Freedom Holding Corp. (FRHC): Análisis PESTLE [Actualizado en Ene-2025]

En el panorama dinámico de los mercados financieros emergentes, Freedom Holding Corp. (FRHC) emerge como una fuerza transformadora, navegando estratégicamente los complejos terrenos del ecosistema económico en evolución de Asia Central. Al combinar sin problemas la innovación tecnológica, la agilidad regulatoria y una comprensión profunda de los matices regionales del mercado, FRHC está redefiniendo los servicios financieros en Kazajstán, Uzbekistán y más allá. Este análisis integral de mano presenta las estrategias multifacéticas y las adaptaciones ambientales que posicionan FRHC como una institución financiera pionera preparada para un crecimiento exponencial en la frontera de inversión digital.

Freedom Holding Corp. (FRHC) - Análisis de mortero: factores políticos

El entorno político estable de Kazajstán

Kazajstán mantiene un Índice de estabilidad política de 0.47 En 2024, clasificando el puesto 87 a nivel mundial de acuerdo con los indicadores de gobernanza del Banco Mundial. La continuidad política del país apoya directamente las operaciones financieras de FRHC en Asia Central.

Métrica de estabilidad política	Puntuación de Kazajstán (2024)
Índice de estabilidad política	0.47
Clasificación de gobernanza global	87

Panorama regulatorio para instituciones financieras

Kazajstán ha implementado reformas regulatorias significativas para atraer instituciones financieras extranjeras:

• Restricciones de propiedad extranjera reducidas del 50% al 75% en el sector de servicios financieros
• Procedimientos de registro simplificados para compañías financieras internacionales
• Barreras burocráticas reducidas para transacciones financieras transfronterizas

Reformas del gobierno a favor de las empresas

El gobierno kazajo ha introducido Medidas integrales de liberalización económica, incluido:

Área de reforma	Cambios de clave
Protección de inversión	Marcos legales mejorados para inversores extranjeros
Incentivos fiscales	Tasas impositivas corporativas reducidas en un 2% para servicios financieros
Transparencia regulatoria	Plataformas de gobernanza digital implementadas

Liberalización económica del mercado emergente

El índice de libertad económica de Kazajstán ha mejorado 58.4 puntos en 2024, indicando políticas progresivas orientadas al mercado que benefician a las instituciones financieras como FRHC.

• Índice de libertad económica: 58.4
• Influjo de inversión directa extranjera: $ 4.3 mil millones en 2023
• Ranking de apertura del sector financiero: 42º a nivel mundial

Freedom Holding Corp. (FRHC) - Análisis de mortero: factores económicos

Ampliando servicios financieros en Kazajstán, Uzbekistán y otros países de la CEI.

Freedom Holding Corp. reportó activos totales de $ 1.324 mil millones al 30 de septiembre de 2023. La compañía opera subsidiarias de corretaje con licencia en Kazajstán, Uzbekistán y Chipre.

País	Filial	Estado operativo	Licencia regulatoria
Kazajstán	Libertad Finanzas	Activo	Licencia completa del mercado de valores
Uzbekistán	Freedom Finance Uzbekistán	Activo	Licencia de corretaje y distribuidor
Chipre	Freedom Finance Europe	Activo	Autorización de la empresa de inversión

Aprovechar plataformas de inversión digital en crecimiento y oportunidades de comercio minorista

Freedom Holding Corp. reportó 1,2 millones de cuentas de comercio minorista activo al 30 de septiembre de 2023, y los usuarios de la plataforma digital aumentaron un 42% año tras año.

Métricas de plataforma digital	2022	2023	Crecimiento
Cuentas comerciales activas	850,000	1,200,000	42%
Usuarios de plataforma digital	650,000	925,000	42%

Beneficiarse del aumento de la riqueza de la clase media y el apetito de inversión en los mercados emergentes

El PIB per cápita de Kazajstán alcanzó los $ 10,203 en 2022, con un crecimiento proyectado de clase media del 15% anual en la región de la CEI.

Indicador económico	Kazajstán	Uzbekistán
PIB per cápita (2022)	$10,203	$2,198
Tasa de crecimiento de clase media	15%	12%

Crecimiento sólido de ingresos impulsado por criptomonedas y comercio de valores tradicionales

Freedom Holding Corp. reportó ingresos totales de $ 239.4 millones para el año fiscal 2023, con un volumen de negociación de criptomonedas que aumentó en un 65% en comparación con el año anterior.

Fuente de ingresos	2022 ($ M)	2023 ($ M)	Crecimiento
Ingresos totales	$187.2	$239.4	28%
Comercio de criptomonedas	$42.5	$70.1	65%
Negociación de valores	$144.7	$169.3	17%

Freedom Holding Corp. (FRHC) - Análisis de mortero: factores sociales

Alciamiento de la educación financiera digital entre la demografía más joven en Asia Central

Según la Base de datos de Findex Global 2021, la propiedad de cuentas financieras digitales en Kazajstán alcanzó el 57% entre los adultos de 15 a 24 años, con un 42% específicamente utilizando plataformas de banca móvil.

País	Tasa de educación financiera digital (edades 15-24)	Penetración bancaria móvil
Kazajstán	57%	42%
Uzbekistán	45%	35%
Kirguistán	38%	29%

Aumento de la demanda de servicios financieros accesibles impulsados ​​por la tecnología

Se proyecta que el mercado FinTech de Asia Central crecerá a una tasa compuesta anual del 13.7% entre 2022-2027, y se espera que los volúmenes de transacciones digitales alcancen $ 24.3 mil millones para 2025.

Año	Volumen de transacción digital	Tasa de crecimiento del mercado de fintech
2022	$ 16.5 mil millones	11.2%
2025 (proyectado)	$ 24.3 mil millones	13.7% CAGR

Creciente aceptación de las plataformas de inversión e comercio en línea

La base de clientes de Freedom Holding Corp. en Kazajstán creció un 37% en 2022, con cuentas comerciales en línea que aumentan de 85,000 a 116,550 en el mismo período.

Año	Cuentas comerciales totales en línea	Crecimiento año tras año
2021	85,000	-
2022	116,550	37%

Cambio cultural hacia la gestión financiera personal y las estrategias de inversión

La participación de los inversores minoristas en Kazajstán aumentó de 2.3% en 2020 a 4.7% en 2022, lo que indica una tendencia creciente de compromiso de inversión personal.

Año	Tasa de participación de los inversores minoristas	Crecimiento de la cuenta de inversión
2020	2.3%	15,000 nuevas cuentas
2022	4.7%	35,000 nuevas cuentas

Freedom Holding Corp. (FRHC) - Análisis de mortero: factores tecnológicos

Plataformas de comercio digital avanzadas con interfaces móviles e web

Freedom Holding Corp. ofrece plataformas de comercio digital con las siguientes especificaciones:

Característica de la plataforma	Especificación
Descargas de aplicaciones móviles	Más de 500,000 descargas a partir del cuarto trimestre 2023
Tiempo de respuesta de la plataforma web	Aproximadamente 50 milisegundos
Instrumentos comerciales	Más de 200 instrumentos financieros disponibles
Soporte de plataforma móvil	plataformas de iOS y Android

Implementación de medidas de ciberseguridad de vanguardia para la protección del cliente

Métrica de ciberseguridad	Actuación
Inversión anual de ciberseguridad	$ 2.3 millones en 2023
Autenticación de dos factores	Cobertura de la cuenta del cliente 98%
Estándar de cifrado	Cifrado SSL de 256 bits
Incidentes de violación de seguridad	0 Incidentes reportados en 2023

Utilización de tecnologías de comercio blockchain y criptomonedas

Función de comercio de criptomonedas	Detalles
Pares de comercio de criptomonedas	45 pares comerciales disponibles
Velocidad de transacción blockchain	Promedio de 3-5 segundos por transacción
Volumen de negociación de criptomonedas	$ 127 millones en el tercer trimestre 2023
Criptomonedas compatibles	15 criptomonedas principales

Inversión continua en infraestructura fintech e innovación digital

Categoría de inversión de innovación	2023 inversión
Gastos totales de I + D	$ 5.7 millones
AI y aprendizaje automático	$ 1.2 millones
Desarrollo de plataforma digital	$ 2.5 millones
Investigación de tecnología emergente	$ 2 millones

Freedom Holding Corp. (FRHC) - Análisis de mortero: factores legales

Cumplimiento de los marcos regulatorios financieros de Kazajstán

Freedom Holding Corp. está regulado por las siguientes autoridades financieras:

Cuerpo regulador	Supervisión regulatoria	Requisitos de cumplimiento
Agencia de Supervisión Financiera de Kazajstán	Regulación completa de servicios financieros	Relación de adecuación de capital del 8%
Bolsa de Kazajstán	Regulaciones de comercio y listado	Requisitos mínimos de divulgación

Obtener las licencias necesarias en múltiples jurisdicciones

País	Licencia regulatoria	Año obtenido
Kazajstán	Licencia integral de corredor de bolsa	2010
Chipre	Licencia de firma de inversión	2017
Estados Unidos	Broker-Dealer miembro de FINRA	2019

Adherirse a los estándares internacionales de información financiera y comercio

Reportificación de cumplimiento de estándares:

• IFRS (estándares internacionales de informes financieros) totalmente implementados
• Los requisitos de informes de la SEC cumplen con los valores que se encuentran en los EE. UU.
• Auditorías anuales de estados financieros realizadas por Ernst & Joven

Navegación de regulaciones complejas de servicios financieros transfronterizos

Área de cumplimiento regulatorio	Requisito específico	Estado de cumplimiento
Anti-lavado de dinero	Protocolos de KYC (conoce a su cliente)	Totalmente cumplido
Comercio internacional	Informes de transacciones transfronterizos	100% de precisión de informes
Protección de datos	GDPR y leyes locales de privacidad de datos	Cumplimiento certificado

Freedom Holding Corp. (FRHC) - Análisis de mortero: factores ambientales

Compromiso con los servicios financieros digitales sin papel sin papel

Freedom Holding Corp. informó un volumen de transacción digital del 87.3% en sus plataformas financieras en 2023, reduciendo la documentación en papel en un estimado de 412,000 hojas anuales.

Métrico de servicio digital	2023 datos
Porcentaje de transacción digital	87.3%
Las hojas de papel eliminadas	412,000
Usuarios de plataforma digital	276,500

Reducción de la huella de carbono a través de la transformación digital

La infraestructura digital de la compañía redujo las emisiones de CO2 en 42.6 toneladas métricas en 2023, con una infraestructura de computación en la nube que alcanza el 68% de eficiencia energética.

Métrica de reducción de carbono	2023 rendimiento
Reducción de emisiones de CO2	42.6 toneladas métricas
Eficiencia energética de infraestructura en la nube	68%
Reducción del consumo de energía del servidor	33.2%

Apoyo a los productos de inversión sostenible e iniciativas financieras verdes

Freedom Holding Corp. asignó $ 24.7 millones a productos de inversión sostenible en 2023, lo que representa el 12.4% de la cartera de inversiones totales.

Métrica de inversión sostenible	2023 datos
Asignación total de inversión sostenible	$ 24.7 millones
Porcentaje de cartera de inversiones	12.4%
Ofertas de productos financieros verdes	7 productos distintos

Promover prácticas de gobierno corporativo con el medio ambiente responsable

La Compañía implementó protocolos integrales de gobierno ambiental, con el 94.6% de las operaciones corporativas que se adhieren a las pautas de práctica sostenible en 2023.

Métrica de gobernanza ambiental	2023 rendimiento
Cumplimiento de la práctica sostenible	94.6%
Puntuación de auditoría ambiental	8.7/10
Inversiones de sostenibilidad corporativa	$ 3.2 millones

Freedom Holding Corp. (FRHC) - PESTLE Analysis: Social factors

You're looking at Freedom Holding Corp.'s social landscape, and the biggest takeaway is that their explosive growth is directly tied to the digital-first culture of their core market, Kazakhstan. This isn't just a traditional financial firm; it's a fintech ecosystem built on a highly digital consumer base, plus they are making significant, measurable investments in the community, which is crucial for long-term social license (ESG).

Sociological

The company's growth trajectory is fundamentally a story of successful digital adoption. As of September 30, 2025, the total customer base across all business lines reached 6.1 million clients worldwide. This represents a massive user acquisition rate, especially when you consider the firm had a total of 5.3 million customers just a few months earlier, as of March 31, 2025. This kind of scale is only possible in a market that has already embraced digital finance.

Kazakhstan is defintely a highly digital market, which gives Freedom Holding Corp. a structural advantage. Data from the first seven months of 2025 shows that over 80% of all cashless transactions in the country were conducted via internet and mobile banking applications. The sheer volume of active online banking users, which reached 26.7 million as of May 2025, actually surpasses the country's total population of 20.3 million, highlighting the deep penetration of digital finance tools. This environment lowers the cost of customer acquisition and service for a 'Super App' model like Freedom's.

Here's the quick math on their customer growth across key segments for the fiscal year ended March 31, 2025, which shows where the momentum is:

Segment	Client Base (Mar 31, 2025)	Year-over-Year Growth
Banking Clients (Freedom Bank KZ)	2.5 million	+1.6 million (from 904,000)
Insurance Clients	1.2 million	+636,000 (from 534,000)
Brokerage Accounts	683,000	+153,000 (from 530,000)

Workforce and Social Investment

The company's commitment to local employment and social responsibility is a key social factor. The workforce expanded to 8,764 employees as of March 31, 2025, a significant increase of 2,567 people over the prior year. Critically, approximately 95% of the company's personnel are Kazakhstani staff. This high degree of localization reduces political risk and strengthens community ties.

In terms of corporate social responsibility, their external ESG-oriented investments for the 2025 financial year totaled $57.6 million (27.87 billion tenge). This is a substantial commitment that directly supports social and educational infrastructure, which is a major factor in public perception and talent pipeline development.

Key areas of this social investment include:

• Allocating $5.99 million (2.9 billion tenge) for flood relief and infrastructure restoration in western Kazakhstan.
• Investing $2.73 million (1.32 billion tenge) to build and equip an Artificial Intelligence facility at SDU University.
• Providing $2.64 million (1.28 billion tenge) for the construction of the Freedom Yelimay football complex for year-round training.
• Supporting the development of Data Science and Machine Learning specialists through the Freedom Fintech Bootcamp program.

This shows they are not just focused on financial returns; they are actively investing in the social capital of their primary operating region. What this estimate hides is the long-term return on that investment in terms of a better-educated, more skilled local workforce.

Freedom Holding Corp. (FRHC) - PESTLE Analysis: Technological factors

Freedom Holding Corp.'s technology strategy is about deep vertical integration, moving far beyond a traditional financial firm to become a full-stack digital ecosystem player. This aggressive push into Artificial Intelligence (AI) infrastructure and telecommunications, evidenced by major investments and acquisitions in the 2025 fiscal year, shows a clear intent to control the entire digital value chain for its customers.

The company is not just adopting technology; it's building the foundational digital infrastructure in Central Asia, a move that significantly derisks its operational continuity and creates high barriers to entry for competitors. It's a smart, long-term play.

Core strategy is building an integrated digital ecosystem centered on the Freedom SuperApp, launched in April 2024.

The cornerstone of Freedom Holding Corp.'s digital ecosystem is the Freedom SuperApp, which launched in April 2024. This application is a single, unified digital platform that integrates services across the entire holding company, a model rarely seen from a financial institution outside of Asia. The goal is to capture the customer's full wallet and daily digital life.

The SuperApp's success is defintely a key driver for the company's massive customer growth in fiscal year 2025. As of March 31, 2025, the banking client base at Freedom Bank KZ surged to approximately 2.5 million customers, a huge leap from 904,000 the previous year. By November 2025, the SuperApp had already surpassed 2 million users, and by early June 2025, total downloads were over 2.3 million. That's a serious growth engine.

The SuperApp integrates a broad range of services:

• Brokerage and banking services.
• Insurance products.
• E-commerce and retail shopping.
• Telecom services (post-acquisition).
• Lifestyle features like ticket purchasing.

Announced plans to build a $2 billion Sovereign AI Hub in Kazakhstan, powered by NVIDIA.

The most significant technological announcement in late 2025 was the plan to develop a $2 billion Sovereign AI Hub in Kazakhstan. This is a massive capital commitment and a clear signal of the company's future direction: AI-driven services. The agreement was signed on November 7, 2025, with the Ministry of Artificial Intelligence and Digital Development of the Republic of Kazakhstan.

Freedom Holding Corp. will be the principal financing and implementation partner, with the hub powered by sovereign exascale NVIDIA AI infrastructure. This partnership with NVIDIA Corporation is crucial, as it provides access to the world's leading AI hardware and software ecosystem. The planned facility is designed to have 100 MW of available power, a substantial capacity that underscores the scale of the project. This hub is a national-level strategic asset that will accelerate Kazakhstan's and Central Asia's AI leadership, positioning Freedom Holding Corp. at the center of regional digital transformation.

Allocated $2.73 million (1.32 billion tenge) to equip a new Artificial Intelligence facility at SDU University.

The company is also investing in the talent pipeline necessary to support its AI ambitions. In its 2025 fiscal year, Freedom Holding Corp. allocated 1.32 billion tenge (approximately $2.73 million) for the construction and equipping of a new Artificial Intelligence facility at SDU University (Suleyman Demirel University). This is a direct, concrete investment in future R&D capacity.

The new, modern campus opened in March 2025 and is now a research center focused on fintech, AI, and digital technologies. Additionally, the company allocated another 62.77 million tenge ($0.13 million) to the Freedom Fintech Bootcamp program, specifically for training specialists in Data Science and Machine Learning. You can see the full picture of their key technology-related ESG investments for the 2025 fiscal year here:

Initiative	Amount (Tenge)	Amount (USD)	Purpose
SDU University AI Facility	1.32 billion	$2.73 million	Construction and equipping of AI and fintech research center.
Freedom Fintech Bootcamp	62.77 million	$0.13 million	Training specialists in Data Science and Machine Learning.
ICPC World Finals 2024 Hosting	1.86 billion	$3.84 million	Supporting a major global competitive programming event.

Diversified into telecommunications with the April 2025 acquisition of Astel Group Ltd. for $22.6 million.

To ensure its digital ecosystem has the necessary infrastructure, Freedom Holding Corp. diversified into telecommunications. On April 30, 2025, the company, through its subsidiary Freedom Telecom, completed the acquisition of 100% of Astel Group Ltd. for $22.6 million. This acquisition is a strategic move to vertically integrate the network infrastructure.

Astel Group Ltd. is Kazakhstan's largest independent fixed-line operator, which is important because it serves the high-value B2G (Business-to-Government) and B2B (Business-to-Business) segments with telecommunications and advanced IT solutions, including information security and cloud services. This gives Freedom Holding Corp. a new revenue stream and, more importantly, control over a critical part of the digital delivery network for its financial products, which should reduce operational costs and improve service quality in the long run.

Freedom Holding Corp. (FRHC) - PESTLE Analysis: Legal factors

Subject to an ongoing SEC investigation and past regulatory penalties, raising legal and compliance risks.

You're operating a U.S.-listed financial conglomerate with a global footprint, so you're defintely going to face intense scrutiny, and Freedom Holding Corp. (FRHC) is no exception. The company is regulated by the U.S. Securities and Exchange Commission (SEC) and must navigate U.S. securities laws, but the real legal risk often stems from its complex, multi-jurisdictional operations.

While an external review commissioned by the company in January 2024 contradicted many short-seller allegations of widespread malfeasance, the existence of those allegations alone creates a persistent legal overhang. The company's own filings acknowledge the risk of sanctions or investigations by the SEC or other regulatory authorities for failure to comply with laws like the Sarbanes-Oxley Act of 2002. This is a constant, high-stakes compliance battle.

Must maintain various securities, banking, and insurance licenses across 22 countries of operation.

The sheer scale of Freedom Holding Corp.'s operations means it's juggling a massive licensing portfolio, which is a significant legal and operational burden. The company operates across 22 countries, and each jurisdiction has its own set of rules for financial services.

Maintaining these licenses requires continuous compliance with local securities, banking, and insurance regulations, and any misstep in one country can trigger cross-border regulatory action. For instance, as of early 2025, the company was actively in the process of obtaining a brokerage license in Turkey, demonstrating the ongoing complexity of its expansion strategy.

Here is a snapshot of the key regulatory oversight areas for Freedom Holding Corp. as of the 2025 fiscal year:

License Type	Primary Regulators (Examples)	Geographic Scope
Securities/Brokerage	SEC (U.S.), CySEC (Cyprus), AFSA (Kazakhstan)	22 Countries (U.S., Europe, Central Asia)
Banking	National Bank of Kazakhstan (NBK)	Kazakhstan (Freedom Bank KZ)
Insurance	ARDFM (Kazakhstan Agency for Regulation and Development of Financial Market)	Kazakhstan (Freedom Life, Freedom Insurance)

Faces scrutiny over past Anti-Money Laundering (AML) and Know-Your-Customer (KYC) compliance deficiencies.

The core of the compliance risk, particularly in emerging markets, is Anti-Money Laundering (AML) and Know-Your-Customer (KYC) adherence. The company has faced public scrutiny over alleged past deficiencies in these areas, especially regarding transactions with sanctioned entities and individuals.

To be fair, the company has responded by asserting it has robust global and local sanctions and AML procedures in place. This isn't just a boilerplate statement; they are actively integrating their KYC/AML compliance suite with a globally recognized database. This database contains information from more than 715 lists submitted by international and national security and law enforcement agencies, which is a concrete step to mitigate risk.

• Integrate compliance suite with a database of 715+ sanction lists.
• Use the database for both customer onboarding and ongoing monitoring.
• Subject its non-U.S. subsidiaries to internal compliance policies for anti-corruption laws.

NASDAQ listing requires rigorous adherence to U.S. public company reporting obligations.

Being a U.S. public company listed on the NASDAQ Capital Market means Freedom Holding Corp. must follow the most stringent financial reporting rules in the world. This requires a significant commitment of resources and management oversight, plus substantial auditing, accounting, and legal fees.

The scale of this obligation is underscored by the company's size: its total assets grew to $9.9 billion as of March 31, 2025, and its market capitalization exceeded $8 billion at that time. Furthermore, the aggregate market value of common equity held by non-affiliates was approximately $5,738,457,223. This is a massive reporting responsibility. The inclusion of Freedom Holding Corp. in the Russell 3000® Index in June 2025 further increases its visibility to institutional investors, raising the stakes for every quarterly and annual filing.

Finance: Ensure the internal control over financial reporting is fully compliant with Sarbanes-Oxley Act requirements for the next filing cycle.

Freedom Holding Corp. (FRHC) - PESTLE Analysis: Environmental factors

Published its 2025 Sustainability Report, detailing a commitment to environmental, social, and governance (ESG) initiatives.

You're looking at a financial institution's environmental footprint, and honestly, the big picture is in the numbers. Freedom Holding Corp. (FRHC) made a definitive statement by publishing its annual Sustainability Report for the 2025 financial year on November 22, 2025. This isn't just a compliance exercise; it shows where capital is flowing for long-term risk mitigation and social license to operate.

The total volume of external Environment, Social, and Governance (ESG) oriented investments for the 2025 fiscal year was a substantial 27.87 billion tenge, which translates to approximately USD 57.6 million. That's a serious commitment. This capital was spread across education, social infrastructure, and environmental projects, demonstrating a holistic approach to sustainability, not just a narrow focus on carbon. Still, the environmental component is where the near-term risk and opportunity mapping gets interesting.

Allocated 2.9 billion tenge for flood relief and infrastructure projects in 2025.

When you operate in regions facing climate-related physical risks, like the severe floods seen in western Kazakhstan, a reactive but substantial response is a key indicator of operational resilience and community alignment. Freedom Holding Corp. allocated 2.9 billion tenge (about USD 5.99 million) to assist flood victims. This wasn't just a donation; the funds were specifically earmarked for the restoration of vital facilities and the construction of protective dams. That's a concrete action that directly mitigates future physical climate risk for the communities they serve.

Here's the quick math on their social and environmental allocations from the 2025 report:

ESG Initiative (2025 Fiscal Year)	Amount (Tenge)	Amount (USD Equivalent)	Strategic Focus
Flood Relief and Protective Dams	2.9 billion tenge	USD 5.99 million	Physical Climate Risk Mitigation & Social Stability
Green Energy Initiatives	200 million tenge	USD 0.41 million	Climate Transition & Sustainable Technology
COP29 Kazakhstan Pavilion	149.91 million tenge	USD 0.31 million	Global Climate Governance & Policy Influence

Invested 200 million tenge in green energy initiatives during the fiscal year.

The transition risk-the risk associated with a shift to a low-carbon economy-is a major factor for any large company. Freedom Holding Corp. is starting to position itself here by dedicating 200 million tenge (around USD 0.41 million) to promoting sustainable technologies and developing green energy. This investment, while smaller than the flood relief, is a forward-looking signal that they are defintely engaging with the 'E' in ESG beyond just philanthropy. It's about planting seeds in the sustainable technology space, which could help them diversify their business model over time.

The company's environmental work also includes other long-term projects that don't always get the headlines, but are crucial for regional ecology. One clean one-liner: They are actively working to restore the Aral Sea ecosystem.

Demonstrated engagement with global climate issues, including participation in COP29.

Engagement with global climate policy, like the UN's Conference of the Parties (COP), is a critical way to manage regulatory and reputational risk. Freedom Holding Corp. intensified its involvement in international climate events, notably by allocating 149.91 million tenge (about USD 0.31 million) for the construction of the Kazakhstan Pavilion at COP29.

What this participation hides is the policy influence. Their presence at COP29 resulted in the signing of two significant ESG agreements: one on natural resource preservation and another on the development of a carbon certification system in Kazakhstan. This shows an effort to shape the regulatory landscape in their core operating region, which is a smart strategic move for a financial services firm. Additionally, they are working on biodiversity conservation with the Ministry of Ecology, specifically on the restoration of the Turan tiger population.

Key environmental actions in 2025 include:

• Signed agreements on biodiversity conservation.
• Launched Freedom Fandomats for plastic and aluminum collection.
• Committed to Turan tiger population restoration.
• Signed agreements on carbon certification system development.

Next step: Finance and Strategy teams should model the potential return on investment for the 200 million tenge green energy allocation by the end of Q1 2026.