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Western Union
Բ’s Belt and Road initiative is one factor in Asia’s becoming more competitive and attracting more international students
Universities in Western countries such asthe UK, theUS, CanadaandAustraliahave a long tradition of welcoming international students from Asiancountries, 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’s 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 inChina’sgrowth has beenitsBelt 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 latestprominentinvestor 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 willaffecttheir domestic academic landscape.
“When creating alliances with Asian universities,Westerninstitutionsshould look at several factors, including reputation, complementary services and aligning their value proposition,”says Webster.“There are many ways tostructure an alliance,andchoosing 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.
“Thelatestinternational student mobility trends tell usthatChina 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 countriessuch asNigeria,” says Webster.“Translated marketing materials, local payment preferences and relationships with localeducationagents canallhelp recruitinternationalstudents.It’s also advisableto leverage relationships with alumni groups in overseas regions.”
Universities shouldalsohave processes in placethatfacilitateinternational studentonboardingand create a positive experience.For example,how they accommodate theincreasingneed toacceptstudentpayments fromothercountries.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 nolonger the primary sourcefor tracking payments.
“It is our job towork closely with academic institutions across the world to offer payment services that ease the international payment process, from managingthe risk of currency fluctuationto helping finance teams track and manage payments from international students,” says Webster.
While issues such as Brexitand populist governmentsmay further disrupt the flow of international students,Webster notes that there may still be solutions closer to home.
“In the UK,31per cent of internationalstudent come from the EU,” she says. “InCanada,3per centof international students come from the US. These are still prime markets foruniversitiesto continue to look to for international student.”
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.
aboutWestern Union Business Solutionsfor education.
