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 Nasdaq-listed Freedom Holding Corp., has signed a memorandum of cooperation with UnionPay Business, a division of China’s state-owned UnionPay, and virtual payment provider Verum Payments.

The agreement was formalized during the Kazakhstan-China Business Council meeting in Beijing, coinciding with an official visit by Kazakhstan’s President Kassym-Jomart Tokayev. Its primary aim is to create a reliable China-Kazakhstan settlement system supporting e-commerce and digital trade.

Timur Turlov, who highlighted the deal’s potential to strengthen regional commerce, noted that it will enable seamless payment channels and correspondent accounts denominated 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,” he said. The partnership will concentrate on developing advanced payment infrastructure designed to open new opportunities for businesses and consumers in both countries.

Kazakhstan has become a major destination under China’s Belt and Road Initiative, attracting $23 billion in investment in the first half of 2025 alone, including a $12 billion aluminium complex led by China’s East Hope Group. The new agreement aligns with Beijing’s broader push to increase imports of high-quality Kazakh goods and expand cooperation in e-commerce and the digital economy.

Under the terms of the deal, Freedom Bank will help UnionPay Business design and roll out the settlement system while expanding its own footprint in Central Asia. In turn, UnionPay Business will supply technical expertise and access to correspondent accounts at Chinese banks. These reciprocal arrangements are expected to speed the growth of cross-border e-commerce—particularly in the wholesale sector—and further deepen bilateral economic ties.

Turlov also pointed to opportunities for technological collaboration, suggesting that joint investments in fiber-optic networks, 5G infrastructure, and satellite communications could strengthen digital connectivity between the two nations. “Technological collaboration is essential,” he emphasized, citing Freedom Holding’s integrated ecosystem in Kazakhstan, which unites banking, investment services, and lifestyle platforms such as Arbuz.kz and Aviata. He believes this model could be adapted for the Chinese market through partnerships with local banks and fintech firms, helping build consumer trust and engagement.

The partnership underscores Kazakhstan’s emerging role as a digital-trade hub in Central Asia, capitalizing on its strategic position along the Digital Silk Road. Freedom Holding’s Nasdaq listing, which provides access to global equity markets, together with recent investments from institutions such as BlackRock, positions the company to facilitate cross-border investment opportunities tailored to both Chinese and Kazakh participants.

As China and Kazakhstan continue to align their development priorities, the agreement signals a shared commitment to doubling bilateral trade and expanding cooperation in areas including e-commerce, new energy, and digital innovation—laying the groundwork for a more interconnected and prosperous economic relationship.