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UOB inks MOUs with 4 co-working space providers in Singapore, Malaysia and Indonesia

STARTUPS and small- and medium-sized enterprises (SMEs) which are customers of United Overseas Bank (UOB) will now be able to enjoy preferential rental rates - of up to 20 per cent off - at co-working spaces in four South-east Asian markets, the bank said on Wednesday.

This follows the signing of four Memoranda of Understanding with co-working space providers EV Hive (Indonesia), Common Ground (Malaysia), WORQ (Malaysia) and 80RR Fintech Hub SG (Singapore).

With the latest agreements, the bank's startup and SME customers have access to 33 co-working spaces located around the region, UOB said in a release.

The bank first struck such a partnership in October 2017 with Vietnam-based co-working space provider Toong.

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Through the initiative, the bank hopes to address what it said is one of the top constraints to businesses' cross-border expansion, that of managing setup costs associated with expanding overseas.

Said Janet Young, head of group channels and digitalisation, UOB: "Through our partnerships with co-working space providers, our customers will be able to benefit from the lower rental and operational costs, which will in turn help drive better business performance as they expand.

"They will also be able to link up with the co-working community to gain an understanding of local market norms, to cross-fertilise ideas and to tap innovative technology as they grow their business."

UOB shares finished S$0.15 or 0.5 per cent lower at S$29.99 on Wednesday.