NEW YORK CITY, NEW YORK / ACCESS Newswire / September 3, 2025 / Freedom Bank, part of Freedom Holding Corp. (Nasdaq:FRHC), a diversified financial services and technology group, has signed a memorandum of cooperation with the Chinese company UnionPay Business. The signing took place at the Kazakhstan-China Business Council meeting in Beijing, during the official visit of Kazakhstan's President, Kassym-Jomart Tokayev, to China.
The Bank noted that the agreement is intended to support the development of Kazakhstan-China cross-border e-commerce in the wholesale sector and to promote broader economic and trade ties between the two countries.
The memorandum was signed by three parties: Freedom Bank Board Member Aidos Zhumagulov, General Manager of UnionPay Business Payment Co., Ltd Hebei Branch, Guo Guangxin, and CEO of Verum Payments Limited, Rinat Berikbolov.
As part of the agreement, the parties plan to establish a China-Kazakhstan settlement system for e-commerce and the digital economy through Freedom Bank. The project will be supported by the Advanced Industry Research Center of the Xinhua News Agency and financed by Polyking New Horizons Technology Industry Co., Ltd, a subsidiary of CITIC POLY FUND.
The parties also agreed to accelerate the development of cross-border e-commerce and wholesale payment operations, further deepening economic and trade relations between Kazakhstan and China. Freedom Bank will assist UnionPay Business in developing and implementing the settlement system and in strengthening its presence in Central Asia. In turn, UnionPay Business will support Freedom Bank in opening payment channels, providing technical services and correspondent accounts in yuan and US dollars at Chinese banks.
Timur Turlov, founder and CEO of Freedom Holding Corp., stated: "Our cooperation with UnionPay Business is more than a banking initiative - it is an investment in the future of Kazakhstan-China economic relations. A key element of the memorandum is joint work to build infrastructure and expand cooperation. By developing advanced payment infrastructure, we are laying the foundation for digital trade and creating new opportunities for businesses and consumers in both countries."
Freedom Bank noted that it had previously launched an acquiring service for UnionPay cards together with UnionPay International. UnionPay cardholders can now pay for goods and services through POS terminals and merchant websites connected to the Freedom Pay service. The service is available for all UnionPay cards issued both in Kazakhstan and abroad.
About Freedom Holding Corp.
Freedom Holding Corp. provides financial services in 22 countries, including Kazakhstan, the United States, Cyprus, Poland, Spain, Uzbekistan, and Armenia. The Company's principal executive office is located in New York City. In Kazakhstan, Freedom is actively developing its financial and digital ecosystem, which includes Freedom Bank, Freedom Broker, the insurance companies Freedom Life and Freedom insurance, as well as a lifestyle segment that features Arbuz.kz, Freedom Ticketon, and Aviata. Freedom Holding Corp. shares are traded on the U.S. technology exchange NASDAQ, the Kazakhstan Stock Exchange (KASE), and the Astana International Exchange (AIX) under the ticker symbol FRHC. Freedom Holding Corp. is regulated by the U.S. Securities and Exchange Commission (SEC) and is a member of the Russell 3000® Index.
Contact Information
Natalia Kharlashina
PR Department, Freedom Holding Corp
prglobal@ffin.kz
+77013641454
SOURCE: Freedom Holding Corp.
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/banking-and-financial-services/freedom-bank-and-unionpay-business-forge-partnership-to-advance-kaza-1068489
