The visit by founder and CEO Timur Turlov to Japan became an important, and in many ways symbolic, milestone for the international development of Freedom Holding Corp., a Nasdaq-listed fintech company. The trip combined strategic dialogue, the sharing of practical experience, and concrete agreements that lay the groundwork for long-term cooperation.
“The visit to Japan was an important step for Freedom Holding’s international development and for strengthening economic and technological ties between Kazakhstan and Japan,” Timur Turlov said.
Among the companies that the Freedom Holding team studied most deeply and viewed as a benchmark while developing the Freedom SuperApp was the Japanese corporation Rakuten.
“Its ecosystem has long been considered one of the most advanced in the world – primarily due to its scale, the depth of service integration, and a well-designed loyalty program. Rakuten’s cashback model deserves special attention, with an annual volume reaching approximately USD 3.5 billion,” Timur Turlov explained. This case served as a reference point for Freedom Holding over an extended period.
Direct discussions with its management gave the team a much deeper understanding than any remote analysis could, he believes.
During the visit, an intensive workshop featuring candid discussions was held with Japanese management, where not only achievements were discussed, but also mistakes, difficult decisions, limitations, and the internal logic behind the ecosystem’s development.
“There is a fundamental difference between studying successful models from a distance and discussing real decisions, mistakes, and trade-offs with the people who built them,” Turlov said, adding that this direct dialogue allowed the team to reassess familiar approaches from a new perspective.
The exchange proved to be mutually beneficial. Japanese partners showed strong interest in Freedom’s practices, as fewer regulatory constraints in Kazakhstan allowed many verticals to develop faster and more deeply. In several solutions, product features, and integrations with government bodies, the Kazakhstani ecosystem has advanced further than is often assumed.
“What was especially valuable is that the exchange was two-way – our Japanese partners were genuinely interested in Freedom’s experience,” Timur Turlov emphasized. Just a few years ago, it would have seemed unrealistic to imagine Japanese and Kazakhstani teams sitting at the same table and comparing ecosystems on equal terms.
The key practical outcome of the visit was the signing of four memoranda of cooperation with Japanese companies, covering both financial technology and trade and logistics.
In particular, a memorandum was signed between Freedom Bank and Kort Valuta Co., aimed at developing cooperation in digital financial technologies, ecosystem services, and the introduction of innovative products in the Japanese market. In addition, Freedom Holding Corp. signed a memorandum with Ledax Co. to establish a joint Business Preparatory Company focused on developing financial services using advanced fintech solutions in Japan.
A separate set of agreements relates to trade and logistics. Arbuz Group signed memoranda with SUMOTORI Japan Holdings and Arai Shoji Co. on cooperation in the export and commercial supply of Japanese goods to Kazakhstan.
According to Turlov, these opportunities largely emerged thanks to the visit of the President of Kazakhstan to Japan.
“High-level diplomacy creates trust and removes barriers, which then allows businesses to focus on concrete projects rather than overcoming institutional obstacles,” he said, noting that such conditions make it easier for companies to negotiate, sign agreements, and launch joint initiatives.
Overall, Japan is viewed by Freedom Holding Corp. as an extremely promising and strategically important market.
“Japan is a highly competitive but very promising market, and we see real potential to be successful here – either independently or in partnership with local players,” Timur Turlov said, adding that the company will continue to study the regulatory environment and possible entry models.
