*By Michael Teich* Amazon inked a new partnership with American Express, but don't expect the financial industry to be the next area the tech giant jumps into. "The thing that people misunderstand is that tech companies don't want to manufacture financial products," said Lex Sokolin, Global Director of Fintech Strategy at Autonomous Research. "It's about making the ecosystem and the platform more powerful, and finance is just a feature inside of that." American Express announced Tuesday it will launch a co-branded Amazon credit card for small businesses. The move accelerates Amazon's foray into financial products and strengthens its position as a lender. The goal, Sokolin said, is to enable small businesses to finance their activities, getting more products on Amazon's platform, and ultimately driving more commerce. Plus, the opportunity costs of devoting itself to the financial industry are too high. "Amazon has tremendous high-growth, super interesting, blue oceans to explore,” he said. "They could be investing in building a mortgage business, or they can build artificial intelligence business." For the full segment, [click here.](https://cheddar.com/videos/amazon-bolsters-financial-prowess-with-new-credit-card)

Share:
More In Business
Spring Style Tips for an Appropriate and Comfortable Return to the Office
As life inches toward a post-pandemic world, many people are trying to navigate how to transition from their work-from-home look to a new back-to-office style for the first time in two years. Dina Scherer, the owner of Modnitsa Styling, joined Cheddar News to provide some styling suggestions for those returning to the office. 'I do hear this from a lot of my clients that they just have no idea how to transition from sweat pants, athleisure, into a work office environment outfit that's both appropriate and comfortable,' she noted.
Load More