Manila dubbed as one of the top cities for fintechs

Metro Manila (CNN Philippines, May 21) — Manila is among the friendliest cities in the world for financial technology (fintech) startups, according to a global research firm.

Startup Genome released its annual Global Startup Ecosystem Report on May 9, placing Manila in its Top 10 Global Ecosystems of 2019. Manila also ranked among the Top 5 locations in the “activation phase,” or those which are developing.

Among these cities were Taipei in Taiwan, Busan in South Korea, Calgary in Canada and Frankfurt in Germany.

Strong English-language skills and well-established outsourcing industries in Manila were cited as key drivers that encourage investors to move their startup operations to the Philippine capital.

Fintech companies compose 15 percent of Manila’s startups, with the market expected to grow to $10.5 billion by 2022 from about $5.7 billion last year.

Read more: CNN Philippines