Ziksu, an Australian fintech company, has recented teamed up 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 platform was unveiled 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 fintech platform will address this niche segment of student financing, where the average total value of student loans underwritten per year was in the region of Aus$ 3.2 billion (approx. Rs. 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 that provide simplified, faster digital transaction processing. Indians are the largest migrant group to Australia, totalling over 10,00,000 in number, with total remittances to and fro, Australia valued at around US$ 7 billion.
Karthik Srinivasan, Founder and CTIO of Ziksu expressed his enthusiasm for providing a top-tier fintech solution to Indian students in Australia. He emphasized the importance of optimizing the entire financial process from pre-admission to post-admission stages through advanced technology, with a focus on India’s expansive student market worth Rs 55,000 crore.
Propelled by changes in regulations, governance of the Fintech Industry and technological advancements, Ziksu aims to deliver a financial platform tailored to the needs of Australian merchants, business and personal customers, utilizing 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, the company capitalizes on the global trend toward QR-based transactions, empowering younger users and those who value simplicity and affordable financial interactions.
The ‘Scan n Pay’ mobile-only digital payments platform has resulted in a paradigm shift in Australian consumer and business transactions. It ensures every Australian has complete control over their money by enabling rapid and secure transaction settlements through simple QR code scans.
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 inward and outward transfers and non-banking products for a student living in Australia. Additionally, pre-departure accounts ensure students are financially prepared before they arrive in Australia, facilitating a smoother transition. Parents gain improved visibility into their children’s financial health, making it easier to monitor their academic journey.
