Ecosystem Export: 5% Mortgages, Cryptocurrency on a Bank Card, and Competition with Booking

Freedom Holding Corp. continues to expand its key business lines, launch products in new markets, and develop innovative services both in Kazakhstan and internationally. These developments were discussed by the company’s CEO Timur Turlov and senior executives at the Freedom Inside forum in Astana, which brought together more than 3,000 participants.
Speakers outlined strategic plans ranging from a potential secondary public offering (SPO) and international ecosystem expansion to scaling digital services within the Freedom SuperApp.

Applications for a Potential SPO

Timur Turlov spoke about the possibility of conducting a secondary public offering (SPO) and the concept of exporting the ecosystem model – both key elements of the company’s international strategy.

“For us, this will be a very important indicator. The offering will be presented in Kazakhstan and several other jurisdictions, but it will not include the United States this time,” Timur Turlov emphasized.

This means the offering will be available exclusively outside the United States and only to investors who are not U.S. citizens or residents, reflecting the regulatory structure of the transaction and the selected geography of placement. The CEO explained that the company views a secondary public offering not only as a capital-raising tool but also as a signal of investor confidence in the company’s long-term growth and ecosystem scaling strategy.

“We want to understand how ready the market is to support Freedom’s expansion strategy,” Turlov added.

Funds raised through the offering are expected to be directed toward accelerating international expansion and developing new products within the ecosystem.

Ecosystem Scaling: “We Enter New Markets with a Ready-Made Solution”

Timur Turlov outlined the logic behind the company’s international growth, emphasizing that Freedom’s key advantage lies in more than 15 years of operational experience in Kazakhstan, which has enabled the creation of a robust technological and operational platform.

“There are many countries where our Kazakhstani model provides a significant advantage from day one,” he explained.

Having a ready-to-deploy technology platform allows the company to launch operations in new markets faster and at a lower cost.

“When we launched Freedom Bank in Kazakhstan, it was a long journey: acquiring a bank, obtaining a license, building infrastructure, and assembling a team. But when we entered Tajikistan, we completed the same process much faster. In just two years, we built an ecosystem comparable to what took a decade to develop in Kazakhstan,” Turlov noted.

The corporation enters new markets with a fully operational solution rather than as a startup, which makes each subsequent expansion faster and more efficient.

“A unified brand is an honest reflection of who we already are. For users, it is important that all services are perceived as part of a single ecosystem,” the CEO said.

According to him, this approach increases business transparency and strengthens trust among customers and investors.

Digital Mortgages at 5% and 10%

During the financial session of the forum, speakers discussed the launch of a housing savings mortgage program in Kazakhstan with interest rates of 5% and 10%.

“Clients will have access to a digital property marketplace, early booking options, and the ability to use pension savings as a down payment. Ultimately, we are offering customers access to a 5–10% housing savings mortgage within a unified digital ecosystem,” said Aidos Zhumagulov, Member of the Board of Directors of Freedom Bank.

Zhumagulov noted that the bank is developing the project in partnership with BI Group, one of the largest investment and construction holdings in Kazakhstan. The product is fully integrated into the Freedom SuperApp, combining property selection, savings accumulation, and financial product processing within a single interface. The average weighted mortgage rate in Kazakhstan is approximately 9.6% per annum, while market rates typically range between 13% and 21%.
The launch of a market-based mortgage program by Freedom Bank with rates starting from 5% per annum has positioned the bank among the leaders in mortgage affordability in the country.

Expansion Through Bank Acquisitions in Armenia and France

Freedom Holding Corp. continues to develop its banking business in Europe and the CIS region. The company is currently considering acquiring a bank in Armenia, according to Vladimir Pochekuev, Chairman of the Board of Directors of Freedom Broker Global Markets (UAE) and Freedom Yatirim (Turkey).

“It is important to note that we are not trying to solve the problem at any cost. The Armenian regulator currently does not see the possibility of issuing new banking licenses, which significantly increases the cost of licenses on the secondary market. Moreover, capital requirements for banks in Armenia are relatively high – at least $80 million,” he said.

Meanwhile, Evgeny Tyapkin, Executive Director of Freedom Finance Europe, reported that the company is exploring the possibility of obtaining a banking license in France. Developing the banking segment represents the next stage in the transformation of Freedom’s European business and will enable the company to expand its client ecosystem beyond traditional brokerage services.

Lenta: A Social Network with Cashback

Freedom Holding Corp. is developing its own social platform called Lenta, which will serve as a unified content and communication hub within the SuperApp. Lenta is designed as a digital environment where users, brands, and services interact, and where content and financial products naturally converge. A key mechanism for attracting users to the platform is a gamified cashback system. Users share their purchases, receive likes, and earn points that increase their cashback rewards.

• 100 points are awarded for publishing a post about a purchase
• 1 point is granted for each like from other users
• 500 points are awarded for confirming a transaction through a POS terminal

“We view Lenta as the social core of our ecosystem. It is not just a news feed, but an environment where users can communicate, share content, and access services – from investments to lifestyle products. Our goal is to bring social and economic activity into a single digital space,” Zhumagulov said.

Digital and Traditional Assets Within a Single Account

Another key topic at the forum was the development of cryptocurrency and investment services within the Freedom ecosystem. The company is integrating traditional and digital assets into a unified brokerage infrastructure.

“We have already implemented the ability to fund brokerage accounts directly from cryptocurrency wallets with instant conversion. This removes unnecessary steps and makes investing significantly more convenient,” said Sergey Lukyanov, Chairman of the Board of Directors of Freedom Finance Global.

The company has obtained a crypto custodian license, enabling clients to store digital assets alongside traditional instruments within a single account.

“This is an important step toward integrating different asset classes into a single ecosystem. Going forward, we will continue expanding the range of available instruments,” he added.

Travel by Freedom: Millions of Hotels and a New Flight Search Algorithm

Freedom Holding Corp.’s travel segment is evolving into a full-scale travel platform.

The system already includes approximately 3.5 million accommodation options worldwide – including hotels and apartments – as well as more than 30 direct integrations with airlines.

In May, the company plans to launch a hotel aggregator providing access to millions of properties globally.

“We aim to compete with the largest international platforms, which is why we focus on direct contracts with suppliers and airlines to offer users the best possible prices without intermediaries,” said Igor Boyko, CEO of Freedom Travel.

The service will include not only standard booking functionality but also additional services such as transfers, excursions, and visa support. According to Boyko, the corporation has also developed its own proprietary algorithm for searching and combining flight routes. Powered by artificial intelligence, the system can combine routes across different carriers to generate the most cost-efficient travel options. The travel segment has already become one of the largest components of the ecosystem and continues to demonstrate steady growth.

According to Alexey Li, CEO of Freedom Lifestyle, by the end of 2025 Freedom Travel’s market share in Kazakhstan reached 20%, meaning that every fifth airline ticket in the country is sold through the SuperApp.

Growth of Lifestyle Services and Launch of New Projects

In addition to travel, the company continues to expand other lifestyle services within its ecosystem. For example, the grocery delivery business has been actively scaling, with sales doubling in 2025. The company is also expanding its geographic presence: the service currently operates in three cities and plans to launch in five additional locations, including Shymkent. At the same time, the product assortment is expanding through direct contracts with local and international suppliers, including imports from Japan and Europe. Ticketon remains the leader in Kazakhstan’s events market, processing up to 90% of all ticketed events in the country. The platform continues to evolve technically in response to growing demand, particularly during peak periods such as major concerts and sporting events.

As part of its expansion strategy, the company announced several new initiatives:

• Launch of the Freedom Food delivery service in multiple cities, starting with Aktau
• Development of the My Health digital healthcare service within the SuperApp
• Introduction of health-tech solutions, including rapid genetic testing and personalized medical services

These services are expected to be fully integrated into the ecosystem in the future.

“If you look at us as a traditional financial company, much of what we do may seem unconventional. We do not operate within a rigid vertical structure. We have many business lines, and we are not the leader in every one of them – which sometimes leads to quick conclusions that something must be wrong. But in reality, we are deliberately building a company where strong teams make decisions quickly and locally. Where different businesses reinforce one another, and value is created not within a single product, but through the connections between them. We are a complex story – but it truly works,” noted Timur Turlov.