This partnership reflects the growing need for specialized financial services catering to the increasing number of Indian students in Australia, who make up the largest migrant group in the country, numbering over 1 million
In a significant development aimed at enhancing the financial experience of Indian students pursuing higher education in Australia, Australian fintech company Ziksu has partnered with Indian fintech firm Elanistech. This strategic collaboration seeks to launch a dedicated fintech platform tailored specifically to the needs of Indian students studying in Australia, offering comprehensive financial solutions and a seamless digital experience.
The partnership was officially announced at an event hosted by the Australian High Commission in Delhi, with Dr. Monica Kennedy, Senior Trade and Investment Commissioner – South Asia at the Australian Trade and Investment Commission (Austrade), highlighting the importance of this collaboration. “Australia’s Ziksu’s partnership with India’s Elanistech and IDFC First Bank Limited is a great example of how Australian technology is facilitating the seamless integration of sectors like education and financial services in India,” Dr. Kennedy stated.
With total remittances between India and Australia valued at approximately USD 7 billion, this collaboration marks a crucial step in bridging the gap between education and financial services, offering innovative solutions to a burgeoning market
The newly developed fintech platform is designed to address the unique financial needs of Indian students, providing a unified platform for student financing. With the average annual value of student loans in this segment reaching approximately AUD 3.2 billion (around INR 17,700 crores), this initiative is poised to significantly enhance the financial journey for both students and their families. The platform also promises to benefit industry stakeholders such as education consultants and university administrators by offering faster and more efficient digital transaction processing.
Karthik Srinivasan, Founder & CTIO of Ziksu, expressed his enthusiasm for the collaboration, stating, “Our aim is to streamline the entire financing value-chain from the pre-admission to the post-admission stage, leveraging our world-class technology infrastructure to tap into the INR 55,000 crore student market in India.”
Padmanabhan Desikachari, Technical Advisor at Elanistech, added, “One of the primary aims is to create a digital ecosystem that acts as a guide wire for students, ensuring they have precise information on their expenses with verified endpoints at their study destinations.”
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