Freedom Holding Corp.’s Ecosystem: Investing in the Digital Future

Freedom Holding Corp. has expanded its ecosystem in Kazakhstan, placing a strategic focus on the telecommunications sector. Although primarily known as a financial services company, telecommunications have become a key business line for the organization. In today’s world, digital infrastructure is not just an add-on — it is absolutely crucial. Without robust communication networks, it is impossible to develop cloud technologies, fintech solutions, investment services, AI applications, or cybersecurity.

Why Did Freedom Holding Enter the Telecom Market and What Has Been Achieved?

“When we decided to enter the telecommunications market, Kazakhstan was ranked 100th globally in terms of fixed internet speed. We believed we deserved a much higher ranking and we knew we could make it happen,” said Timur Turlov, the founder and CEO of Freedom Holding Corp.

Freedom Holding Corp. took an unconventional path by building the necessary infrastructure from scratch rather than acquiring an existing operator. As a result, the company was able to control all phases of the project, ensuring high technological standards in a short timeframe and at reasonable costs.

“Midway through the project, we realized that simply developing an operator wasn’t enough. We needed a full-fledged digital ecosystem. To achieve this, we began laying more fiber-optic cables, learned to do it faster and cheaper and soon saw synergies between all these efforts,” Timur Turlov explained.

Achievements of Freedom Telecom So Far:

• Built 2,500 kilometers of fiber-optic communication lines (FOCL).
• Deployed 147 wireless access points (Freedom Wi-Fi), providing high-speed internet access.
• Connected 24,000 households, with many more to follow.
• Achieved a 50% decrease in primary costs compared to competitors.

“We weren’t just aiming to gain a share in the market; our goal was to build an alternative infrastructure that meets the most advanced standards. Kazakhstan has the potential to become a powerful regional hub and we are working to make that a reality,” said an executive at Freedom Telecom.

However, this project extends beyond fast internet. The next step involves building data centers and an international fiber-optic highway.

• A Tier-3 level data center is being developed to store and process data within Kazakhstan, transforming the country into a digital technology hub.
• A fiber-optic highway will facilitate international traffic between Europe and Asia.
• Freedom’s investment in these projects will reach $200 million.

“With our data centers, we will be able to store and accumulate content within Kazakhstan, making the country more attractive to international IT companies. We have signed a memorandum with the Ministry of Digital Development and are ready to move forward,” Timur Turlov confirmed.

Financial Reports: Strong Growth Across All Business Lines

In February, Freedom Holding Corp. released its financial report for Q3 of the 2025 fiscal year, highlighting impressive growth.

“Our goal is to build a business that remains resilient even under tough conditions. We have already proven that we can not only generate profits but also develop entire markets,” Turlov noted.

Key Financial Results by Business Lines:

• Banking segment revenue— $206.4 million (+47%), 1.407 million customers.
• Brokerage segment revenue — $213.3 million (+29%), 618,000 accounts.
• Insurance segment — Record-high growth of 106%, reaching $197.8 million in revenue and 972,000 clients.
• Lifestyle and other business lines (payments, e-commerce, telecom and marketplace) — +120% growth, with $37.7 million in revenue.

For the first three quarters of the 2025 fiscal year, Freedom Holding reported $1.7 billion in revenue.

A key takeaway is that while Freedom originally focused on brokerage services, it has successfully transitioned to a diversified model, with banking and insurance now playing leading roles.

Freedom Bank: The Heart of the Ecosystem

“We are building not just a bank but a financial system of the future to allow Freedom Bank customers access to all the services they need in one place,” Timur Turlov says.

Recent financial indicators reflect growing client trust:

• The Bank’s deposit portfolio has surpassed $2 billion.
• SuperApp (a mobile app integrating all ecosystem services) has over 800,000 active users.
• The customer base is growing rapidly, with 70,000 to 80,000 new users per month.

“Customers of Freedom Bank don’t just deposit their money — they gain access to investments, insurance and advanced technologies. This is something bigger than a regular bank,” said the Company’s CEO.

Freedom Holding’s digital currency, ‘Freedom Coins,’ stands out by offering a new investment philosophy. It is a tool that seamlessly combines cashback benefits with the stock market.

• 10,000 Freedom Coins = 1 share of Freedom Holding Corp.
• The higher the Nasdaq stock price, the greater the coin’s value.
• No capital gains tax.
• Available in SuperApp for automated saving and investing.

“We have shown people that investing is simple. With Freedom Coin, cash back becomes an investment. This is not just a currency — it’s a new way to manage money,” Timur Turlov emphasized.

The Rapid Growth of Freedom Life and Freedom Insurance

Insurance is one of Freedom Holding Corp.’s fastest-growing segments. “We have proven that insurance can be simple, digital and convenient. Our customers can purchase policies online without visiting a branch,” said a representative from Freedom Insurance.

• Freedom Insurance was the first company in Kazakhstan to introduce AI-based car insurance damage assessment.
• Freedom Life launched universal life insurance with an investment component.
• A total of 972,000 clients and $197.8 million in revenue.

Freedom’s Brokerage Business: Leading in Investments and Advancing Tradernet

In Q3 of fiscal 2025, Freedom’s brokerage business reported $213.3 million in revenue (+29%) and 618,000 client accounts. “When we started, Kazakhstan had only a few thousand brokerage accounts. Now we have hundreds of thousands. The market has grown significantly, reflecting rising interest in investing,” Timur Turlov highlighted.

Tradernet remains one of the key drivers of this growth, reshaping the entire concept of investment. “We are developing not just a platform for stock trading but a full-fledged financial ecosystem. Customers can find everything they need in one place — analytics, risk management, automated investments, and access to global markets,” the Freedom Holding CEO said.

Tradernet innovations and plans:

• AI-powered analytics: Personalized stock and ETF recommendations based on users’ behavior.
• Direct access to IPOs: Exclusive investment opportunities in major public offerings.
• Seamless integration with Freedom Bank and instant money transfers between brokerage accounts and the bank.
• Crypto asset trading: Support for digital instruments is in testing.

“We’ve introduced algorithms that assist both beginners and experienced investors. Customers can buy stocks, receive recommendations and manage risks all in one place,” Timur Turlov explained. “A customer not only has the opportunity to buy stocks but also gains access to personal recommendations, risk management and effective portfolio diversification.”

As a result, the company experienced an increase in its client base and trading activity. Customers of Freedom’s brokers actively trade in U.S., European, and Asian markets, while the company itself is the largest player on the Kazakhstan Stock Exchange and the Astana International Exchange, the two main trading platforms in the country.

Freedom Holding Corp. integrates AI across several of its business lines. “AI is not just a trend; it’s a tool that significantly boosts efficiency across various processes,” said the CEO of Freedom Holding Corp. With AI, the company can forecast key market trends, analyze insurance and banking risks, and enhance compliance through automated client and transaction assessments.

Freedom’s Lifestyle Business: An Ecosystem for Everyday Life

Freedom Holding Corp. has been actively expanding its non-financial business lines, transforming its ecosystem into a universal platform for all aspects of life. “We are not just a financial company. We aim to build an ecosystem for comfortable living, and this goes beyond investments and banking products to include technologies, convenient services, and user comfort,” said Timur Turlov in a recent interview.

Marketplaces and Digital Services in the Orbit of Freedom

• Arbuz.kz – The largest marketplace for food products and essential goods.
• Freedom Ticketon and Aviata – Leaders in the online ticket market in Kazakhstan.
• Freedom Pay – A payment system integrated with the bank and marketplaces.

“We acquired these companies when they were successful startups. Today, they have grown into major digital platforms operating nationwide. We integrated them into our ecosystem, empowering them with Freedom Holding’s technologies,” the company’s CEO highlighted.

Currently, Arbuz.kz is a full-fledged e-commerce giant, while Freedom Ticketon and Aviata continue to expand their audiences and integrate new services such as travel insurance, hotel booking and loyalty programs.

Furthermore, the company is actively developing Freedom Pay. “We have created an e-payment system that is fully integrated into the Freedom ecosystem. Our clients can pay for their purchases, book tickets, receive bonuses and invest — all in one place,” Timur Turlov commented. Additionally, Freedom Pay has introduced biometric authentication and AI-powered transaction analysis, making payments both fast and secure.

As of today, Freedom Holding Corp.’s ecosystem has been evolving in multiple directions simultaneously. The company not only profits from successful financial products but also lays the groundwork for new technologies, the digital economy and advanced fintech services. As a result, Kazakhstan is transforming into a regional and even global player in digital finance, with Freedom’s ecosystem playing a significant role in this progress.

“What we are working on is more than just a financial holding company. We are creating a system where each service complements the others in the most natural way. This is what can be described as the ecosystem of the future. We are creating the future,” Timur Turlov emphasized while discussing Freedom’s development.