Australian fintech firm Ziksu has partnered with Indian fintech company Elanistech to launch a new financial services platform tailored specifically for Indian students studying in Australia. The platform was officially unveiled at the Australian High Commission in New Delhi.
Key Highlights of the Partnership:
- Objective: The platform aims to address the financial needs of Indian students in Australia, offering comprehensive and tailored financial services. It also seeks to streamline digital transactions for education consultants and university administrators.
- Market Scope: The initiative targets the substantial student financing market, which sees annual student loans of approximately AU $3.2 billion (around Rs 17,700 crore). With a large Indian student population in Australia and significant remittance flows between the two countries, this platform addresses a critical need.
- Regulatory and Technological Advances: The platform reflects recent regulatory changes and technological advancements in the fintech sector. It incorporates QR-code technology and is linked to Australia’s New Payments Platform (NPP), utilizing PayID and PayTo technology. This aligns with the global trend towards QR-based transactions, catering to the preferences of young consumers and those seeking efficient, cost-effective financial services.
Statements from Key Figures:
- Dr. Monica Kennedy: Senior Trade and Investment Commissioner – South Asia at the Australian Trade and Investment Commission (Austrade), commended the partnership for bridging the education and financial services sectors between Australia and India. She highlighted the collaboration’s role in fostering technological exchange and innovation.
- Karthik Srinivasan: Founder & CTIO of Ziksu, expressed enthusiasm about delivering a top-tier fintech solution to Indian students in Australia. He emphasized the platform’s goal of optimizing the financial process from pre-admission to post-admission stages, targeting the expansive student market in India valued at Rs 55,000 crore.
This collaboration underscores a significant step in enhancing financial services for international students and leveraging technological innovations to simplify and improve financial transactions.
