Will Amazon become a force in fintech?


Amazon is the tech giant most likely to become a dominant
player in fintech, predicted James Lloyd, Ernst & Young’s
fintech leader, when speaking on stage at TechCrunch and
TechNode’s event in Shenzhen, China on Monday.

Lloyd told TechCrunch that he expects Amazon to expand
further into payments, lending and credit scoring. “They’ll get
into everything that facilitates their ecosystem,” he said.
Lloyd sees parallels between Amazon and Ant Financial (formerly
Alipay), an affiliate of Alibaba.

Amazon recently announced that
they’ve lent out $1 billion in small loans

in the past year. Lloyd anticipates that they’ll double
down on this space. “They have a huge amount of data that they
could leverage to figure out how much you might need for the
next three months for inventory.”

But he’s wondering why they’ve they recently delayed
their entry into
Southeast Asia.
. “A big question even for their core
e-commerce business is what is Amazon going to do in Asia,” he
said. 

Also on stage was Jack Zhang, co-founder and CEO of
Airwallex, a transfer payments company for businesses. Zhang
talked about why he doesn’t believe bitcoin will be a long-term
player in international transactions.

He doesn’t think there’s enough liquidity in the bitcoin
market and he also voiced concern about volatility. “I don’t
think that’s the future of cross-border payment,” he
said. 

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