Freedom Holding Corp.: When a Fintech Starts Thinking Like a Country, the Rise of Freedom as Infrastructure
By Space Coast Daily // July 19, 2025
Until recently, Freedom Holding Corp., a Nasdaq-listed financial services firm, was regarded as an ambitious next-generation brokerage firm that had established a thriving fintech ecosystem. However, when the CEO, Timur Turlov, presented the results for the 2025 fiscal year, he revealed something fundamentally different: Freedom Holding Inc. is not just a company; it is becoming the digital layer on which modern Kazakhstan is beginning to operate.
Media, telecommunications, cloud technologies, streaming, payments, telecom infrastructure, and even its own digital currency are now all part of a single private structure that is rapidly and confidently becoming the country’s unofficial digital backbone.
“Today, we’ll be talking a lot about our digital ecosystem. We’ve transformed from a small brokerage company into a full-fledged digital conglomerate,” Timur Turlov said.
One of the core segments of the presentation focused on the telecoms sector. Freedom is actively building its own fixed wireless (FWA) and 5G infrastructure. Over 100 units of specialized construction equipment have been acquired, and a training center has been established near Astana.
“We’re currently laying more fiber optic cable in Kazakhstan than anyone, and doing so more cheaply than anyone else,” commented the CEO of Freedom Holding Corp.
Freedom Holding is also positioning itself as Kazakhstan’s answer to Netflix. Freedom Media already boasts the country’s largest licensed digital library, with content partnerships in place with Disney, Warner, and other major studios.
“Nearly $45 million invested, content in three languages, 120 TV channels, and 510 original series produced annually,” said Turlov.
Freedom Holding is investing tens of millions of dollars in its own IT infrastructure and data centers. This will ensure that user data is stored within Kazakhstan and reduce dependence on foreign providers.
According to the company report, Freedom Holding allocated more than $126 million to charitable initiatives during the 2023–2025 period, including programs for teachers, students, and low-income families. Turlov believes that the holding must always keep the country’s interests in mind.
Its Freedom SuperApp is quickly becoming a one-stop shop for everyday and government services: tax payments, insurance claims, ticket purchases, and state services are now all available through one platform. “We are bringing all our companies into a single, interconnected system. There will be one login and one point of access,” noted Turlov.
By 2025, Freedom Holding continued to expand, further incorporating finance, media, telecommunications, data and social functionality.
The company now deserves recognition not just as a digital business, but as a national-scale digital ecosystem that influences society, the state, and the economy.
Although Freedom Holding’s roots are firmly in Kazakhstan, the company clearly has ambitions that extend beyond national borders. It already operates in 22 countries, including the United States, Cyprus, Germany and Uzbekistan, and is expanding its presence in Eastern Europe and Central Asia. Its listing on Nasdaq in 2019 signalled its intention to adhere to global financial standards, and recent partnerships — such as the one with Vodafone for telecoms infrastructure — suggest that Freedom is positioning itself as a regional digital powerhouse. By exporting its SuperApp model, financial expertise and infrastructure-as-a-service strategy to other emerging markets, Freedom Holding aims to replicate its success in Kazakhstan and become a digital bridge between East and West. The question is no longer whether the model works, but how far it can be scaled up.
