In early September 2025, during an official visit by President Kassym-Jomart Tokayev to China, a milestone agreement was signed that could reshape the landscape of cross-border commerce in Central Asia. Freedom Holding Corp, through its subsidiary Freedom Bank, entered into a memorandum of cooperation with UnionPay Business and Verum Payments Limited. The aim: to establish a China–Kazakhstan settlement system that supports wholesale e-commerce and deepens bilateral economic ties.
This agreement marks a turning point in regional financial infrastructure development. It is also the latest in a series of forward-looking initiatives from Freedom Holding’s founder and CEO, Timur Turlov, whose vision continues to drive digital transformation in Kazakhstan and beyond.
A Strategic Platform for Regional Trade
The memorandum of cooperation was signed during the Kazakhstan–China Business Council in Beijing by Freedom Bank Board Member Aidos Zhumagulov, Guo Guangxin of UnionPay Business (Hebei Branch), and Verum Payments CEO Rinat Berikbolov. The agreement outlines a shared commitment to developing a payment and settlement system tailored to the demands of cross-border trade in the wholesale e-commerce sector.
Backed by influential institutions such as the Advanced Industry Research Centre of Xinhua News Agency and financed by Polyking New Horizons Technology Industry Co., Ltd (a CITIC POLY FUND subsidiary), the initiative brings together financial, governmental and private-sector support.
For Freedom Bank, the settlement system represents an opportunity to take a leading role in enabling smoother, faster, and more secure transactions between two rapidly developing markets. It also provides a tangible path for integrating Kazakhstan’s financial infrastructure with China’s broader digital economy.
Leadership Rooted in Long-Term Thinking
Timur Turlov’s response to the agreement made clear the deeper strategic intent behind the initiative. “Our cooperation with UnionPay Business is more than a banking initiative – it is an investment in the future of Kazakhstan–China economic relations,” he stated.
This perspective is consistent with Turlov’s broader leadership style. Since founding Freedom Holding, he has focused on combining technology with regulatory discipline to open up financial markets across Eurasia. By delivering modern, user-centric tools backed by institutional credibility, Freedom Holding has become a model for financial reform and innovation in post-Soviet economies.
Turlov’s leadership also reflects a civic-minded approach. In addition to driving corporate growth, he has prioritised financial literacy, public education, and inclusive access to capital. His decision to acquire Kazakhstani citizenship and take part in public dialogue around national development further underscores his long-term commitment to the country.
Infrastructure That Works for People and Markets
The newly signed agreement outlines a dual-currency model, with settlement available in both Chinese yuan and US dollars. This flexibility is essential for businesses in Kazakhstan seeking to engage with Chinese suppliers while maintaining global financial connectivity.
Freedom Bank will play a central role in developing and implementing the system. Meanwhile, UnionPay Business will assist in establishing technical infrastructure, payment channels, and correspondent banking relationships with financial institutions in China.
This builds on prior cooperation between the two institutions. In 2024, Freedom Bank launched an acquiring service for UnionPay cards in partnership with UnionPay International. Cardholders, whether domestic or international, can now use UnionPay cards at merchants connected to Freedom Pay—online and offline.
From Local to Global: A Scalable Model
Freedom Holding Corp’s operational footprint spans 22 countries, including the United States, Cyprus, Spain, Poland, Uzbekistan, and Armenia. The company is listed on the NASDAQ, the Kazakhstan Stock Exchange (KASE), and the Astana International Exchange (AIX), trading under the ticker FRHC. It is regulated by the U.S. Securities and Exchange Commission and is part of the Russell 3000® Index.
While global in scope, the group’s focus remains rooted in emerging markets, particularly Kazakhstan. Here, the company has developed a comprehensive financial and lifestyle ecosystem. This includes Freedom Bank, Freedom Broker, insurance providers Freedom Life and Freedom Insurance, as well as digital platforms Arbuz.kz, Freedom Ticketon, and Aviata.
These ventures are united by a shared goal: to modernise financial services, integrate them into people’s daily lives, and create platforms that scale regionally without compromising on compliance or user experience.
A Hub for Fintech and Trade
Kazakhstan is increasingly positioning itself as a fintech and logistics hub at the crossroads of Asia and Europe. Freedom Holding’s involvement in this transformation is both strategic and hands-on. By creating infrastructure that supports everything from digital banking to cross-border payments, the group is laying the groundwork for regional economic integration.
The settlement system with UnionPay Business may serve as a prototype for similar collaborations across Central Asia. If successful, it could help neighbouring countries improve their own trade efficiency, financial access, and economic independence.
Economic and Social Impact
Beyond institutional goals, the initiative holds practical benefits for Kazakhstani businesses and consumers. For small and medium-sized enterprises, it opens more efficient and secure access to Chinese suppliers and payment systems. For consumers, it expands the options available for online purchasing and increases confidence in digital payment platforms.
Additionally, the investment in payment infrastructure has the potential to create skilled jobs, promote technical education, and enhance Kazakhstan’s profile as a destination for foreign investment and digital entrepreneurship.
Conclusion
The agreement between Freedom Bank and UnionPay Business reflects more than corporate strategy. It embodies a vision of Kazakhstan as a digitally connected, economically resilient and globally integrated nation.
Under Timur Turlov’s leadership, Freedom Holding Corp continues to deliver on this vision by investing in foundational systems that bridge borders, connect institutions, and empower users. In a world where financial infrastructure is increasingly central to national development, this partnership stands as a timely and significant milestone.
By aligning innovation with regional priorities, Freedom Holding is not just participating in Kazakhstan’s digital transformation—it is helping to lead it.
