Moody’s Ratings has assigned Freedom Bank Kazakhstan long-term deposit ratings of Ba3 with a stable outlook. The bank’s baseline credit assessment is set at b1 and has been upgraded by one notch to reflect the moderate likelihood of government support.
The assigned ratings reflect the bank’s current stage of development: it is demonstrating high growth rates, actively developing retail lending and digital products, and gradually reducing its reliance on investment income. The primary focus is shifting toward traditional banking services, including mortgages and auto loans.
One of the key factors of stability remains the bank’s integration into the broader Freedom Holding Corp., which unites financial, insurance, telecommunications, and digital services. Together with the group’s companies in Kazakhstan, as well as entities in Europe, the Middle East, and the U.S., the bank is part of the publicly traded Freedom Holding Corp., registered in the U.S. This structure provides access to international capital markets, technologies, and management expertise.
Geographical Expansion and New Markets
In parallel with the development of its banking division, Freedom Holding Corp. is actively expanding its geographical footprint. Today, the company operates in 21 countries, and its total assets exceed $10 billion.
The main focus is on Central Asia. In Uzbekistan and Tajikistan, the integration of banking and brokerage products is underway, and a fully digital bank has already been launched in Tajikistan. The holding company is also present in the Armenian market.
Expansion beyond the region continues: in 2025, the company obtained a license in Abu Dhabi, which allowed it to begin operations in the Middle East market. Turkey could become one of the key areas for further growth—the holding company is considering the acquisition of TurkishBank. The deal is in the negotiation stage and requires regulatory approval.
In addition, the company is exploring the prospects of launching banking projects in Georgia and Pakistan, while continuing its expansion in the U.S. and European markets. This geographic expansion is directly linked to the company’s ecosystem-based business model and its ambition to scale it into new markets.
Freedom Holding’s Digital Ecosystem
Freedom Holding Corp. is developing an ecosystem-based approach by integrating banking, investment, insurance, and digital services into a single platform. This model enables the company to build a loyal customer base and deepen engagement with users by offering a comprehensive suite of solutions within a single platform.
Within this structure, the bank plays a key role by providing the financial infrastructure for the entire ecosystem. Payments, transfers, and credit transactions pass through it, supporting the operation of other services and linking them together.
The integration of various business lines creates a synergistic effect: users gain access to a wide range of services through a single interface, while the company reduces its dependence on individual revenue streams, forming a more sustainable and diversified model.
The practical embodiment of this strategy is the Freedom SuperApp—a unified digital platform through which both financial and everyday services are accessible. The growth of its user base confirms the effectiveness of this approach: the number of app users has reached 5 million, increasing by one million in just a few months.
Through the SuperApp, users can manage accounts, make transfers, invest, apply for loans, and use additional services. Integration with government systems allows users to apply for mortgages and auto loans remotely, open multi-currency cards, and make international transfers.
The use of biometric authentication simplifies access to services and speeds up transactions, minimizing the need to visit offices, while regular updates to the platform’s functionality make it a key part of users’ everyday digital environment.
