Software dev: Why do so many finance firms bank on Romania? It’s not just pay

istock24083269medium Software dev: Why do so many finance firms bank on Romania? It’s not just pay

The ING Bank branch in Cluj-Napoca: Romania is becoming a development hot spot for big banks and fintech businesses.

Image: Marek SLUSARCZYK, tupungato

Germany’s Deutsche Bank, France’s Societe Generale, Italy’s UniCredit, Dutch ING, and Swiss UBS are actively expanding their developer teams in Romania, collectively planning to hire about 500 software engineers this year, according to numbers provided to ZDNet by the banks themselves and recruiters.

In Romania, over 2,000 software engineers are already working either directly for fintech businesses, such as Misys, or through outsourcing companies like Luxoft.

And the number keeps growing, as Romania boosts its image as a place where you can find reasonably-priced developers who speak English and understand the rigor of financial software.

Bucharest University of Economic Studies alone offers to educate 1,500 freshmen starting in October, in fields that mix computer science with economics. The latest statistics show that two-thirds of the students manage to graduate from this university.