Freedom Bank, the banking arm of Freedom Holding Corp., a U.S.-based company listed on the Nasdaq stock exchange, is establishing itself as a major player in Kazakhstan’s financial sector. Over the past year, the bank has achieved a net profit of approximately $400 million, with total liabilities and deposits surpassing $2 billion. This strong financial performance highlights Freedom Bank’s rapid growth and market confidence. Despite a 10% devaluation of the tenge, the bank’s net assets grew by 17% in 2024, reaching $1.5 billion. Its $3.7 billion investment portfolio—comprising government securities, quasi-government bonds, and equities—generated a net investment income of $221 million. The bank also remains a key player in stock, bond, repo, and currency swap markets, providing its clients with direct access to global financial opportunities.
“Our capital continues to grow—just four years ago, when we acquired the company, it stood only at $50 million. What’s even more remarkable is that our liabilities and deposits now exceed $2 billion,” said Aidos Zhumagulov, a member of Freedom Bank’s board.
Deposits are a fundamental indicator of trust in a financial institution. In its early years, Freedom Bank maintained a stable deposit portfolio of $100–200 million. However, this figure has grown significantly, reaching $2 billion by 2025.This expansion reflects the bank’s strategic efforts to integrate customers into a unified financial ecosystem that now serves 7–8 million people across various industries, including telecoms, insurance, and lifestyle services of Freedom Holding Corp.
“Retail deposits are a true measure of trust in our brand. People choose to place their money in our ecosystem, reinforcing our credibility and stability,” Zhumagulov added.
Innovative Banking Through Technology and Investment Incentives
Key to Freedom Bank’s success is its focus on digital transformation. The Freedom SuperApp, designed to cater to Kazakhstan’s everyday financial needs, has quickly gained traction, reaching 800,000 users by early January 2025. This all-in-one platform integrates financial products, cashback in shares, loyalty programs, and referral rewards, creating an ecosystem that enhances client engagement and retention.
One of the bank’s most innovative strategies is its share-based cashback rewards program. By dividing a single share into 10,000 fractional units, Freedom Bank enables customers to get shares through everyday purchases, promoting financial literacy and fostering an investment culture. Unlike many competitors focused on consumer lending, Freedom Bank emphasizes savings and investment.
“We share our profits with our customers, and more than just returning them in cash, we make our customers shareholders, allowing them to participate in the company’s growth,” said Timur Turlov, Founder and CEO of Freedom Holding Corp.
Empowering Entrepreneurs and Strengthening Payment Infrastructure
Kazakhstan has approximately 1.5 million small business owners, and Freedom Bank prepares to launch a mobile app specifically for entrepreneurs. The new platform will include integrated payment solutions and free e-commerce functionality allowing businesses to easily set up online stores and increase sales. In addition, the bank intends to create its own payment and remittance system to reduce reliance on external financial institutions and improve transaction efficiency.
Expanding Beyond Kazakhstan: Entry into Tajikistan and Future Growth
Beyond its domestic market, Freedom Bank is actively seeking international expansion. On October 15, 2024, the bank received a banking license in Tajikistan, officially entering the Central Asian market beyond Kazakhstan. Freedom Bank Tajikistan is expected to commence operations in Dushanbe by spring 2025, reinforcing Freedom Holding Corp.’s broader strategy of regional diversification and financial inclusion. Recently, the holding has also been granted a brokerage license for Turkey following more than five years of market study and negotiations.
With its open API banking platform enabling expansion across multiple jurisdictions, Freedom Bank is not only transforming Kazakhstan’s financial landscape but also positioning itself for broader regional and international success.
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