- The platform will provide a complete range of financial solutions and a unified system tailored specifically to their requirements.
New Delhi, 14th August 2024: Ziksu, a leading Australian fintech company, has partnered with Elanistech, a prominent Indian fintech firm, to introduce an innovative financial platform tailored specifically for Indian students pursuing higher education in Australia. The collaboration aims to provide comprehensive financial solutions and a unified platform designed to meet the unique needs of these students.
The partnership was officially announced at the Australian High Commission in New Delhi. Dr. Monica Kennedy, Senior Trade & Investment Commissioner for South Asia at the Australian Trade & Investment Commission (Austrade), highlighted the significance of the collaboration: “The partnership between Ziksu and Elanistech, along with IDFC First Bank Limited, exemplifies how Australian technology is bridging the gap between education and financial services in India. Austrade is proud to support this initiative, which fosters technology collaboration between our two countries and contributes to India’s vibrant innovation ecosystem.”
The new fintech platform addresses the specific needs of student financing, with an average annual loan value of approximately AUD 3.2 billion (around INR 17,700 Crores). This strategic partnership will enhance the financial experience for students and their families while also benefiting education consultants and university administrators through streamlined digital transactions. Indians represent the largest migrant group in Australia, totaling over one million, with remittances between the two countries valued at approximately USD 7 billion.
Karthik Srinivasan, Founder & CTIO of Ziksu, expressed enthusiasm about the launch: “We are excited to offer a premier fintech solution to Indian students studying in Australia. Our goal is to streamline the financing process from pre-admission to post-admission, leveraging our advanced technology to tap into the INR 55,000 Crore student market in India.”
Ziksu’s platform aims to modernize Australia’s payment landscape by utilizing QR codes, aligning with the New Payments Platform (NPP) and PayID/PayTo technologies. This innovation reflects the global trend toward QR-based transactions, providing younger users with simple and affordable financial interactions.
Mr. Padmanabhan Desikachari, Technical Advisor at Elanistech, commented on their mission: “Elanistech is dedicated to delivering secure, seamless, and student-focused financial solutions. Our goal is to create a comprehensive digital ecosystem that helps students manage their finances effectively, with clear visibility into their spending and verified endpoints at their study destinations.”
The new platform features the ‘Scan n Pay’ mobile-only digital payment system, revolutionizing transactions for Australian consumers and businesses by enabling instant, secure payments via QR code scans. Elanistech will also offer expedited loan processing in collaboration with IDFC FIRST BANK Limited, providing tailored lending options and leveraging real-time data analytics to support students’ financial needs.
Students will benefit from an easy-to-use KYC process for managing finances before and after arriving in Australia. Future product offerings will include competitive forex remittance rates and other non-banking services, ensuring students are financially prepared and parents have enhanced visibility into their children’s financial well-being.
