Moody’s assignment of a Ba3 rating with a stable outlook to Freedom Bank Kazakhstan serves not only as an assessment of its current condition but also as a reflection of its role within a broader framework.
The bank’s baseline credit assessment is set at b1 and reflects its current stage of development and growth dynamics. The bank is actively expanding its retail lending business by developing mortgage and auto loan products, gradually reducing its reliance on investment and trading operations.
Credit quality is assessed as stable: the share of non-performing loans is less than 3%, while the provision coverage ratio exceeds 100%. Capitalization and liquidity are at comfortable levels, although as the business grows, pressure on capital ratios and the cost of funding may increase.
Separately, 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 U.S., and the Middle East. This model provides access to international capital markets, technological solutions, and management expertise, 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 linked 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. is systematically integrating 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 is represented in Armenia and is simultaneously working on launching banking projects in Georgia. This direction is viewed as a logical continuation of regional expansion.
Beyond the post-Soviet space, Freedom Holding is also strengthening its international presence. In 2025, the company obtained a license as a professional participant in the securities market in Abu Dhabi, which opened access to the Middle Eastern market and marked an important step in business diversification.
One of the most promising areas for further growth is Turkey. The holding company is considering the acquisition of TurkishBank: the current shareholders have already agreed to sell a controlling stake, and the deal is currently awaiting regulatory approval. The potential buyer is Freedom’s Turkish subsidiary.
At the same time, Freedom Holding Corp. is evaluating opportunities to enter the Pakistani market while continuing to strengthen its position in the U.S. and Europe. Thus, geographic 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. is consistently developing an ecosystem-based approach, in which the key product is not a standalone service but a comprehensive digital environment. This includes banking, investment, insurance, and technology services, all integrated into a single platform.
This model allows for the formation of a sustainable customer base and deeper engagement with users. 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, providing the financial infrastructure—from payments and transfers to lending—and serves as the foundation of 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 take advantage of additional features—from travel to interacting with government services.
Integration with government databases allows customers to apply for financial products—including mortgages and auto loans—remotely and entirely 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 and speeds up transactions, minimizing the need to visit branches. At the same time, the platform’s functionality is regularly expanding 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, increasing 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 within a single user experience.
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Freedom Holding Corp.: Moody’s Rates Freedom Bank on Stability, Growth and Ecosystem Model
