WeWork, Zhima Credit to launch new office plan

Global co-working service provider WeWork announced a partnership with Alibaba-backed online credit scoring platform Zhima Credit on Monday to launch the world's first deposit-free office community in China.

With this cooperation, WeWork member companies can enjoy a reduction and even an exemption of the deposit for renting office spaces at WeWork, as long as the company's credit score reaches 1,350 with Zhima. The highest reduction amount will be worth 100,000 yuan ($15,812) at present.

Meanwhile, companies using services at WeWork will be able to apply for cloud computing, smart office operation and credit financial services provided by Zhima Credit in the future so that their costs will be lowered as much as possible. Paperwork also will be saved as companies can sign contracts via Zhima's system.

The cooperation shows the company's commitment to the Chinese market, said Alan Ai, general manager of WeWork China. It will work with Zhima to help outbound Chinese small- and medium-sized companies reach the overseas market. The two companies also are studying the possibility of taking such a cooperation model overseas once conditions are ripe.

Hu Tao, general manager of Zhima Credit, said that a deposit for office rental accounts for up to 40 percent of a company's costs at the preliminary stage, which is huge burden for SMEs. With this cooperation, they can provide value to companies and society. Meanwhile, it is an important advance in terms of expanding scenarios where Zhima's deposit-free services can be used, she said.