UOB partners COCOWORK with aim to cut costs for start-ups and SMEs

UOB Indonesia has partnered with co-working space COCOWORK, to set up COCOWORK@UOB Plaza, located within UOB Indonesia’s office headquarters in Jakarta.

Through the partnership, UOB Indonesia’s customers, including start-ups and small-and medium-sized enterprises (SMEs), will enjoy discounts of office rental rates at COCOWORK@UOB Plaza. With this initiative, the bank aims to help its customers set up their operations in a fast, flexible and cost-effective way.

As part of the collaboration, UOB Indonesia will also provide COCOWORK’s co-working space members with customised financial solutions such as loans, cash management and trade financing products to help them manage their business. Start-ups and SMEs using COCOWORK’s co-working spaces can also access alternative financing options through UOB’s partnerships with equity crowd funding and venture debt firms, OurCrowd and InnoVen Capital, respectively.

According to a statement, these co-working spaces will offer businesses more flexibility in determining the duration of the lease based on their needs. There is also no need to incur the upfront costs of renovation, the purchase of office furniture or to manage tasks such as setting up their utility or internet services.

The partnership with COCOWORK is one of UOB’s many tie-ups with co-working space providers across Southeast Asia. These include Common Ground (Malaysia), WORQ (Malaysia), Toong (Vietnam) and 80RR Fintech Hub SG (Singapore).

“In addition to the lower rental costs at COCOWORK@UOB Plaza, our business bankers will also be easily accessible to provide these emerging enterprises with the financial advisory and banking solutions they need to grow their business," Pardi Kendy, channels director, UOB Indonesia.

Kendy added that the co-working space also provides an avenue for customers to connect with other tenants, including start-ups, technology companies, digital marketing firms and professional service providers such as lawyers, accountants and intellectual property specialists for collaboration opportunities.

“Tapping on UOB Group’s regional network, we will help connect COCOWORK’s members expanding across Southeast Asia to other co-working spaces in the region where they can also benefit from preferential rental rates. The lower set-up costs associated with overseas expansion will enable them to achieve better business performance,” Kendy added.

“With a growing community of more than 3,500 members across our 21 locations in Jakarta and Medan, we believe that co-working will be the mainstream platform through which entrepreneurs organise and share resources amongst themselves. Through our partnership with UOB Indonesia, our members will have access to our broader of network partners to grow their business in Southeast Asia,” Carlson Lau, CEO and co-founder, COCOWORK said.