New Delhi : Australian fintech Ziksu, has partnered with Elanistech, an Indian fintech company that offers innovative financial services solutions tailored exclusively to Indian students pursuing higher education abroad, specifically in Australia. The partnership between Ziksu and Elanistech is set to launch a fintech platform for Indian students, studying in Australia, offering comprehensive financial solutions and a unified platform designed specifically for their needs.
The launch event was held at the Australian High Commission in New Delhi. Speaking at the event, Dr Monica Kennedy, Senior Trade and Investment Commissioner – South Asia, Australian Trade and Investment Commission (Austrade) said,“Australia’s Ziksu’s partnership with India’s Elanistech and IDFC First Bank Limited is a great example of how Australia’s technology is helping India to seamlessly bridge sectors like education and financial services. Austrade has been proud to support Ziksu and other Australian fintech companies to partner for prosperity in India’s vibrant innovation landscape, while facilitating technology collaboration between the two countries.”
The fintech platform will address this niche segment of student financing, where the average total value of student’s loan underwritten per year was in the region of Aus$ 3.2bn (approx. INR.17,700 Crores), the strategic collaboration will enhance the financial journey for students and their families. Additionally, affiliated industry stakeholders, like Education Consultants and University Administrators, will benefit from the innovative fintech solutions of offer, providing simplified, faster digital transaction processing. Indians are the largest migrant group to Australia totalling over 10 lakhs in number, with total remittances to-and-fro, Australia valued at around US$ 7 bn.
Speaking at the launch, Mr. Karthik Srinivasan, Founder & CTIO of Ziksu, said, “We are delighted to introduce one of the best-in-class, fintech offerings to Indian students pursuing educational opportunities in Australia. Our aim is to streamline the entire financing value-chain from the pre-admission to the post-admission stage, leveraging on our world-class technology infrastructure, to tap into the 55,000 Cr Student Market in India.”
Propelled by changes in regulations, governance of the Fintech Industry, and technological advancements, Ziksu’s primary objective was to deliver a financial platform tailored to the needs of Australian merchants, business and personal customers, utilising QR-codes to evolve the 40-year legacy of Australia’s payments landscape. Connected to Australia’s New Payments Platform (NPP), powered by PayID and PayTo technology, Ziksu capitalises on the global trend toward QR-based transactions, empowering younger users and those who value simplicity and affordable financial interactions.
“With a clear vision to address the unique financial needs and challenges faced by the niche customer segment, Elanistech aims to provide seamless, secure and convenient solutions positioning itself as a leader in this burgeoning market. Dedicated to providing a student-focused, all-in-one financial platform for Indian students studying abroad, Elanistech is committed to supporting the financial well-being of future international students. Hence one of the primary aims is to create a kind of guide wire with this digital ecosystem where the students know precisely what they will be spending, with verified endpoints at the destinations where they are going to study.”, said Mr. Padmanabhan Desikachari, Technical Advisor, Elanistech.
The ‘Scan n Pay’ mobile-only, digital, payments platform has brought about a paradigm shift in Australian consumers and business transactions ensuring every Australian has complete control of their own money, by facilitating instant and secure transaction settlements through simple QR code scans.
Elanistech’s bespoke innovative solutions will include expedited loan application processing in conjunction with partner IDFC FIRST BANK Limited, which enables tailored lending options for students and their families. Leveraging exclusive, innovative platform technology, best-in-class mobile application and real-time data analytics, Elanistech enhances the financial journey of Indian international students and their families, by providing a seamless onboarding process, and ensuring access to essential funds through partner and favourable exchange rates; thereby making their study abroad experience financially secure and efficient.
Students can effortlessly manage their pre-departure and post-departure finances for India and Australia, all done through seamless KYC process. The platform will roll-out future products in forex remittances with competitive rates for both inward and outward transfers and other non-banking products for a student living in Australia. Additionally, pre-departure accounts ensure students are financially prepared before their arrival in Australia, facilitating a smoother transition. Parents gain improved visibility into their children’s financial health, making it easier to monitor their academic journey.