FinTech and the Growing Foreign Student Immigration Rate
- Peter Johnson
- Dec 14, 2023
- 2 min read
The global immigration industry offers a major chance to stimulate economic expansion and bring billions of dollars into the Canadian GDP. For sustained results and high-quality population growth, however, how we guide immigrants toward permanent residency is essential. The existing approach is widely separated, tricky to work with, and out-of-date. To bolster population and economic growth in Canada, a contemporary solution is necessary.
Since the 1960s, when Canada saw its peak in birth rate with 3.8 births per woman, it has seen a continuous decline. Now, on average, a Canadian woman has 1.5 children, which is considerably lower than the required level of 2.1 births per woman to ensure the population's self-renewal process. Thus, Canada is heavily reliant on foreign immigration of young and educated individuals in order to keep its population from diminishing and also to increase it.
Prior to the onset of the pandemic, Canada granted around 444,260 study permits. This number rose to 550,000 in 2022, and is projected to increase by a minimum of 5% every year for the foreseeable future. Approximately 80% of Canada's 1.8 million population growth between 2016 and 2021 were from new migrants, which has made the country the highest-growing in the G7. It's not unexpected, then, that central Canadian banks, telecommunications companies, and a variety of other sectors are increasingly considering this particular group of people when searching for new customers.
International students are credited with injecting about $21Bn each year into the Canadian economy in the form of tuition fees, living costs and other expenditures.
An estimated 60% of students seek permanent residency (PR) status and there is currently a lack of cohesive solutions to assist them in the application process. To address this, Impression Ventures has invested in BorderPass, which has taken up the mantle of managing the $21B entering Canada through the visa process. BorderPass is dedicated to innovating the process for everyone involved: students, educational institutions, and government bodies. It has recently sealed an exclusive partnership with Centennial College to be a hub for resources for new immigrants, while facilitating the visa application for foreign students.
Nevertheless, Canada is not the only region in the running for immigration. In the Americas, the US continues to be appealing to overseas students, because of its offerings of a top-tier education from an American university. Additionally, the UK, France, Australia, and Ireland are also magnetizing a great number of international scholars due to their reliable, renowned educational structures. Though BorderPass is presently focusing solely on the Canadian market, Impression recognizes a great chance to expand into foreign markets.
If you participate in the academic and/or international immigration sector, get in touch with Impression Ventures to explore how we can collaborate in order to make the Canadian immigration process easier to comprehend!
Comments