Moody’s assigning a Ba3 rating with a stable outlook to Freedom Bank Kazakhstan serves not only as an assessment of its current situation, but also as a reflection of its role in a broader context.
The bank’s basic credit rating is b1 and reflects the current level of development and growth dynamics. The bank is actively expanding its personal lending business through the development of mortgage and auto loan products, thereby gradually reducing its dependence on investment and trading operations.
The credit quality is assessed as stable: the proportion of non-performing loans is less than 3% and the risk coverage ratio is over 100%. Capitalization and liquidity are at comfortable levels, although as the company grows, pressure on capital ratios and financing costs may increase.
Additionally, Moody’s highlights a factor that goes beyond traditional banking analysis: the bank’s integration into the Freedom ecosystem. Freedom Bank is part of Freedom Holding Corp., which consolidates assets in Kazakhstan, Europe, the United States and the Middle East. This model provides access to international capital markets, technological solutions and management know-how, strengthening the bank’s resilience and supporting its further development.
Global Focus: Where Freedom Holding is Growing
The development of the Freedom Holding ecosystem is directly related to the expansion of its business footprint. Today the company operates in 21 countries and its total assets exceed $10 billion.
Central Asia remains a key region where Freedom Holding Corp. systematically integrated its banking and investment services. A unified product model is being developed in Uzbekistan and Tajikistan, and a fully digital bank focused on remote customer service is already operating in Tajikistan.
In the Caucasus, the company has a presence in Armenia and is simultaneously working on the introduction of banking projects in Georgia. This alignment is seen as a logical continuation of regional expansion.
Beyond the post-Soviet space, Freedom Holding is also increasing its international presence. In 2025, the company received a license as a professional participant in the Abu Dhabi securities market, which opened access to the Middle East market and represented an important step in business diversification.
One of the most promising areas for further growth is Turkey. The holding is considering taking over TurkishBank: current shareholders have already agreed to sell a majority stake and the deal is currently awaiting regulatory approval. The potential buyer is Freedom’s Turkish subsidiary.
At the same time, Freedom Holding Corp. Opportunities to enter the Pakistani market while further strengthening its position in the US and Europe. Therefore, geographical expansion has become an integral part of the strategy aimed at scaling the ecosystem and entering new markets.
The ecosystem and SuperApp as a unified model
Freedom Holding Corp. consistently develops an ecosystem-based approach in which the key product is not a standalone service, but a comprehensive digital environment. These include banking, investment, insurance and technology services, all integrated into a single platform.
This model allows for building a sustainable customer base and deeper user engagement. Customers gain access to a wide range of services within a single ecosystem, while the company benefits from a more balanced and diversified revenue structure.
The bank plays a central role in this system by providing the financial infrastructure – from payments to remittances to lending – and serving as the foundation for the entire digital platform.
A key element of the ecosystem is the Freedom SuperApp – a single application that combines financial and everyday services. Users can manage accounts, make transfers, invest, receive cashback and use additional features – from traveling to interacting with government services.
By integrating with government databases, customers can apply for financial products – including mortgages and car loans – remotely and completely online, often within a single day. Multi-currency cards and fast international transfers are also available.
The use of biometric identification significantly simplifies access to services, speeds up transactions and minimizes the need to visit branches. At the same time, the functionality of the platform is regularly expanded through the implementation of new digital solutions.
The app’s user base is growing rapidly: the number of Freedom SuperApp users has reached 5 million and has increased by one million in just a few months. This growth confirms the high demand for a unified digital platform that combines financial and everyday services in a single user experience.
