Amazon is taking another step into the FinTech World 🤯; Here's why 2022 is the worst year in cryptocurrency history 😳; What if we could decentralize social media? 🤔
FinTech is Eating the World, 30 October
Hey Everyone,
And happy Sunday! It’s been a super busy week in Las Vegas at Money20/20 and I’m finally home for a short time, so it’s a great moment to talk about what matters in FinTech. Today’s issue is super exciting as we’re going to look at Amazon which is taking yet another step into the FinTech World (+ why it’s huge & how Amazon is unbundling a bank + one bonus read), see why 2022 is the worst year in cryptocurrency history (you will be surprised, I promise!), and question what if we could decentralize social media (& why it’s a herculean task). Let’s jump straight into the amazing stuff:
Amazon is taking another step into the FinTech World 🤯
The news 🗞 Commerce powerhouse Amazon AMZN 0.00%↑ just took another step into the financial world by launching a home insurance comparison platform in the United Kingdom.
More on this 👉 Through the Amazon Insurance Store, the US-based company partnered with 3 major UK insurers: Ageas UK, Co-op, and LV=.
The platform allows customers to compare home insurance prices among the three insurers. They can also access customer reviews, insurance company ratings, and the rates at which claims were accepted for the policies offered.
Amazon gets a commission on each sale made on the platform. Hence, it’s something similar to Google Compare which was launched in 2012 and compared credit cards, mortgages, and care insurance. The platform was shut down in 2016.
It’s important to note that Amazon has been hinting since 2018 that it would offer an insurance comparison tool in the UK. It took the tech giant 4 years to launch it, and now Amazon is working on adding more insurers to the platform early next year.
Why does this matter? 🤔 Not only it’s a very interesting move on its own. More importantly, it’s Amazon’s yet another step into the FinTech world.
Here’s more on that, how Amazon is unbundling the bank, why this move could be big + the takeaway: