UOB Indonesia and Cocowork launch co-working space

• Already has 40 tenants using the space
• Open to startups from various industries, not just fintech

PT BANK UOB Indonesia (UOB), a subsidiary of United Overseas Bank Limited (UOB), collaborates with Cocowork, previously known as EV Hive, to set up Cocowork@UOB Plaza.

The launch of the new co-working space located within UOB Indonesia’s headquarters in Jakarta follows the signing of a Memorandum of Understanding (MoU) in March 2018 and aims to help UOB’s customers manage their operational costs for businesses.

UOB Indonesia will provide Cocowork’s members with customised financial solutions such as loans, cash management, and trade financing products. The bank’s customers will also enjoy discounts on rental rates at this space.

Startups and SMEs using the co-working spaces can access alternative financing options through UOB’s partnerships with equity crowdfunding and venture debt firms such as OurCrowd and InnoVen Capital.

UOB Indonesia channels director Pardi Kendy says that this collaboration will not only focus on fintech startups but is also open to startups from various industries, even SMEs.

“We think that fintech will complement the banking industry, but we know that our customers still need more things aside from financial services product.”

He adds that UOB Group’s regional network will help Cocowork’s members to expand to other Southeast Asian (SEA) co-working spaces where they can also benefit from preferential rental rates which will enable them to achieve better business returns.

The MOU with Cocowork is one of UOB’s many tie-ups with co-working space providers across SEA including Common Ground (Malaysia), WORQ (Malaysia), Toong (Vietnam), and 80RR Fintech Hub SG (Singapore).

Cocowork chief executive and co-founder Carlson Lau says that there are approximately 40 tenants in this newest co-working space.

“We believe passionately in supporting our community of startups and SMEs by creating a culture and platform of collaboration and knowledge sharing. Through this partnership, our members will have access to our broader network partners to grow their business in SEA.”

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