Ukheshe launches Innovation Lab to focus on Digital Payments
By Gloria Methri
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.
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