Freedom Bank, a subsidiary of Freedom Holding Corp. (Nasdaq: FRHC), and UnionPay Business have formed a strategic partnership to enhance cross-border e-commerce between Kazakhstan and China. The agreement, signed in Beijing during President Kassym-Jomart Tokayev’s visit, focuses on developing wholesale e-commerce infrastructure.
The collaboration involves establishing a new payment system specifically designed for China–Kazakhstan digital transactions. This project will receive support from the Xinhua News Agency’s Advanced Industry Research Center and funding from CITIC POLY FUND’s subsidiary, Polyking New Horizons Technology Industry Co., Ltd.
Aidos Zhumagulov of Freedom Bank’s board, Guo Guangxin of UnionPay Business Payment Co., Ltd, and Rinat Berikbolov of Verum Payments Limited signed the memorandum of cooperation. The partnership aims to streamline payment processes and expand the reach of both organizations.
Freedom Bank will play a crucial role in building and managing the new settlement system, leveraging its existing infrastructure and expertise. Meanwhile, UnionPay Business will provide essential technical support, access to correspondent accounts in yuan and US dollars at Chinese banks, and facilitate the opening of new payment channels.
Timur Turlov, founder and CEO of Freedom Holding Corp., emphasized the long-term significance of the partnership, viewing it as an investment in the future economic relationship between Kazakhstan and China. He highlighted the commitment to developing necessary infrastructure and expanding collaborative efforts.
This initiative builds on Freedom Bank’s previous work with UnionPay International. The bank already provides acquiring services for UnionPay cards, enabling cardholders to make payments at various locations using Freedom Pay. This service is accessible for all UnionPay cards, both domestically and internationally issued.
Freedom Holding Corp. operates in 22 countries, offering a wide range of financial services. Its presence in Kazakhstan includes Freedom Bank, Freedom Broker, and several insurance companies. The company’s shares are traded on several exchanges, including NASDAQ, KASE, and AIX under the ticker symbol FRHC. The company is subject to regulation by the U.S. Securities and Exchange Commission (SEC) and is a member of the Russell 3000® Index.
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