Ukheshe Labs, the newly launched innovation hub by Banking as a Service (BaaS) and embedded finance enabler Ukheshe, is set to concentrate on research and development within the digital payments sector. Jason Penton, Co-Founder of Ukheshe and Head of Ukheshe Labs, emphasizes the importance of prioritizing innovation as a company expands. The establishment of Ukheshe Labs aims to prevent stagnation in product development by bringing together skilled individuals who can think outside the box.
In addition to product development, Ukheshe Labs aims to provide various benefits by serving as an expertise hub for all departments within the company. Penton explains that if any business unit encounters cost, technology, or compliance challenges, they can refer to Labs for solutions.
One of the key challenges that Labs will address is technology consolidation across the entire organization. As companies grow, they often face issues with technology silos, including duplication of technology, processes, and operations across different departments. Labs intends to rectify and minimize these challenges by fostering open communication and innovation by leveraging technologies, infrastructure, and processes.
Furthermore, Ukheshe is currently focused on its growth strategy and potential mergers and acquisitions in the future. In such cases, Labs would direct its efforts toward streamlining technology duplication over the short, medium, and long term.
Ukheshe Labs is already engaged in various projects, including initiatives to extend legacy technology’s longevity. This involves transitioning from data centres to the cloud to improve operational costs and address security and compliance concerns. Penton highlights the importance of complying with regulations as technologies reach their end-of-life cycle. Ukheshe Labs would identify the problem, brainstorm solutions, and evaluate their feasibility by considering the necessary technologies, costs, risks, and more. Potential solutions would undergo testing and monitoring before implementing the most suitable one.
Penton believes that Ukheshe Labs will ensure the company remains focused on its vision and core values throughout its growth. Upholding a strong culture of innovation is essential to Ukheshe, as it aims to stay ahead of the curve and fulfill its mission of expanding financial inclusion.
