Stanford Graduate School of Business has included a case study on Freedom Holding Corp., marking the first of its kind from Central Asia. The study examines the company’s evolution from a small brokerage to a digital ecosystem.
Research Topic and Case Features
The case titled 'Freedom Holding: Building an Ecosystem as a Path to Scale' describes how a small brokerage evolved into a digital ecosystem integrating finance, insurance, payment solutions, and services. The central platform, the Freedom SuperApp, allows users to manage both their finances and daily lives in a unified digital space.
Key Themes and Approaches in the Study
The case explores several key themes, including:
• Leading in the absence of formal rules
• Building infrastructure from scratch
• Growth through service integration
• Strategic balance between competition and cooperation
• The role of mission and values in strategic decision-making
According to Timur Turlov, CEO of Freedom Holding, 'If you don’t give the customer everything in one place, they’ll go somewhere more convenient.'
Future Plans of Freedom Holding Corp.
Currently, Freedom Holding is considering various paths for future development, including strengthening its position in Kazakhstan and entering new markets in the Middle East, Southeast Asia, and Africa. The case studies, developed collaboratively with Stanford faculty and company representatives, are already being used in the course on platform strategy and digital transformation in emerging markets.
The Freedom Holding Corp. case represents a significant contribution to the academic environment and demonstrates that successful ideas can emerge from not only major financial hubs but also Central Asia.
