Freedom Holding
Freedom Holding Corp’s Investors’ Day Event – London Stock Exchange, 02 June

The Founder and CEO of Freedom Holding Corporation (NASDAQ: FRHC), Timur Turlov, has said that 'there's no reason why Kazakh talent can't compete' with that of Europe and the US, and that the country can serve as a key East-West bridge. The comments were made at an exclusive Investor's Day event hosted at the London Stock Exchange on June 2, attended by global industry and business figures.

Mr. Turlov made the comment when asked about Kazakhstan's growing economy, recent performance and future growth plans. The theme for the day focused on Kazakhstan's potential and its growing financial and technology sectors.

The man behind the country's largest retail brokerage and one of the largest financial companies in Central Asia and the Caucasus on several occasions noted the country's rich potential for further economic growth especially in the fintech sector.

The comments come as Freedom Holding Corp, which has a major US presence and has been listed on Nasdaq since 2019, recently joined the Russell 3000 index. The move is expected to be completed by the end of June.

Despite global economic uncertainty, the company has experienced a sustained period of economic growth, with a market capitalisation exceeding USD $10 billion and its Nasdaq-listed shares recently recording an all-time high.

Third quarter fiscal 2025 results further demonstrate the company's sustained growth, with third quarter revenue of USD $655 million. Revenue for the nine months ending December 31, 2024, increased by over 44 percent compared with the prior year period, totalling USD $1.7 billion.

Discussing the company's recent growth, Mr. Turlov explained that Freedom has been able to capitalise on market volatility to advance its product offering, emphasising that the company is constantly looking to adapt to evolving customer needs, including those from within Kazakhstan but also in other emerging markets.

Asked about Africa in particular as a potential region for major growth, Turlov did not rule this out. However, he noted the high regulatory costs across the continent and problematic government-led practices including high levels of taxation on new technologies as being barriers that will need to be overcome.

On AI, Turlov stated that the technology will continue to play a key role in Freedom's operations, especially in its existing applications like its Super App and in behind-the-scenes product enhancement operations. Such developments are in alignment with the government's growth agenda ambitions which seek to take advantage of new technologies.

Kazakhstan is aspiring to double the size of its economy by 2030 from 2023 levels and saw impressive GDP growth of four percent in 2024, with numbers forecast to further climb in 2025.

Global investors including those from Europe are taking notice of the country's aspirations and unique geographic location. Although oil and gas remain a core part of Kazakh exports, the government is striving to further diversify its economy. Fintech companies such as Freedom are central to the government's growth and diversification plans.

Speaking alongside Freedom's CEO in London was the country's former Central Bank Governor, Founding Governor of Astana International Financial Centre and member of Freedom's Board of Directors, Dr Kairat Kelimbetov.

Talking about the company's wider expansion plans, he noted that the main focus at present remains on the national market of Kazakhstan and the wider Central Asian region, which is expected to continue seeing significant GDP growth. Kelimbetov added that Freedom continues to explore strategic opportunities both inside and outside the region including in Europe.

Further market consolidation, including through the potential acquisition of other major businesses, is a central pillar to the company's strategy as is continued investment in robust compliance and regulatory practices.

The London Stock Exchange event is another important milestone in Kazakhstan's development and comes amid significant geopolitical volatility and as public and private investors seek new, reliable long-term economic partners. The day showcased Kazakhstan's ability and desire to serve as a vital bridge between East and West, in large part made possible by innovative national companies like Freedom.