Manila among top cities friendly to start-ups

MANILA has one of the most conducive start-up ecosystems in the world, as it ranked high in multiple categories of a report assessing the environment for new enterprises.

Along with Taipei, Busan, Calgary and Frankfurt, Manila was listed as one of the top activation phase ecosystems in the world, according to Startup Genome’s 2019 Global Startup Ecosystem Report. The Philippine capital placed 10th in the global competition for Bang for Buck.

It ranked fifth in the activation ecosystem for connectedness, as well as in exit growth index.

Moreover, Manila was sixth across the world in output growth index and ninth in funding growth index. The assessment also put the city’s financial technology (fintech) industry in the spotlight, as it comprised 15 percent of all start-ups.

According to the report, Manila’s fintech transaction value last year amounted to about $5.7 billion and is projected to hit $10.5 billion by 2022.

Read more: Business Mirror