The platform is designed to address the substantial market for student financing, which sees annual student loans of about AU $3.2 billion (around Rs 17,700 crore).
Australian fintech company Ziksu has collaborated with Elanistech, an Indian fintech firm that provides financial services to Indian students studying overseas. Together, they are launching a fintech platform specifically designed for Indian students in Australia, aimed at offering them comprehensive and tailored financial services.
The platform’s unveiling took place at the Australian High Commission in New Delhi. Dr Monica Kennedy, Senior Trade and Investment Commissioner – South Asia at the Australian Trade and Investment Commission (Austrade), highlighted the partnership’s role in bridging sectors such as education and financial services between Australia and India. She praised the collaboration for fostering technological exchange and enhancing the innovation landscape in India.
The platform is designed to address the substantial market for student financing, which sees annual student loans of about AU $3.2 billion (around Rs 17,700 crore). It seeks to enhance the financial dealings of students and their families, and also simplify digital transactions for education consultants and university administrators. This initiative is particularly timely given the large Indian community in Australia and the significant remittance flow between the two nations, totalling approximately US$7 billion.
At the event, Karthik Srinivasan, Founder & CTIO of Ziksu, expressed his enthusiasm about providing a top-tier fintech solution to Indian students in Australia. He emphasized the goal of optimizing the entire financial process from pre-admission to post-admission stages through advanced technology, targeting the expansive student market in India valued at Rs 55,000 crore.
The initiative reflects recent regulatory changes and technological advancements in the Fintech industry. Ziksu aims to enhance the financial services available to Australian merchants and consumers by integrating QR-code technology, building on Australia’s 40-year legacy of payment solutions. The platform is linked to Australia’s New Payments Platform (NPP), utilizing PayID and PayTo technology, and is aligned with the global shift towards QR-based transactions, catering to the preferences of young consumers and those seeking simple, cost-effective financial services.
