Freedom Finance JSC

What Freedom Finance JSC does

Freedom Finance JSC (Фридом Финанс АҚ) is a Kazakhstan-domiciled professional participant in the securities market, licensed by the Agency for Regulation and Development of the Financial Market. It is the brokerage arm of Freedom Holding Corp. (NASDAQ: FRHC), a diversified financial group operating across 22 countries with 8.1 million clients. The company provides broker/dealer services, investment portfolio management, underwriting (full-cycle equity and debt issuance), and market-making services targeting both retail investors and institutional/legal entity clients in Kazakhstan. Operating under S&P Global ratings of BB- (long-term) and kzA- (national scale), Freedom Finance JSC was upgraded in June 2026 reflecting three years of compliance and risk management improvements.

The core technological asset is the proprietary TRADERNET platform (web and mobile), used by all brokerage entities within the Freedom Holding Corp. structure and providing access to both KASE (Kazakhstan Stock Exchange) and AIX (Astana International Exchange). The platform supports digital client onboarding, dynamic password authentication for trade order authorization, and integrates with national identification systems (CDAO and Credit Bureau) for client verification under Kazakhstani regulation. Beyond TRADERNET, the product portfolio includes the Freedom Broker consumer brand, two wholly-owned collective investment vehicles (ИПИҚ GOODWILL KZT and ИПИҚ FIXED INCOME USD), an online tax declaration report service for retail clients, and a digital asset ETF trading module enabled by the special regulatory regime under ARDFM Resolution No. 79 (effective June 22, 2026). Additional regulatory permissions include Qualified Intermediary status from the US IRS (May 2025) and FATCA Reporting Model 1 FFI registration, supporting cross-border securities activity.

The revenue model is transaction- and spread-driven: brokerage commissions on trades executed through TRADERNET on KASE and AIX, interest income from margin lending (rate raised from 4% to 5% annually in October 2025), underwriting fees on capital raising mandates, and market-making revenue from bid-ask spreads and liquidity provision. Distribution is primarily digital self-serve (TRADERNET web/mobile) for retail clients and direct sales via personal managers for institutional and legal entity clients. The brokerage commission stream was temporarily waived May 1-11, 2025 due to platform downtime. Recent pricing actions include multiple tariff revisions (effective May 9, 2025 and August 5, 2026), executed across an expanding client base within a group that reported over $500 million USD in quarterly revenue in Q1 FY2026.

Name

Freedom Finance JSC

Legal name

«Фридом Финанс» АҚ

Website

https://almaty-ffin.kz

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Freedom Finance JSC is a Kazakhstan-based licensed broker/dealer and the brokerage arm of Freedom Holding Corp., providing retail and institutional clients access to the KASE and AIX exchanges via its proprietary TRADERNET trading platform, alongside underwriting, market-making, and investment portfolio management services.

Ownership category

akta.pro rank

Product category

Securities Brokerage

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Investment Banking and Securities Intermediation (523150)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Prime Brokerage & Institutional Trading Services (FSAPADAF)

akta.pro secondary industry

Securities Borrowing & Lending (Equities/Bonds) (FSACAIAC)

Keywords

• Securities brokerage services
• Investment portfolio management
• Equity underwriting
• Market making services
• Collective investment funds

Headquarters

HQ city

Almaty

HQ country

Kazakhstan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Brokerage Commission Revenue: Commissions charged on securities trading transactions executed on behalf of clients on KASE and AIX exchanges. Brokerage commission was temporarily waived from May 1–11, 2025 due to platform downtime.
2. Margin Lending: Interest income from margin loans extended to clients for leveraged trading positions. The annual margin rate was increased from 4% to 5% effective October 22, 2025.
3. Underwriting Services: Capital raising and full issuance and placement process for securities on the stock market, providing companies access to capital through equity and debt issuances.
4. Market Making Services: Quotation and liquidity support for financial instruments on KASE and AIX exchanges, generating revenue from bid-ask spreads and trading volume.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Freedom Finance JSC is a professional securities market participant in Kazakhstan operating as part of Freedom Holding Corp. It provides broker/dealer services, investment portfolio management, equity underwriting, and market making on the KASE and AIX exchanges via its proprietary TRADERNET digital trading platform. The company also offers collective investment funds (GOODWILL KZT and FIXED INCOME USD), digital asset ETF trading under a special regulatory regime for qualified investors, and a tax declaration report service.

Product overview

Freedom Finance JSC (Фридом Финанс) is a professional securities market participant offering a suite of brokerage, underwriting, and market-making services through its core digital platform, Freedom Broker (operated via the TRADERNET system). The company provides access to KASE and AIX Kazakhstan stock exchanges, complemented by collective investment plans (GOODWILL KZT and FIXED INCOME USD funds), digital asset ETF trading under a special regulatory regime, and an online tax reporting tool for personal income declarations. The product portfolio is organized as a unified digital brokerage platform with supplementary service modules targeting legal entities, institutional investors, and qualified retail clients.

Differentiator

Problem solved

Functional benefit

Products and services

• TRADERNET Trading Platform Proprietary multi-market digital trading platform providing retail and institutional clients with direct access to the Kazakhstan Stock Exchange (KASE) and the Astana International Exchange (AIX) for trading securities and derivatives.
• Equity Underwriting Services Underwriting and capital-raising services for corporate and government issuers seeking to list and place securities on the KASE and AIX exchanges.
• Market Making Services Liquidity provision and market making for securities listed on the KASE and AIX exchanges, supporting orderly trading and tight bid-ask spreads for listed issuers.
• GOODWILL KZT Investment Fund Open-ended collective investment fund denominated in tenge, investing in money market instruments and fixed income securities on KASE. Targeted at investors seeking tenge-denominated yield.
• FIXED INCOME USD Investment Fund Open-ended collective investment fund denominated in US dollars, investing primarily in USD-denominated fixed income instruments for investors seeking dollar-denominated yield.
• Tax Declaration Report Service Service that generates brokerage tax declaration reports for individual clients trading through Freedom Finance, supporting annual personal income tax filing in Kazakhstan.
• Digital Asset ETF Trading Trading access to digital asset exchange-traded funds (ETFs) for qualified investors under a special regulatory regime, offered alongside the company's securities brokerage operations.

Quantifiable outcome

• S&P Global rating upgraded from B+ to BB- (June 2026), reflecting three years of risk management and compliance improvements across the Freedom group.
• +1 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core.

• KASE (Kazakhstan Stock Exchange)coreTechnology or Integration · 23 December 2025Freedom Finance JSC is a professional participant in the securities market operating on KASE. Under the special regulatory regime (Resolution No. 79), the company enables qualified investor clients to execute digital asset ETF trades (e.g., IBIT) on KASE, providing regulated market access for digital asset products.
• AIX (Astana International Exchange)coreTechnology or Integration · 23 December 2025Freedom Finance JSC provides brokerage, dealer, and market maker services on AIX exchange, providing clients access to international capital markets through this platform.
• IRS (US Internal Revenue Service)coreOthers · 7 May 2025Freedom Finance JSC received Qualified Intermediary (QI) status from the US IRS on May 7, 2025. This status enables direct engagement with the IRS and international depositories, simplifies tax administration for US securities, and reduces withholding tax rates on US securities income for clients.
• US Government (FATCA)coreOthers · 11 September 2017Under the intergovernmental agreement between Kazakhstan and the USA on improving international tax compliance (effective April 5, 2022), Freedom Finance JSC is registered as a Reporting Model 1 FFI with GIIN CR1PU0.99999.SL.398, enabling compliance with US Foreign Account Tax Compliance Act requirements.
• National Identification Systems (CDAO and Credit Bureau)coreOthersAs required by Kazakhstani regulation, the company uses national identification systems — the Center for Data Exchange (CDAO) and the State Credit Bureau — for client verification, complementing biometric and dynamic authentication on the trading platform.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Halyk Finance: Kazakhstan-based brokerage subsidiary of Halyk Bank, offering trading on KASE/AIX, investment portfolio management, and underwriting. Directly comparable as a domestic broker-dealer serving retail and institutional clients in the same Kazakhstani market.
• BCC Invest: Brokerage arm of Bank CenterCredit in Kazakhstan, offering KASE/AIX trading, underwriting, and portfolio management. Direct domestic competitor with overlapping institutional and retail client base.
• Jusan Invest: Kazakhstani brokerage providing retail and institutional access to KASE and AIX, offering trading, investment management, and research. Direct domestic peer operating in the same regulatory and market environment.

Broad incumbents

• Interactive Brokers: Global multi-asset electronic brokerage serving active traders and institutional clients with broad exchange access. Comparable as a competing destination for Kazakhstani retail clients seeking cross-border securities exposure, though at much larger scale.
• Saxo Bank: Danish-headquartered digital brokerage providing multi-asset trading and investment services across global markets. Comparable as an established multi-asset platform with similar client segments and product breadth, though operating at much larger international scale.

Emerging players

• Kaspi.kz: Kazakhstan's dominant fintech super-app with growing brokerage and investment services layered onto its payments and banking platform. Comparable as it increasingly competes for the same retail investor wallet share in Kazakhstan.
• Tiger Brokers: Asia-focused digital brokerage platform serving retail and institutional clients across multiple Asian exchanges, with proprietary mobile trading technology. Comparable as a digital-first multi-market broker pursuing regional cross-border trading flows.

Others

• Freedom Finance Global PLC (parent-related): The parent-level Cyprus-registered entity of Freedom Finance JSC, providing cross-border brokerage services. Listed for context as the immediate corporate group structure within which Freedom Finance JSC operates.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Freedom Finance JSC