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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, said a statement.
Speaking at the event held at Australian High Commission at Delhi, 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.”
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. 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 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, said the statement.
“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 Rs 55,000 crore student market in India,” Karthik Srinivasan, Founder & CTIO of Ziksu, said.
"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 Padmanabhan Desikachari, Technical Advisor, Elanistech.