Freedom Holding Corp.

Freedom Holding Corp. is a Nevada-based financial holding company built around brokerage, banking, insurance, and related digital financial services. It serves retail, SME, institutional, and corporate customers across Kazakhstan, Europe, Central Asia, and selected U.S. markets, while also expanding into telecom, media, and cloud services as part of a broader fintech ecosystem.

96,4 %

7,0 %

+6,9 %

— Freedom Holding Corp.
%
Brokerage45% Retail brokerage, trading access, margin lending, research, and capital markets services.
Banking30% Consumer and commercial banking products including deposits, lending, cards, and payments.
Insurance15% Life and general insurance offerings distributed through the Freedom ecosystem.
Other / Digital Ecosystem10% Payment processing, e-commerce, ticketing, telecom, media, and cloud services.

Freedom sells primarily to retail investors and banking customers in Kazakhstan and nearby markets, but it also serves...

  • Retail brokerage customersprimary

    Individuals buying securities trading access, margin lending, research, and education through Freedom's brokerage platforms.

  • Retail banking customersprimary

    Consumers using deposits, cards, payments, and lending products within the Freedom Bank ecosystem.

  • SME and corporate banking clientssecondary

    Businesses using lending, deposit, payment, and correspondent banking services.

  • Insurance policyholderssecondary

    Individuals and businesses buying life and general insurance products distributed by the group.

  • Institutional and professional clientssecondary

    Institutions buying execution, research, sales and trading, and investment banking services.

Kazakhstan is the group's core market and operational center, with the largest customer base and the main banking,...

  • •Kazakhstan is the main market and home base for banking and ecosystem expansion
  • •Europe is important for brokerage routing, intermediary services, and institutional access
  • •Central Asia includes Uzbekistan, Kyrgyzstan, Tajikistan, and Armenia operations
  • •The United States hosts SEC- and FINRA-registered broker-dealer activities
  • •Cyprus serves as a European operating hub for Freedom EU and office expansion

Freedom is building a digital fintech ecosystem that links brokerage, banking, insurance, payments, telecom, media, and...

01
Expand the digital fintech ecosystemmedium-term

The group wants to increase customer lifetime value by bundling financial and non-financial services.

02
Grow retail customer activityshort-term

Retail engagement has been a major growth driver across brokerage and banking.

03
Improve risk and compliance infrastructureshort-term

A larger, more international financial group needs stronger controls to manage regulatory and sanctions exposure.

04
Scale new telecom and media businessesmedium-term

These businesses are intended to extend the ecosystem and create new distribution and data channels.

Freedom faces execution risk from rapid expansion into new businesses, especially telecom and media, where management...

high

Losses in telecom and media expansion

The company is entering new businesses with evolving strategy, licensing needs, and uncertain monetization.

Scope
Freedom Telecom and Freedom Media in Kazakhstan
Materiality
high
high

Sanctions and cross-border compliance

The group operates through U.S. and non-U.S. entities and handles international transactions that can create OFAC exposure.

Scope
U.S. dollar flows, U.S. broker-dealer links, non-U.S. subsidiaries
Materiality
high
high

Credit exposure and loan losses

Banking and lending activities expose the group to borrower defaults and macroeconomic stress.

Scope
Freedom Bank KZ and Freedom Bank TJ
Materiality
high
medium

Acquisition and integration risk

Growth has relied on acquisitions and new business launches that require systems, controls, and cultural integration.

Scope
Post-closing integration, IT, compliance, and cybersecurity
Materiality
medium
medium

Customer and product concentration

A large share of growth is tied to retail brokerage and banking activity in a few core markets.

Scope
Kazakhstan and adjacent Central Asian markets
Materiality
medium
CECL allowance for credit losses
Affects banking provision expense and net income
Goodwill impairment
Could create non-cash write-downs if acquired businesses underperform
Fair value measurement
Can move reported earnings and balance sheet values
Income tax uncertainty
Can affect tax expense, liabilities, and cash taxes
Insurance technical reserves
Affects underwriting profit and balance sheet liabilities

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: 28/04/2026