Digital banking is experiencing rapid growth worldwide. A variety of services that were previously only available at bank offices are now accessible with just a few taps on a smartphone. With Freedom Holding Corp., nearly all of them.
DIGITAL BANKING ON THE RISE
At the end of last year, Deloitte published the sixth edition of its Digital Banking Maturity report, the largest study of its kind, assessing 349 banks across 44 countries and six continents. According to the report, the top performers in this segment — the so-called digital champions — use two distinct strategies to strengthen their businesses.
The first approach focuses on delivering an exceptional user experience. Core banking services are offered digitally with the highest quality and simplicity. The second strategy involves maximizing the scope of services offered. This is achieved through all-in-one platforms, often called “super apps.” These platforms go beyond traditional banking to include shopping, travel booking, and other features, all in one place.
Although the research did not include Kazakh banks, Freedom Holding’s approach to digital banking appears to be a unique combination of the two strategies. A major player in the Kazakh banking scene, Freedom Bank significantly accelerates and simplifies the use of core banking products and brings together financial and non-financial services in its Super-App.
EASY LOANS FROM HOME
While remote account opening for transactional and savings products is becoming more common, the 2024 Digital Banking Maturity Report states that only the top digital banks offer digital mortgages or car loans.
A digital mortgage program was introduced by Kazakh Freedom Holding Corp four years ago, and since then, 33,500 loans have been approved for Kazakhstani citizens, amounting to a total of $1.2 billion. “With our digital mortgage product, there’s no need to visit a bank to apply for a mortgage. You can complete every stage of the process remotely, from filling out the application to signing the contract,” says Freedom CEO Timur Turlov. Integration with government databases (GovTech) and the use of artificial intelligence (AI) have reduced the mortgage approval process from weeks to 24 hours for customers.
Thanks to recent developments, Freedom’s digital banking services are now not only more accessible but also much more affordable in Kazakhstan than in the US. For instance, the cost of a digital mortgage loan for Freedom Bank is approximately $220, whereas in the US it can be as high as $10,500.
Similarly, Freedom Bank has set up a system for issuing digital car loans. The entire process is expected to take several hours, with a maximum duration of 24 hours. To date, a total of 21,000 people have received these loans, amounting to $0.7 billion.
QUICK MONEY FOR BUSINESS
The latest achievement of Freedom Bank has been made in the small and medium enterprise (SME) loan segment. Timur Turlov says, “In the area of digital lending to SMEs, greater progress has probably been made here than in many other countries.”
This field offers significant opportunities. According to the Boston Consulting Group and Biz2X® survey, “The Forthcoming Revolution in Small Business Lending,” digital experience is an area in which banking often falls short. Although small businesses often interact with their banks digitally, banks often revert to standard credit procedures, timelines, and manual follow-up requests and communications. This contributes to an unsatisfying digital experience for small business customers.
Freedom Holding Corp processes applications from SMEs in only 12 minutes instead of an average of one month.
ONE TOUCH PROXIMITY FOR ALL
Clients of Freedom Holding Corp benefit from a comprehensive, integrated digital platform that offers financial and non-financial services. The Freedom Super-App provides users with a wide range of tools for savings, borrowing, investing, shopping, travel, and entertainment. Since its launch around one year ago, the Super-App has allowed clients to make payments, open current and savings accounts, obtain loans, invest money, purchase products from online grocery stores, book flights and tickets for cultural and sports events, and more.
Diversifying service offerings attracts a broader customer base, increases customer engagement, and enhances customer loyalty. This approach establishes Freedom as a valuable lifestyle partner in the digital economy.
CASH BACK AS INVESTMENT
Freedom Holding’s distinctive cashback program is an additional incentive. The remuneration is being offered at a higher rate for deals within the holding digital ecosystem. In addition, it is denominated in the proprietary currency of Freedom, which is linked to the value of Freedom Holding Corp. (FRHC), the holding’s parent company, traded on Nasdaq.
The cash back can be used for payments, transfers, or savings. The latest enables users to participate in the company’s growth. Since the launch of the currency in spring 2024, the FRHC shares have shown a significant increase in value, rising from $70 to $166 by the end of May 2025.
This, coupled with the power of the Super-App and a wide range of digital banking products, provides a strong competitive advantage in an increasingly saturated digital banking market.
