LEADING co-working space provider INFINITY8 inaugurated its new co-working space in the northern region in Penang, aiming to boost the state’s economy by offering a platform for businesses and individuals to thrive.
Named the INFINITY8 Reserve George Town, this new space underscores the growing importance of co-working environments in the digital age.
INFINITY8’s mission is to create flexible workspaces that are unique, aesthetically pleasing, and designed to inspire creativity.
‘Redesign space, redefine work’ has always been the guiding principle at INFINITY8, where they strive to create environments that go beyond the ordinary.
What sets this new co-working space apart is its strategic placement at a nearly 25,000sq ft heritage building at Beach Street, where various other facilities and amenities are made available within a reasonable distance.
The 100-year-old colonial building, also known as the Standard Chartered Bank Building, used to house the Standard Chartered Bank for over 87 years before being converted into a co-working space.
Chief Minister Chow Kon Yeow, who officiated the opening ceremony, said the new co-working space will have the potential to bridge global investors and local businesses through events conducted within the space, fostering valuable networking opportunities and potential partnerships.
“They provide access to key market insights, local business climate, and local expertise via workshops and mentorship programmes held at the space.
“Moreover, their offering of flexible workspaces and essential support services such as administrative, information technology (IT), and legal assistance, will reduce the initial risks and costs associated with foreign investments.
“As for foreign businesses, this space provides a soft landing by offering integrated solutions and a low-risk entry point into the local market, enabling foreign businesses to establish a presence with reduced investment and logistical challenges.
“By attracting both local and foreign enterprises, INFINITY8 fosters cross-border collaboration, leading to new ventures, strategic partnerships, and increased foreign direct investments (FDIs), which, therefore, contribute to the overall state economic growth,” Chow said in his speech during the opening ceremony in George Town today.
Chow also mentioned that several factors have made co-working spaces more relevant in this digital era, especially in Penang where the state prioritises inclusivity in various areas.
He further noted that a significant shift towards virtual office work and the rise of ‘digital nomads’ was driven by the Covid-19 pandemic.
“As a result, a major shift in the working normative has been induced as ‘digital nomads’ taking over the conventional way of working.
“In the past few years, we have seen digital nomads flocking into Malaysia due to the low cost of living, remote workers incentives, and ease of communication.
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“Penang, as one of the country’s tourism magnets, has continuously shown tremendous potential to attract more digital nomads.
“According to the Nomad Index (2023), Penang is ranked 10 out of 50 cities globally to live, work and travel, ahead of Kuala Lumpur, Da Nang (Vietnam), Cape Town (South Africa), and Seoul (South Korea).
“The state scored greatly in terms of affordability and safety. Hence, co-working spaces are set to cater to and support this ever-growing community,” Chow added.
He also spoke about DE Rantau, a digital nomad programme, that was introduced by the Federal Government in 2022, to establish Malaysia as the preferred digital nomad hub in ASEAN while boosting digital adoption.
INFINITY8, a Johor Bahru-based company, was first established there in 2017 by its founder, Lee Sheah Liang and three other co-workers.
Lee, in his speech earlier, said the latest branch in Penang marks the company’s 10th nationwide.
“The idea to set up a branch in Penang was followed by a series of discussions held with good friends last year, where we spoke about the positives of getting the people and the state to benefit from this initiative.
“After almost nine months of negotiations, we decided to expand and announce the opening in Penang this year,” he said.
Lee also stated that Penang was his favourite city in Malaysia, and always enjoys creating beautiful memories here.
For more details about the new setup by INFINITY8 at Beach Street, kindly visit their website at https://www.infinity8.com.my/georgetown-prelaunch/.
Also present during the ceremony was state Infrastructure, Transport and Digital Committee chairman Zairil Khir Johari.
Story by Kevin Vimal
Pix by Siew Chia En
Video by Law Suun Ting