*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)
Airline executives faced tough questions from Congress on Wednesday, with the Senate panel grilling top CEOs on how they used that $54 billion Covid-19 government lifeline.
This hearing comes as airlines continue to face staffing shortages and widespread delays. Jason Ader, Leisure Analyst and CEO of SpringOwl Asset Management joined Cheddar's Opening Bell to discuss.
Cockroach Labs Chief Product Officer Nate Stewart joined Wake Up With Cheddar to break down the company's Series F funding and the opportunities for growth it helps open up.
Airline executives faced tough questions from a Senate panel on Wednesday after receiving a $54 billion dollar Covid-19 government lifeline. Congress approved the fund in three rounds covering much of US airlines’ payroll costs for 18 months. During the hearing lawmakers asked CEO’s how they used the federal bailout funds, about staffing issues, flight cancellations, and delays. U.S. airlines reported a record $35 billion dollar loss last year when travel came to an abrupt halt because of the pandemic. Michael Boyd, CEO at the Boyd Group International explains why customers may not be returning to the skies quite so soon.
Senior Global Market Strategist at Wells Fargo Investment Institute Scott Wren joined Wake Up With Cheddar to recap the central bank's policy change, and how it may impact the economy moving forward.
Carlo's joined by a quarantining Baker to discuss the headlines from the weekend as Omicron spreads like wildfire, Manchin kills Biden's signature bill and Spider-Man throws a lifeline to the box office.
