Outsourcing in the fintech industry continues to grow! The use of offshore web development services can be an invaluable tool when developing new solutions fast to keep up with the dynamic users’ needs. According to Moonward’s research, eight percent of fintech budgets are allocated to outsourcing, and nearly all are viewed as ‘business critical’.
Nevertheless, outsourcing is a partnership too, so there are risks and dependencies. You can make your experience as painless as possible by choosing the right vendor. Obviously, how each company operates varies from company to company. However, much depends on the country in which a company is located. Top outsourcing countries provide incentives for investors, promote a positive working environment and entice businesses to grow. Others will either do nothing or deteriorate the business landscape.
So what are the best countries to outsource fintech development?
Best Countries for Fintech Outsourcing
1. Ukraine
Located at the heart of Europe, our first outsourcing destination is Ukraine. This country’s outsourcing capabilities have been well-known in the world and the BritishGlobal Sourcing Association even voted Ukraine as the top outsourcing country in the world! With low hourly rates, strong technical skills, English language proficiency, and convenient differences in time, Ukrainian outsourcing vendors, like SapientPro, Skelia, and Exoft are among the top software development companies and can guarantee you a good quality-price ratio.
- Average hourly rate: $25-$50
- Number of specialists: 200K+
2. India
There is no doubt that outsourcing and India go together, and that soon almost all of us will take advantage of their cheap and time-efficient services. India offers one of the most competitive outsourcing markets in the world because you will have access to an enormous talent pool. Investing in fintech php outsourcing in India in 2021 will make sense if you need to onboard large teams. It will take some time and experimentation, however, to find truly qualified developers.
- Average hourly rate: $18-$40
- Number of specialists: 4M+
3. China
The large talent pool in China can provide you with as many developers as India. However, their technical skills and quality of work tends to be higher. When evaluating all countries for competition in a programming Olympics, China stands atop the hacker ranking. Even so, China’s level of English proficiency is significantly lower than India’s, so communication might be difficult.
- Average hourly rate: $18-$40
- Number of specialists: 4M+
4. Poland
Poland is one of the top outsourced countries of the EU. With its political and economic ties to most European countries, it makes it easier to form strong partnerships when outsourcing in Poland if you are, say, in Germany or France. Making business trips is easier. Software developers in Poland are also capable of providing unique and magnifying solutions for various corporate sectors.
- Average hourly rate: $40-$55
- Number of specialists: 279K+
5. The Philippines
With its constantly growing IT market, the Philippines is another top fintech outsourcing destination. According to the 2019 rankings, it was 95th in terms of the ease of doing business. It makes sense: foreign outsourced companies in the Philippines enjoy incentives, training, and other perks from their government, which have a well-developed IT infrastructure. Generally speaking, the developers are proficient in English.
- Average hourly rate: $18-$40
- Number of specialists: 199K+
6. Switzerland
If you require top-of-the-line development, design, and project management, Switzerland is the perfect place for you to outsource! However, they charge more for their services than do all of the other countries on our list. Developers in Switzerland tend to have exceptional English skills. Additionally, they comply with all industry standards from around the world more reliably. Furthermore, there are generally higher levels of business competency.
- Average hourly rate: $68-$100
- Number of specialists: 155K+
7. South Africa
Besides encouraging better BPO services, South Africa’s government is also attempting to attract international companies to South Africa. Therefore, there is strong support for IT outsourcing in this region. Perhaps that’s why professional qualifications in South Africa are similar to those in the United Kingdom. As the market for outsourcing continues to grow, there are many great development teams with excellent English and tech skills available. US and European clients can also benefit from South Africa’s time zone.
- Average hourly rate: $20-$40
- Number of specialists: 133K+
8. Indonesia
With its rapidly expanding economy, low cost development, digital presence, workforce availability and rapidly improving business environment, Indonesia is also a destination for outsourcing worth considering. Unfortunately, low-quality results often accompany low-priced services. In other words, it’s more of a patchwork solution. However, you can quickly find developers in Indonesia due to its enormous talent pool.
Nevertheless, Indonesia’s IT market isn’t stagnant and is constantly growing, making it a “new trigger of Southeast Asia”.
- Average hourly rate: $18-$40
- Number of specialists: N/A
9. Romania
A vibrant tech scene is thriving in Romania. Education is free and equally distributed in Romania, a factor that explains why Romanian developers rank 20th globally in all HackerRank tests. Here, developers come with diverse skills and high-quality specialization.
Due to Romania’s small outsourcing market compared to its neighbor, Ukraine, finding a good developer can be a challenge. It is also likely that US clients will not encounter any issues due to the fact that English proficiency here is intermediate.
- Average hourly rate: $25-$50
- Number of specialists: 116K
10. Estonia
Developers are not in abundance in Estonia. The reason for this, however, can be traced to Estonia’s robust startup system which offers highly skilled and professional workers. This community has government initiatives supporting local tech businesses, with the consequence of producing great talent. Business projects in the local area include Skype, TransferWise, and SAP. The Estonian outsourcing market is a top-notch destination for businesses who value quality over price: developers here also have high hourly rates.
- Average hourly rate: $40-$80
- Number of specialists: 20K
How to Choose an Outsourcing Vendor?
Outsourcing is only successful when it is accompanied by a strong partnership. Your search for a patch-solution company will only provide you with short-term benefits. A long-term, trusting relationship is better for fintech, an industry where security is more important than other features.
If you are selecting an outsourcing company, be sure they have vast experience in the Fintech industry, strong corporate structures, and a sense of accountability. The answers to these questions are not governed by the country but by the values that each outsourcing company holds.
Their origin country will determine their price and cultural characteristics. Consider in which country you can perform business most effectively? Are you interested in government incentives? Do you have a budget in place? What about cultural differences? Will you be capable of handling them?
It is a challenge to make Fintech outsourcing work – but one well worth taking on. Read our recent blog post to learn more about this topic.
