Freedom Holding Corp, a NASDAQ-listed US company, plans to expand its growing innovative ecosystem beyond Central Asia, the company’s founder and CEO, Timur Turlov, told the KURSIV ECOSYSTEMS FORUM 2024 in Almaty. The holding company’s ecosystem, which consists of both financial services and lifestyle offerings, could potentially compete on the global stage if it diversified beyond Kazakhstan and Central Asia, he believes.
“We need to become more global in order to have the resources to compete with the players that are much bigger and more global than us,” Timur Turlov said. “We will either become part of a larger ecosystem, or we will build a huge ecosystem ourselves that will extend far beyond our region.”
The development of such an ecosystem may take time – possibly even decades – but in some regions, especially countries like Kazakhstan, new technologies are adopted very quickly.
“The process of adapting to the new modern digital world will not be as fast for everyone as it is for Kazakhstani,” Timur Turlov admitted, adding that the country is ahead of the curve when it comes to embracing new technologies.
The growth of the Freedom Holding Corp ecosystem has been achieved through the use of various services under its umbrella. Timur Turlov noted the importance of customer integration, as every customer interaction within the ecosystem helps to build trust and strengthen the brand. The clients can now shop, book travel, purchase concert tickets and make payments – all through Freedom Holding’s applications. New additions include Freedom Drive, Ticketon and Freedom Pay.
Freedom Drive: A new frontier in automotive services
One of the latest additions to the Freedom Holding Corp ecosystem is Freedom Drive, a service designed to streamline mobility solutions for the holding company’s customers. By integrating into the broader ecosystem, Freedom Drive not only provides transportation but also links to the company’s financial products, creating opportunities for cross-service offerings such as insurance or payment solutions.
“Freedom Drive is one of the many touch points we have with our customers,” said Timur Turlov. “It’s about more than just transportation. We’re creating an experience that gets people to rely on our ecosystem for different aspects of their lives.”
Ticketon: Leading in event experiences
Another key element of Freedom Holding’s expanding ecosystem is Ticketon, an online platform that allows users to buy tickets for various events—concerts, movies and sports.
“By integrating services like Ticketon, we ensure that the ecosystem meets everyday needs while driving greater engagement and loyalty,” Timur Turlov added.
Freedom Pay: Streamlining payments
Meanwhile, Freedom Pay, the company’s digital payments platform, is streamlining payments across industries, from online shopping to government services. As well as simplifying payments, it collects consumer data to provide more personalised services.
“Understanding customer behaviour through data is essential. It allows us to offer more accurate credit risk assessments and special offers exactly when they are needed,” explains Timur Turlov.
As Freedom Holding Corp. looks to grow beyond Central Asia, it faces both opportunities and challenges in scaling its ecosystem. One of the challenges is that national regulatory environments remain fragmented as governments seek to regulate digital services.
At the same time, many large ecosystems, such as YouTube, remain difficult to control.
“National regulators are becoming more aware of the need to regulate digital platforms, but they often lack the ability to enforce it,” Timur Turlov said.
On a larger scale, Turlov remains optimistic. Timur Turlov emphasised the company’s commitment to innovation and its willingness to invest in promising services while abandoning those that prove less viable.
“We are prolific in trying out new ideas and seeing what sticks. If a service takes off, we continue to invest in it. If not, we move on,” he stated.
The expansion of Freedom Holding’s ecosystem, driven by ventures such as Freedom Drive, Ticketon and Freedom Pay, signals a future where the company’s influence could extend far beyond its current boundaries – bringing its innovative services to markets around the world as it prepares to compete with the biggest names in the digital industry.
