UOB China partners with Ucommune to accelerate growth of startups and SMEs

United Overseas Bank (China) Ltd announced on Thursday that it has signed a memorandum of understanding with Ucommune (Beijing) Venture Investment Co Ltd.

The venture aims to provide financial and workspace solutions for startups and small-and medium-sized enterprises operating across China.

Through the collaboration, UOB Group’s startup and SME customers will be able to enjoy a range of benefits at Ucommune’s 200 co-working spaces across China. 

These include preferential rates for office rentals and conference room bookings, member discounts and opportunities to participate in networking and social activities.

Ucommune’s individual and corporate members will have access to the Singapore lender’s comprehensive suite of banking products and services such as foreign exchange solutions, virtual account solutions and wealth management products.

In addition, the two parties will support Chinese startups and SMEs by helping to facilitate their expansion into Southeast Asia. 

The two organizations will host knowledge sharing and networking events to connect these domestic enterprises to regional business partners and opportunities.

UOB (China) said it will also tap its group’s extensive network and financial technology partner ecosystem to provide these companies with referrals to other co-working spaces, cross-border investment advisory and financial solutions.

The collaboration with Ucommune is an addition to UOB’s fintech ecosystem, which comprises alternative funding providers and professional service providers to help startups thrive. It also adds to the Group’s many tie-ups with co-working space providers across Asia.

UOB’s other partners include Common Ground (Malaysia), WORQ (Malaysia), Toong (Vietnam) and 80RR Fintech Hub SG (Singapore).

Co-working spaces offer businesses workspace cost benefits, variety, flexibility, networking opportunities and suit the lifestyle preferences of an increasingly millennial workforce.

In first-tier cities such as Shanghai, co-working spaces can help companies save up to 28 percent in rental costs compared with conventional offices. As such, co-working spaces are among the fastest-growing commercial properties in China.