Freedom Holding’s Turlov Predicts Enhanced China-Kazakhstan E-Commerce and Economic Partnership

Beijing, September 11, 2025 – The economic relationship between China and Kazakhstan is poised for significant growth, particularly in the realm of cross-border e-commerce, according to Timur Turlov, CEO of Freedom Holding Corp. A recent cooperation agreement signed in Beijing marks a pivotal step in strengthening trade and digital economy ties between the two nations.

Freedom Bank, a subsidiary of the Nasdaq-listed Freedom Holding Corp., has entered into a memorandum of cooperation with UnionPay Business, a unit of the Chinese state-owned financial services firm UnionPay, and virtual payment provider Verum Payments.

The agreement, formalized during the Kazakhstan-China Business Council meeting in Beijing, aims to establish a robust China-Kazakhstan settlement system for e-commerce and digital trade. The signing occurred during an official visit by Kazakhstan’s President Kassym-Jomart Tokayev to China, underscoring the strategic importance of this partnership.

Turlov highlighted the agreement’s potential to boost regional trade by facilitating seamless payment channels and correspondent accounts in both Chinese yuan and US dollars. “This is more than a banking initiative—it’s an investment in the future of Kazakhstan-China economic relations,” Turlov stated.

He emphasized that the collaboration will focus on building an advanced payment infrastructure to support digital trade, creating new opportunities for businesses and consumers in both countries.

Kazakhstan has emerged as a key destination for China’s Belt and Road Initiative, with $23 billion invested in the first half of 2025 alone, including a $12 billion aluminium complex led by China’s East Hope Group. The agreement with UnionPay Business and Verum Payments aligns with China’s broader efforts to expand imports of high-quality Kazakh products and foster partnerships in e-commerce and the digital economy.

Freedom Bank will assist UnionPay Business in developing and implementing the settlement system while strengthening its presence in Central Asia. In return, UnionPay Business will support Freedom Bank by providing technical services and access to correspondent accounts in Chinese banks. This mutual support is expected to accelerate the development of cross-border e-commerce, particularly in the wholesale sector, and deepen economic ties.

Turlov also sees potential for technological collaboration, noting that joint investments in fiber optics, 5G networks, and satellite communications could enhance the digital infrastructure of both nations.

“Technological collaboration is essential,” he said, pointing to Freedom Holding’s integrated ecosystem in Kazakhstan, which combines banking, investment services, and lifestyle platforms like Arbuz.kz and Aviata. This model, he believes, could be adapted to China’s market through strategic partnerships with local banks and fintech platforms, fostering consumer trust and engagement.

The partnership reflects Kazakhstan’s growing role as a hub for digital trade in Central Asia, leveraging its strategic position along the Digital Silk Road. With Freedom Holding’s Nasdaq listing providing access to global equity markets and recent investments from firms like BlackRock, the company is well-positioned to drive cross-border investment opportunities tailored to both Chinese and Kazakh investors.

As China and Kazakhstan continue to align their development strategies, this agreement signals a commitment to doubling bilateral trade and expanding cooperation in emerging fields like e-commerce, new energy, and digital innovation. The collaboration is expected to pave the way for a more interconnected and prosperous economic future for both nations.