknowledging issues with Klarna's previous attempt to become a super app, Siemiatkowski says the technology just wasn't "mature" enough at the time. Klarna reported a $99 million loss for the quarter that ended in March, citing one-off costs relating to depreciation, share-based payments and restructuring. Still, Klarna has a perception problem to overcome. In the U.S., the firm has become synonymous with the "buy now, pay later" (BNPL) payment method, which allows consumers to pay off orders over monthly installments — typically interest-free. By contrast, in Europe, consumers recognize they can use Klarna to store their deposits and pay for things in one go as well as via a credit plan, Siemiatkowski noted. He also expressed frustration with "the kind of memes that we get in in the U.S. when it's like, 'Oh, Klarna launched with DoorDash ... it is a sign of the macroeconomic environment," referring to a tie-up the company announced with food delivery app DoorDash earlier this year that was met with backlash online. Siemiakowski said this kind of reaction wouldn't happen in the German or Nordic markets, where Klarna operates more like online payment system PayPal. He sees a future where Klarna works as a more all-encompassing financial ecosystem with add-on services such as features for investments in stocks and cryptocurrencies — which, he adds, is "not that far off." "Offering people the ability to invest in both stock and crypto is is what's becoming a kind of more standard part of a neobank offering," he said, while stressing he doesn't want to compete with popular U.S. stock trading app Robinhood. Klarna paused plans to go public in April, after U.S. President Donald Trump announced sweeping tariffs on dozens of countries. Siemiatkowski said that Klarna has already achieved what it set out to do in order to be ready for that milestone — namely, building up a brand in the U.S. "The U.S. is now our largest market by number of users. It's a profitable market for us," he said. "Those things have been accomplished." Whether the company does or doesn't go public, the business strategy for Klarna remains the same. "That is just a healthy way to drive liquidity for our shareholders, as well as give the company more ways to fund itself, if it would like to do so, and ... to show that this is a an established company," Siemiatkowski said.
South China Morning Post
12-06-2025
- Business
- South China Morning Post
WeChat Pay records fourfold rise in mainland tourist taxi payments in Hong Kong
WeChat Pay Hong Kong has recorded a fourfold increase in mainland Chinese tourist payments for taxi services in the city from last year and growing usage among locals and visitors alike, according to parent company Tencent. Vice-President of Tencent Financial Technology Daniel Hong Danyi said on Thursday that the number of transactions from mainland tourists paying for taxi fares through WeChat Pay had seen a fourfold increase year on year. 'We saw that previously, many mainland tourists coming to Hong Kong realised taxis here do not support mainland payment methods. So over the past year, we spent a lot of time and effort to enable more taxi drivers to accept payments from WeChat,' he said. The platform has been offering taxi drivers perks such as zero handling fees, including for customer transactions and moving money into bank accounts. Hong added more than 20,000 taxi drivers across the city now accept both the local WeChat Pay HK accounts and the mainland version, contributing to an overall significant rise in transaction volume. The tech giant also reported growth in the adoption of its 'mini programs' by Hong Kong merchants, which doubled year on year in both usage and transaction amounts throughout the first five months of 2025. Mini programs are apps that run within the WeChat ecosystem, providing a range of functionalities, including e-commerce, travel booking, and local services, without requiring users to download a separate app or exit the platform.
Yahoo
10-06-2025
- Business
- Yahoo
EVONET Launches Cross-Border Wallet Connectivity Service in Partnership with au PAY
— Enabling WeChat Pay Users to Pay at au PAY Merchants in Japan SINGAPORE, June 10, 2025 /PRNewswire/ -- EVONET Global Pte., Ltd. (Headquarters: Singapore, hereafter "EVONET") has launched a cross-border mobile wallet interoperability service in partnership with KDDI Corporation (Headquarters: Chiyoda-ku, Tokyo, hereafter "KDDI") and Tenpay Payment Technology Co., Ltd. (Headquarters: Shenzhen, China, hereafter "Tenpay"). In the first phase of this initiative, more than 1.4 billion WeChat users from China can make payments by WeChat Pay (Weixin Pay) at au PAY-affiliated stores across Japan by simply scanning the QR codes installed at the stores (MPM method: Merchant-Presented Mode). This enables inbound travelers from China to enjoy a seamless payment experience across Japan using their familiar WeChat app, without worrying about language or currency barriers. Japan welcomes tens of millions of inbound tourists annually, but differences in payment systems have been a significant inconvenience. With this collaboration, merchants do not need to install new systems or make complex configuration changes, enabling them to easily accept WeChat Pay users and capture inbound demand. "This marks the first time that KDDI is opening its au PAY merchant network to non-Japanese users. EVONET provides the technological platform that underpins this global collaboration, serving as a hub to address the complexities of international payment infrastructure." said James Zhao, chief executive officer of Evonet Global Pte., Ltd. Going forward, EVONET plans to expand its network by partnering with more mobile wallet providers across Asia. In addition to the MPM method, the company also plans to support the CPM method (Consumer-Presented Mode), where merchants scan the user's QR code, enabling more flexible payment options suited to various business types. EVONET aims to build an open network that allows multiple wallet operators to connect seamlessly across countries and regions, enabling users to pay easily using their regular mobile apps wherever they are. In the future, the company also envisions enabling Japanese users to make outbound payments at overseas merchants using their domestic mobile wallets, thereby enhancing global payment convenience. EVONET will continue to serve as a global bridge in mobile payments, delivering more seamless and valuable payment experiences for both users and merchants. About EVONET GLOBAL PTE., is a network service provider headquartered in Singapore, jointly planned and promoted by Shanghai CardInfoLink Data Service Co., LTD. The company provides merchant network access services for various mobile code payment wallets around the world. In addition to transaction processing between wallets and acquiring operators, EVONET also performs settlement and currency conversion to realize cross-border QR code payments. Future services will include international remittance and wallet top-up features. Media Contact:David Thoms | Marketing Manager+852 2663 3068 | media@ Learn more: View original content: SOURCE EVONET GLOBAL PTE LTD
Time Business News
19-05-2025
- Business
- Time Business News
Cash, Cartels, and the Chinese Connection: How Drug Money Flows into American Banks
Federal Investigators Uncover a Sophisticated Laundering Network Fueling the U.S. Drug Trade Through Teller Windows Across Los Angeles LOS ANGELES — In a sweeping federal investigation that reads like a thriller, U.S. law enforcement has exposed a transnational money laundering operation linking Chinese underground bankers with Mexico's deadliest drug cartels. The operation, which involved the regular deposit of six-figure sums—often in gym bags stuffed with cash—into major U.S. financial institutions, highlights a dangerous evolution in global financial crime. The laundering ring's primary targets? Mainstream bank branches belonging to JPMorgan Chase, Citibank, and Bank of America, across Los Angeles County. The financial system, it seems, has become the silent accomplice in a multi-billion-dollar drug and capital flight scheme stretching from Shanghai to Sinaloa to California. A Modern Money Laundering Blueprint At the center of the conspiracy is a mutually beneficial relationship between Chinese money brokers and Mexican cartels. The cartels needed to 'clean' the massive amounts of U.S. currency made from fentanyl, methamphetamine, and cocaine sales. Simultaneously, Chinese nationals, restricted by China's strict capital controls, sought methods to get large sums of money out of the country. The method is simple, yet devastatingly effective: Drug money in U.S. dollars is handed to Chinese operatives on American soil. That money is deposited into U.S. bank accounts under front companies or borrowed names. Chinese citizens inside China pay the equivalent value in yuan to launderers through apps like WeChat Pay or Alipay. Cartels retrieve clean funds in pesos, bitcoins, or property from Chinese-controlled accounts in Mexico or other jurisdictions. By separating the currency movements from physical cross-border transactions, criminals bypass customs enforcement, anti-money laundering (AML) systems, and traditional detection models. Bags of Cash and Teller Blind Spots Federal court documents reveal that over $300 million was laundered using this strategy between 2019 and 2023. Deposits were frequently made in structured amounts just below the $10,000 CTR (Currency Transaction Report) threshold to avoid automatic reporting. Individuals often walked into retail bank branches across Alhambra, Monterey Park, Arcadia, and other L.A. suburbs with grocery bags, backpacks, or duffel bags filled with tightly rubber-banded $100 bills. A former branch manager, speaking anonymously, recalled, 'The deposits didn't make sense. We saw someone walk in with $200,000 in cash, claiming it was for a 'retail export business,' but there were no corresponding wire transfers or invoices. We flagged it, but nothing ever came of it internally.' The same pattern repeated across institutions, and whistleblower reports indicate internal compliance teams either missed or ignored red flags in dozens of locations. Case Study: U.S. v. Chen & Zhen (2024) A major federal indictment filed in Los Angeles in late 2024 highlights the operations of Justin Zhen, a Chinese-American real estate developer, and his associate, Hao Chen, an international logistics manager. According to the Department of Justice, the two operated a network of couriers—mostly international students or recent immigrants-who deposited cartel cash into more than 50 different accounts in 12 banks across Southern California. Case Facts: Total laundered funds: $84 million $84 million Banks used: Chase (Alhambra), Bank of America (Pasadena), Citibank (Rowland Heights) Chase (Alhambra), Bank of America (Pasadena), Citibank (Rowland Heights) Period: 2021–2023 2021–2023 Seized evidence: 27 burner phones, 11 fake passports, and $2.1 million in U.S. currency Undercover agents captured footage of couriers rehearsing deposit conversations, being trained to avoid suspicion, and using rotating IDS. Zhen allegedly boasted on a recorded call, 'You can launder $10 million without a single wire transfer.' Underground Banking Meets High-Stakes Laundering Chinese underground banking systems, often called fei qian (flying money), have existed for centuries. But today's version has gone digital, blending cryptocurrency, WeChat payments, and virtual private wallets. These networks thrive in the grey areas of international finance, notably where Chinese law prohibits outbound transfers over $50,000 per year per citizen. The cartels have capitalized on this by offering access to offshore liquidity, promising launderers quick profits for helping cycle dirty money into Asia's shadow economy. The result is a parallel global economy in which vast sums move without touching the regulated financial system but still manage to pass through trusted institutions. National Response and Policy Failures The U.S. Treasury Department, the Federal Bureau of Investigation, and the Office of the Comptroller of the Currency have launched joint investigations into the banks involved. While no charges have been filed against the financial institutions as of May 2025, the scrutiny is intense. Senator Elizabeth Warren (D-MA) called for immediate hearings, stating, 'This is not just a regulatory failure. It's a national threat when fentanyl profits are flowing freely through American banks.' A joint task force, including the FBI, DEA, and Homeland Security Investigations (HSI), has since been established to focus solely on Chinese money laundering and cartel collaborations in the U.S. Case Study: The Fresno Drop-Off In another ongoing case, DEA agents intercepted a courier who had driven from Las Vegas to Fresno carrying $600,000 in cash wrapped in heat-sealed food storage containers. The courier had instructions to deposit the funds in $9,000 increments across five banks within two days. Digital logs show that the operation was coordinated via WeChat voice notes, using code names like 'water delivery' and 'temple donations.' Surveillance later uncovered a dozen similar couriers operating in California's Central Valley, each believed to have laundered between $2 million and $5 million over a year. The Human Cost of Dirty Money Behind every laundered dollar is a trail of overdose deaths, broken communities, and shattered families. Fentanyl, the cartels' product of choice, has killed more than 70,000 Americans per year, according to the CDC. When drug profits are laundered successfully, cartels reinvest in larger shipments, deadlier chemicals, and more sophisticated smuggling techniques. By facilitating laundering—knowingly or not—banks indirectly enable the scourge law enforcement is fighting to stop. Amicus International Consulting's Role in Financial Defence Amicus International Consulting offers solutions grounded in compliance, security, and legal integrity in an environment where individuals and institutions can become unknowing enablers of criminal networks. Amicus provides: Strategic consulting for high-risk account monitoring Corporate structuring services to prevent shell-company fraud Legal second citizenship and offshore banking setup compliant with FATF/OECD standards Intelligence briefings on geopolitical laundering threats AML and KYC training for financial institutions 'Today, the line between criminal and legitimate financial activity has never been thinner,' said a senior compliance advisor at Amicus. 'Our job is to ensure clients never cross it—intentionally or otherwise.' A Call for Reinforcement, Not Just Reform The Chinese cartel laundering pipeline has revealed gaping holes in the U.S. anti-money laundering regime—holes that have allowed billions in criminal proceeds to pass through the front doors of some of America's largest banks. As regulators scramble to modernize detection systems and enforce stricter oversight, financial institutions must shift from reactive to proactive, from automated red flagging to human-centred risk evaluation. Because when cartels walk in with bags of cash and walk out with digital legitimacy, the system is broken. 📞 Contact InformationPhone: +1 (604) 200-5402Email: info@ Website:
