Source:?
Western Union
°ä³ó¾±²Ô²¹¡¯²õ Belt and Road initiative is one factor in Asia¡¯²õ becoming more competitive and attracting more international students
Universities in Western countries such as?the UK, the?US, Canada?and?Australia?have a long tradition of welcoming international students from Asian?countries, but increasingly the tide is moving in the opposite direction.
In recent years, Asian economies have made a concerted effort to build their higher education capacity. They have simultaneously encouraged more of the region¡¯²õ population to study in their home countries and attracted more international students. As a result, China is now the third most popular destination for international students who previously would have studied in the UK, the US, Canada and Australia. In particular, China now attracts a growing number of students from South Korea, Japan, Thailand and Russia, as well as Pakistan and India.
These changes will pose challenges for Western universities as Asia creates more competition for international students. ¡°We need to think about the impact of these shifting international student populations in countries such as the UK, the US, Canada and Australia,¡± says Skyler Webster, director of product management at Western Union Business Solutions. ¡°Our advice is: don¡¯t ignore your existing sources of students. The change will not happen overnight. It will be an evolution over time.¡±
Influential in?China¡¯²õ?growth has been?its?Belt and Road Initiative?(BRI), a government-led infrastructure project aimed at encouraging more collaboration between countries and regions along the so-called New Silk Road?(NSR).
Italy is the latest?prominent?investor in the NSR initiative,?and many EU-based institutions are now considering how and where they will build partnerships in China and other Asian countries, and how this will?affect?their domestic academic landscape.
¡°When creating alliances with Asian universities,?Western?institutions?should look at several factors, including reputation, complementary services and aligning their value proposition,¡±?says Webster.?¡°There are many ways to?structure an alliance,?and?choosing the right partner for your goals is important.¡±
Among the other Asian countries now focusing their energies on bringing more international students into their institutions, Hong Kong has pledged HK$20 billion (?1.9 billion) of new funding for university research, Singapore is placing an emphasis on continuous learning through its SkillsFuture scheme, and Japan aims to reach its target of 300,000 international students by 2020 with the help of English-taught courses and increased government funding.
¡°The?latest?international student mobility trends tell us?that?China and India will remain the top two send countries globally,?but we are seeing expansive growth from Latin America,?especially Colombia and Brazil,?as well as African countries?such as?Nigeria,¡± says Webster.?¡°°Õranslated marketing materials, local payment preferences and relationships with local?education?agents can?all?help recruit?international?students.?It¡¯²õ also advisable?to leverage relationships with alumni groups in overseas regions.¡±
Universities should?also?have processes in place?that?facilitate?international student?onboarding?and create a positive experience.?For example,?how they accommodate the?increasing?need to?accept?student?payments from?other?countries.?Western Union offers a payment platform, GlobalPay for Students, that ensures funds arrive on time and without hidden charges. In many cases,?payments can be tracked online or via email or text messages, meaning that administration departments in universities are no?longer the primary source?for tracking payments.
¡°It is our job to?work closely with academic institutions across the world to offer payment services that ease the international payment process, from managing?the risk of currency fluctuation?to helping finance teams track and manage payments from international students,¡± says Webster.
While issues such as Brexit?and populist governments?may further disrupt the flow of international students,?Webster notes that there may still be solutions closer to home.
¡°In the UK,?31?per cent of international?student come from the EU,¡± she says. ¡°In?Canada,?3?per cent?of international students come from the US. These are still prime markets for?universities?to continue to look to for international student²õ.¡±
Western Union Business Solutions is supporting universities globally to provide financial infrastructure so that they can readily welcome academics and students from overseas with ease.??
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