Note from the CEO: Amazon into banking? Online retail, shipping, drones, delivery, newspapers, space and now banking too? Wow! Rather than be in the fintech sphere maybe they are really the Everythingtech company.
“A plethora of fintech (financial technology) startups is disrupting traditional finance by offering alternative, cheaper, and more convenient financial services. But what about established tech giants like Amazon? Can they have a significant role in disrupting the banking system?
The most powerful American tech companies, GAFA (an acronym for Google, Apple, Facebook, and Amazon), also entered financial services a few years ago. But the results have been disappointing, according to Huy Nguyen Trieu, a fintech resident expert at Oxford University and a member of the fintech advisory board of the World Economic Forum…..
Among the four U.S. tech giants, Amazon is most likely to be a major player in financial services in the future, according to Trieu. The online retail giant has more than 250 million customers.
‘Amazon is the ultimate virtual supermarket, selling to consumers, and buying from suppliers. Which means that handling money and payment is part of its DNA, and offering financial services is a natural extension of its business,’ he said.”
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