back Back

Ukheshe launches Innovation Lab to focus on Digital Payments

By Gloria Methri

May 29, 2023

  • Banking-as-a-Service
  • Digital Payments
  • Embedded Finance
Share

Banking as a Service (BaaS) and embedded finance enabler Ukheshe has launched an innovation hub, Ukheshe Labs, to focus on research and development in the digital payments market.

Jason Penton, Ukheshe Co-Founder and Head of Ukheshe Labs, said such an endeavour should be a priority for any company operating in the tech sphere.

“As a company grows, there is often a very structured process for business as usual. When that happens, it’s easy to become stuck in mundane processes, leaving product development by the wayside. The idea behind Ukheshe Labs is to prevent this by bringing together highly skilled individuals, people who can think outside the box, to focus on innovation as the company grows.”

Besides product development, there are several other benefits to creating such an innovation hub within a company. Ukheshe Labs aims to tackle much more than product development, with the aim of becoming an expertise hub for any department within the company.

“If any of the other business units face a challenge, whether a cost, technology or compliance challenge, they can refer that to Labs to solve,” added Penton.

One such challenge that Labs will tackle is technology consolidation across the group. Labs will correct and minimise these and related challenges by encouraging open communication and innovation across all Ukheshe business units, and then leveraging technologies, infrastructure, and processes.

“Ukheshe is very focused on its growth strategy and trajectory now, which could involve mergers and acquisitions in the future. Should this be the case, Labs would then aim its focus on streamlining technology duplication over the short, medium, and long term,” said Penton.

Labs are already working on several other projects; one such project is looking at ways to give legacy tech more longevity. This involves moving away from data centers and into the cloud, providing more efficient cost of operation, and solving any security and compliance challenges.

Another challenge Labs would tackle is complying with certain regulations when technologies eventually reach their end-of-life cycle. Penton believes Ukheshe Labs will help the company keep its vision top of mind and not lose sight of its core values as it grows.

Previous Article

May 29, 2023

NatWest pledges £1b in lending to boost UK green manufacturing

Read More
Next Article

May 29, 2023

Al Ansari Exchange & Tranglo partner to improve cross border remittance

Read More






IBSi Daily News Analysis

June 21, 2024

Banking-as-a-Service

Industry experts react after India FIU fines Binance $2.2m, signaling tougher digital asset regulations

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 21, 2024

MECCA & Adyen to offer a seamless payments experience in Australia

Read More

June 21, 2024

Vipps, MobilePay launch cross-border P2P payments in the Nordics

Read More

June 21, 2024

FinTech Focus: Catch latest developments of the week

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023