UOB (Thai) and JustCo lower cost barriers for start-ups and SMEs

United Overseas Bank (Thai) (UOB (Thai)) has signed a Memorandum of Understanding (MOU) with JustCo to offer preferential rental rates at any of JustCo’s three co-working spaces in Thailand. JustCo is one of Asia’s leading co-working space providers with 22 co-working centres in Bangkok, Jakarta, Shanghai and Singapore.

Under the MOU, UOB customers in Thailand, from start-ups to small- and medium-sized enterprises (SMEs), will enjoy 20 per cent off the rental rates at any of JustCo’s co-working spaces in buildings located in Bangkok’s Central Business District, namely AIA Sathorn Tower, Capital Tower - All Seasons Place and Samyan Mitrtown.

Mr James Rama Phataminviphas, Country Head of Channels and Digitalisation, UOB (Thai), said, “For start-ups and SMEs looking to establish themselves in Thailand, co-working spaces offer an efficient alternative to setting up a physical office from scratch. For example, a recent study showed that many young ASEAN FinTech firms think that co-working spaces are beneficial to them as they may not have sufficient resources to set up their own office space1. Our collaboration with JustCo will enable us to offer UOB’s many start-up and SME customers yet another convenient and cost-effective option to set up and to manage their operations in Thailand.”

Ms Lu Liu, Co-founder and Chief Operating Officer at JustCo, said, “Over the past few years, we have seen an increasing demand for co-working spaces as businesses, regardless of size, shift their preferences from traditional offices to flexible, shared office spaces. Our collaboration with UOB (Thai) will enable more young and aspiring businesses to access JustCo’s wide network of 17,000 members and customised programmes that will help support their growth and drive their success. Ultimately, we aim to foster a community for the like-minded – one that encourages collaboration and innovation among individuals and businesses.”

This tie-up between UOB (Thai) and JustCo is another addition to UOB Group’s network of partnerships with co-working spaces across Asia, including those under companies such as True Digital Park (Thailand), Ascendas-Singbridge Group (China), CoHive (Indonesia), Common Ground (Malaysia), WORQ (Malaysia) and 80RR Fintech Hub SG (Singapore).

Apart from helping its customers establish their presence more cost-effectively, UOB (Thai) will also provide its customers with tailored financial solutions such as loans, cash management and trade financing products to help them manage their business. Companies can also access alternative financing options through UOB’s partnerships with equity crowdfunding and venture debt firms, OurCrowd and InnoVen Capital respectively.

Re-disseminated by The Asian Banker

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