At the close of fiscal year 2025, Freedom Holding Corp. (NASDAQ:FRHC) CEO Timur Turlov delivered a report that went far beyond the bounds of a standard corporate presentation. It was not merely a recap of key financial figures — it was a strategic manifesto in which Timur Turlov outlined the company’s ambitions to become a global player in the digital economy, with Kazakhstan serving as its technological launchpad.
During FY2025, Freedom Holding Corp. did not prioritize record-breaking net profit, but reinvested the gains in steady and diversified growth. Freedom Holding’s revenue exceeded $2 billion, its total assets approached $10 billion, and its market capitalization reached over $9 billion. Despite a net profit of $84 million — below that of previous peak years — the company demonstrated qualitative expansion across all major segments, including insurance, banking, e-commerce, and telecommunications.
“Our main strength is our unique digital ecosystem. It’s not about today’s revenue — it’s about the battle for digital gravity that we are fighting,” Turlov said.
According to Timur Turlov, Kazakhstan remains the group’s “laboratory,” where all key solutions are developed and refined. It is here that more than 17,000 of Freedom Holding’s employees are based, including 1,500 IT specialists creating technologies capable of competing with top international peers. This talent and technology base forms the foundation for scaling into the U.S., European, Middle Eastern, and Central Asian markets.
At the heart of Freedom Holding’s strategy is the SuperApp — a digital platform that integrates banking accounts, brokerage services, insurance, product delivery, ticket booking, streaming services, and government tools. By the end of this year, users will be able to opt in to buy and sell crypto assets. Currently, 183,000 people use the app daily, with over one million active users per month. The concept is simple: if clients can carry out all their activities within one ecosystem, they’re likely to remain loyal.
At the heart of this ecosystem lies Freedom Bank. Its impressive retail growth rate establishes it as one of the country’s most dynamic institutions. Of particular note is the ‘digital currency’ initiative, tied to Freedom Holding shares, which can be used for payments, transfers and loyalty rewards — effectively integrating investment tools into everyday financial life. “This is a powerful loyalty programme — our clients essentially become our shareholders and earn income from our stock growth,” noted Turlov.
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Significant progress has also been made in the insurance segment. In 2025, 1.17 million people used Freedom’s insurance products. Automation enables claims to be resolved in five days — and sometimes in just minutes. The life insurance business is also expanding rapidly, and the company has already entered the country’s top five insurers by premiums.
The telecommunications and media sectors also deserve special attention. Freedom Telecom is actively building its own fiber-optic network and 5G FWA infrastructure to provide high-speed internet in Kazakhstan’s regional centers. In parallel, the company is launching Freedom Media — a streaming platform featuring content from major global studios (Disney, Warner, Sony) alongside original Kazakhstani series. According to Turlov, all of this forms “the infrastructure without which a digital economy cannot exist.”
Freedom’s business ecosystem also includes Freedom Mobile (an official distributor for Apple and Samsung), ticketing services like Ticketon and Freedom Travel, and the payment platform Freedom Pay, which processes 26 million transactions per month. Each of these elements is integrated into the SuperApp, creating synergy whereby a customer who uses one service naturally adopts others.
“Companies that aren’t part of ecosystems are beginning to lose. Those acting in isolation are falling behind players who build complete interaction chains.” the CEO stated.
Importantly, the company’s ambitions are not limited to its domestic market. Freedom has already obtained licenses to operate in Uzbekistan, Kyrgyzstan, Tajikistan, the UAE, and Turkey, and it continues to expand its presence in both the EU and the U.S. In addition, the company’s stock has been included in the Russell 3000 index, with an inclusion in the broader Russell 1000 or Russell 2000 expected soon — opening the door to the world’s largest institutional investors.
The central theme of Turlov’s entire presentation was what he called “digital gravity.” In the modern world, customers stay where things are convenient, profitable, and secure. All of Freedom Holding’s activities adhere to this principle: reducing customer acquisition costs, enabling personalization, removing intermediaries, and offering multiple services through a single interface.
In the end, what we’re witnessing is not just a fast-growing fintech firm, but a digital conglomerate working to shape a new economic landscape. Kazakhstan has become a platform where technological, financial, and infrastructure innovations converge into a unified ecosystem. If the company’s plans are realized, Freedom Holding could become the first business from Central Asia to export a national digital model to the global stage. “We’re not just growing — we’re doubling. But at the same time, we remember our responsibility to our country,” Turlov stated.
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Freedom Holding Corp
