Freedom Holding case study at Stanford, S&P upgrade

Freedom Holding Corp., parent of the CySE-licensed Freedom Finance Europe brokerage, has been upgraded by S&P Global Ratings and has become a case study at Stanford University for its transformation from a small brokerage firm in Kazakhstan into a digital ecosystem.

S&P Global upgraded the outlook for several of Freedom Holding’s core subsidiaries, including Freedom Finance Europe Ltd., from ‘stable’ to ‘positive’, while reaffirming their long-term credit ratings at “B+”.

These include ratings for Freedom Finance JSC, Freedom Finance Europe Ltd., Freedom Finance Global PLC, and Freedom Bank Kazakhstan JSC.

The S&P upgrade reflects Freedom Holding’s advances in risk management and compliance, as well as its strong financial performance and growth. It also highlighted the company’s robust risk-adjusted capital (RAC) ratio, which rose to around 13%.

Stanford Graduate School of Business included Freedom Holding in its academic curriculum as a case study, marking the first instance of a central Asian company being featured in this way.

The case study, titled “Freedom Holding: Building an Ecosystem as a Path to Scale,” focuses on how Freedom Holding built a platform that integrates finance, insurance, payment solutions, telecommunications, and online services.

It examines Freedom Holding’s unique approach to growth, particularly its ability to lead in the absence of formal rules, build infrastructure from scratch, and integrate services, and also highlights the “Freedom SuperApp,” which allows users to manage finances and daily life in one digital space.