Royal Bank of Canada (TSX: RY) (NYSE: RY) and ApplyBoard have launched a joint proof of financial support solution designed to help international students who want to pursue a higher education in Canada.
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Increased Reliability and Efficiency
For international students, one of the key elements of applying for a study permit in Canada is demonstrating their ability to support themselves financially while studying abroad.
Using ApplyProof, ApplyBoard’s document verification platform, international students can now submit their study permit application to the Canadian government with the added reliability and security of a Guaranteed Investment Certificate (GIC) verifiable number provided by RBC.
A standalone platform developed by ApplyBoard, ApplyProof transforms the way immigration officers, admissions officers, and others involved in the study permit issuance process view, verify, and transmit official student documents.
Through the ApplyProof platform, international students will be able to submit a GIC application that can be verified in seconds.
CEO Commentary
“The journey for international students coming to Canada can be complex and time consuming. Our integrated solution with ApplyBoard helps to make that journey a little easier,” says Amit Brahme, Senior Director, Newcomer and Cultural Client Segment, RBC.
“RBC has a longstanding history of and commitment to supporting newcomers, including international students, who bring innovative ideas and fresh perspectives to campus communities across Canada.”
Wall Street’s Take
Last week, CIBC analyst Paul Holden kept a Hold rating on RY, with a price target of C$151. This implies 8.5% upside potential.
The rest of the Street is cautiously optimistic on RY with a Moderate Buy consensus rating based on four Buys and four Holds. The average Royal Bank of Canada price target of C$152.38 implies 9.6% upside potential to current levels.
TipRanks’ Smart Score
RY scores a 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock returns are likely to outperform the overall market.
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