By Press Release
Freedom24 is proud to announce that the innovative digital ecosystem of its parent company, Freedom Holding Corp., has been selected as the subject of a new case study by the Stanford Graduate School of Business 鈥 one of the world鈥檚 leading institutions for business education. The case study, titled 鈥淔reedom Holding: Building an Ecosystem as a Path to Scale鈥, will be discussed with students as part of Stanford鈥檚 curriculum on platform strategy and leadership in emerging markets.
The case study explores the strategic decisions facing Freedom Holding Corp. CEO and founder, Timur Turlov, in 2025, as the company continues its rapid evolution from a Kazakhstan-based brokerage firm into a comprehensive financial and lifestyle ecosystem.
Built around the Freedom SuperApp, the ecosystem now spans banking, insurance, payments, telecom and everyday services 鈥 positioning the company as a dominant player in its core markets, and an emerging force across Central Asia and Eastern Europe.
As the case highlights, Turlov faces a defining choice between scaling deeper within Kazakhstan, expanding existing operations internationally, or entering entirely new regions such as Southeast Asia or the Middle East. The scenario offers students a real-world look into platform design, strategic prioritisation and leadership challenges in high-growth, digitally-driven companies operating in complex markets.
鈥淲e鈥檙e honoured that Stanford Business School, one of the world鈥檚 leading institutions for innovation and leadership, has chosen to study Freedom鈥檚 journey,鈥 said Turlov.
鈥淚t鈥檚 a proud moment for our entire team. But more than that, it鈥檚 proof that ideas born outside traditional financial centres can resonate globally. You don鈥檛 have to be in London or New York to build a successful fintech group 鈥 you can do it from Almaty or Astana, if you take a systematic approach and stay true to your vision,鈥 he continued.
鈥淲e hope our story will inspire future business leaders to think boldly about innovation, integration, and the power of ecosystems in emerging markets.鈥
The case study was co-authored by Stanford faculty members and Freedom Holding Corp. contributors, including Turlov. It will serve as a key learning tool for MBA students examining strategic decision-making, digital infrastructure and the competitive landscape of platform-based businesses.
The full case is available to Stanford GSB students, staff and alumni here.