- The latest coworking space and technology hub supports the ongoing national initiative to reinforce Malaysia’s position as a global business hub and attract MNCs to set up regional offices in Malaysia.
- The Menara UOA Bangsar (MUB) space is WORQ’s 7th outlet as the brand actively expands its footprint in Malaysia by doubling its size this year.
KUALA LUMPUR, 25 August 2023 – WORQ, Malaysia’s leading coworking and flex space provider, smashes record yet again by launching its seventh outlet in Menara UOA Bangsar (MUB) with an impressive 70% occupancy and immediate profitability on day-1. This 15,000 square foot coworking space will serve as a growth hub for global tech startups while also giving the local and international community access to a vast business network and robust infrastructure.
Since 2017, WORQ has fostered over 266 startups and 122 tech companies, emerging as the leading coworking space in Malaysia. This collaboration with UOA demonstrates a commitment to position Malaysia as the premier digital hub within the ASEAN region. Aligned with Malaysia Digital Economy Corporation’s (MDEC) Malaysia Digital (MD) initiatives and PEMANGKIN programs, WORQ hopes to drive the growth of Malaysia’s digital economy.
Chairman and Founding Partner of Ikhlas Capital, Tan Sri Nazir Razak, who officiated the launch of the outlet, further shared, “This is a significant step towards fostering innovation and collaboration in Malaysia’s dynamic business landscape. Coworking spaces are now hubs of technological innovation that serve as a launching pad for numerous aspiring startups. The growing digital economy in Malaysia is the result of a number of factors, which also make Malaysia a more desirable location for tech and digital companies looking to expand their presence in the ASEAN region. WORQ’s new 15,000 square foot hub not only exemplifies the brand’s commitment to supporting startups and businesses but also reinforces its role in advancing Malaysia’s stature as a leading digital hub within ASEAN.”
Reflecting on WORQ’s sustainable business model, seasoned finance veteran Tan Sri Nazir Razak also mentioned in his inaugural speech that he was highly impressed by the company’s performance and jokingly asked the founders why he hadn’t been extended an invitation to invest in the on-going growth of the company.
The launch of this new space is part of a larger national initiative to reinforce Malaysia’s position as a global business hub and attract MNCs to set up regional offices in Malaysia, which contributes significantly to the generation of high-value jobs in the country, especially in the tech and digital sectors. At present, foreign companies building teams in Malaysia make up about 50% of WORQ’s clientele.
WORQ is accelerating Malaysia’s startup ecosystem and digital economy
As a developing nation, Malaysia has been proactively reshaping its economy to move up the value chain by enhancing productivity and transitioning towards a digital economy. In pursuit of this goal, the nation has placed a high priority on becoming a global business hub and growing its startup ecosystem, which has expanded dramatically in recent years.
“We’re thrilled to establish the headquarters of Antler Malaysia at WORQ Bangsar in Kuala Lumpur. Our vision is to fuel the growth of more than 30 innovative startups throughout Malaysia within the next three years. Through our partnership with WORQ, as the official ecosystem enabler and becoming one of their Talent Development and Funding Partners under the Malaysia Digital Hub (MDH) initiative, we are able to extend the reach of our residency to support the growth of startups. Given Malaysia’s abundant entrepreneurial potential and conducive business environment, WORQ is well positioned to deliver flexible workspace solutions that will further nurture the expansion of startups,” shared Frank Kang, Associate Partner for Malaysia, Antler.
In line with the Malaysian Startup Ecosystem Roadmap (SUPER), WORQ continues to support the progress and development of startups at every stage, from inception to globalization. The brand is committed to create business-ready hubs that go beyond providing just workspaces but also offering a range of business support and technology solutions to cater to the needs of startups and entrepreneurs. With a focus on fostering collaboration and innovation, WORQ has become the preferred choice for local and international businesses that are looking to set up in Malaysia as a hub for South East Asia and the world.
Prioritizing nation building through building world-class office spaces
The digital economy is expected to contribute 25.5% of Malaysia’s GDP and create 500,000 jobs by 2025. WORQ’s coworking spaces play a vital role in this growth, by providing startups with on-demand and affordable workspaces that cater to the needs of agile startups, and offering a collaborative and innovative environment necessary for their success.
Having access to the right office infrastructure and services is critical for more companies to tap into Malaysia’s vast talent pool. Through a strategic collaboration with WORQ, landlords gain the capacity to offer additional services and foster a business ecosystem in their developments, thus attracting more companies to establish their teams in Malaysia. With a network of modern flexible workspaces, WORQ is ready to revolutionize the workforce by empowering hybrid work models and in doing so, create new job opportunities.
By lowering the cost of setting up and doing business in Malaysia, WORQ has attracted more companies to choose Malaysia as their business hub, bringing global jobs to Malaysians. As Malaysians tap into the global markets, Malaysian workers get upskilled to move up the value chain and this creates opportunities for entrepreneurs to propel the nation towards becoming a global hub for innovation and entrepreneurship.
“Cradle fully acknowledges WORQ’s impact on the Malaysian startup ecosystem, and we see our investment in this establishment go beyond a financial transaction as it signifies an opportunity to create a direct spillover effect in the startup ecosystem and, by extension, the broader Malaysian economy. Our vision is clear to cultivate a flourishing startup landscape that not only revolutionizes industries but also creates a ripple effect of job creation, economic growth, and technological advancement. We are not just investing in startups, we are investing in the future. Under the Malaysia Startup Ecosystem Roadmap (SUPER) and MYStartup initiative, Cradle is driving a transformational force that will shape the destiny of innovation for years to come,” said Norman Matthieu Vanhaecke, Acting Group CEO of Cradle Fund Sdn Bhd (Cradle).
Aligning with the government’s MyDIGITAL initiative to attract new investments worth RM 70 billion in the digital sector from within and outside the country, industry players are thriving in their digital transformation journey. With an anticipated surge in foreign investments and a stable political environment, WORQ aims to enable over 10,000 workers in Malaysia as this is part of the company’s immediate plans to expand its total space under management to 450,000 square feet by 2025.