Manila one of the top cities for fintech startups
Manila has been hailed as one of the top friendly cities in the world for financial technology (fintech) startups, said a global research firm. The capital is in the Top 10 Global Ecosystems of 2019 list in Startup Genome’s yearly Global Startup Ecosystem Report. It is also in the top five destinations in the “activation phase” or those which are developing, which include Taipei in Taiwan, Busan in South Korea, Calgary in Canada, and Frankfurt in Germany. The report found that investors choose Manila for their startup operations due to its well-established outsourcing industries and strong English language skills. Fintech firms account for 15% of Manila’s startups. The fintech sector in the country is predicted to grow to USD10.5bn by 2022 from about USD5.7bn in 2018. Manila also got the “Bang for Buck” badge, as fintech firms report getting more value for their initial funding, and the “Connectedness” badge for its ties to the global startup ecosystem and for the local sense of community.