On 26 May, Timur Turlov, chief executive of Freedom Holding Corp. and parent company of Freedom24, spoke to MBA students at the Stanford Graduate School of Business in California. The event marked the first time the business strategy of a Central Asian company has been examined through a dedicated academic case study at Stanford GSB.
Released by Stanford GSB in June 2025, the case study explores Freedom Holding’s corporate strategy, operating model, Nasdaq listing, expansion of IT products and the development of its integrated ecosystem. The material is now included in Stanford’s programme focused on platform strategy and leadership in emerging markets.
Measuring product-market fit
The session was moderated by Professor Howard Rosen, who presented Freedom Holding as an example for analysing product-market fit. According to Rosen, the case allows students to evaluate the key indicators associated with fast-growing companies, including customer acquisition costs, customer lifetime value and daily-to-monthly active user ratios.
During the discussion, Turlov explained that the structure of the Freedom group plays a central role in building trust with customers across multiple business segments. He said the bank serves as a foundation for strengthening confidence throughout the wider ecosystem. Turlov also noted that the company consistently aims to take leading positions in every segment available within the limits of financial regulation.
“If we were conservative, we wouldn’t have achieved anything. We’re trying to find the boundaries, even though regulators are under pressure from our innovations,” he said.
Building an ecosystem-based business
Turlov emphasised that Freedom’s businesses were designed to function as interconnected parts of a broader ecosystem rather than as standalone companies. According to him, the holding structure was intentionally created so that each business supports and reinforces the others.
“We’re not just a holding company that owns everything. We consciously built Freedom as an ecosystem where each company’s presence makes sense. Our SuperApp clearly demonstrated why we’re competitive together, but not separately. Neither the bank nor the insurance companies could have survived or achieved significant success on their own,” he said.
Expansion into Europe and the United States
Turlov described Freedom’s international growth as part of a broader transformation in the global economy, where digital technologies and high-value digital products are increasingly replacing traditional exports such as raw materials and manufactured goods.
The group, which is listed on Nasdaq and operates in more than 20 countries, continues to expand its European presence through Freedom24 in Cyprus while maintaining retail operations throughout the European Union.
“I think our technology export stories will definitely emerge. Just as everyone initially competed in the export of raw materials, and then in the export of manufactured goods, now everyone is competing in the export of digital products. The highest added value lies in the creation and exploitation of digital technologies,” Turlov said.
He also highlighted future expansion plans beyond the company’s existing operations in Europe and the United States, noting that Freedom is actively developing a product in Tajikistan and pursuing a licence in Georgia.
Discussing the challenges of scaling the ecosystem internationally, Turlov warned against viewing the SuperApp as a ready-made solution that can simply be transferred into new markets without adjustment.
“The idea that you can bring a ‘box’ with SuperApp, install it, and everything will unfold on its own is an illusion. The integration needs to be rebuilt and adapted to different regulatory regimes and reporting requirements,” he said.
He added that the company’s business processes in Kazakhstan provide a working framework that can be adapted for other countries rather than recreated from scratch.
Concluding the session, Professor Rosen said the Freedom case offers students an opportunity to understand how companies can identify distinctive opportunities within established industries.
“It’s not where you start, the problem or the technology, it’s where you end up,” he said.
The inclusion of Freedom Holding in Stanford’s curriculum reflects the company’s international development and signals a new stage in its global growth ambitions.
