Freedom Entered in Tajikistan. The Bank Obtained Local Regulator’s License
On Tuesday, October 15, 2024, JSC Freedom Bank Kazakhstan obtained a license for banking operations in Tajikistan, as announced by Timur Turlov, CEO of Freedom Holding Corp.
“Today, the subsidiary Freedom Bank Kazakhstan received a banking license in Tajikistan!” Timur Turlov congratulated @aidos_zhumagulov_b (Aidos Zhumagulov, a member of Freedom Bank’s board of directors) and his entire team on this achievement in a post on his Instagram page.”
In January 2024, it was announced that Freedom Bank plans to open a subsidiary in Tajikistan. On April 12, the Agency for Regulation and Development of the Financial Market (ARFM) issued a permit to establish a subsidiary of the closed joint-stock company in Tajikistan.
Freedom Bank board member Aidos Zhumagulov stated in August 2024 that opening the subsidiary would enable the bank to expand its expertise and introduce digital financial products. He mentioned that a significant amount of work has been completed, and a team has been assembled. Zhumagulov also mentioned that Freedom Bank will support opening an IT park in Tajikistan.
Aidos Zhumagulov stated that the effective work of the local regulator drove the decision to establish the bank. “We realised that once we applied for a license, we could obtain it within six to eight months,” he told Tajikistan’s Vecherka Newspaper. Zhumagulov, a board member, mentioned that the bank would introduce its line of products, including deposit, cashback, and investment cards. Additionally, there will be products tailored for legal entities.
As of September 1 2024, Freedom Bank ranks eighth among 21 players in the banking market of Kazakhstan, according to the National Bank of Kazakhstan. The financial institution has assets of KZT2.3 trillion, equity capital of KZT156.2 billion, and a profit of KZT22.4 billion.
The bank’s only shareholder is Kazakhstan-based broker Freedom Finance JSC, part of Freedom Holding Corp. The holding includes companies such as Freedom Insurance, Freedom Life, the online supermarket Arbuz.kz, the aggregator Aviata.kz, Freedom Drive, Freedom Mobile, Freedom Ticketon, Freedom Telecom, Aviata and Chocotravel. October 15, 2024, marked the fifth anniversary of listing Freedom Holding Corp. shares on the US exchange NASDAQ. During this time, the holding’s shares have grown almost seven times, from $14.42 to $97, and its market capitalisation has reached $6 billion.
Kursiv Uzbekistan reports that in collaboration with the Ministry of Digital Economy, Freedom Bank will open an IT Hub in Dushanbe.
