Kazakhstani billionaire Timur Turlov is considering entering the U.S. debt market with bonds from Nasdaq-listed Freedom Holding Corp. The entrepreneur is exploring the possibility of issuing bonds denominated in both U.S. dollars and Chinese yuan, and does not rule out offering the securities to U.S. investors. The funds raised are expected to be used to expand the business, including the development of telecom infrastructure and the construction of data centers to sell computing capacity to global cloud players such as Amazon and Microsoft.
“For us, the U.S. market is an opportunity to build long-term relationships with investors who are accustomed to evaluating businesses over many years,” Turlov says. According to him, the status of a public company in the United States imposes high transparency requirements, but this is precisely what makes the debt market more predictable and resilient.
The choice of the U.S. market makes sense for Freedom Holding Corp. at this time. With markets pricing in potential U.S. monetary policy easing, emerging-market debt has become an area of broader investor attention, and global fixed-income demand for diversified issuers has grown in recent analysis. “We see that U.S. investors have become more attentive to such opportunities,” Turlov notes. “For us, issuing bonds is not a tactical step, but part of a strategy to integrate into the global capital market.”
According to Timur Turlov, two bond issuance options are being discussed: through Kazakhstan-based Freedom Bank or directly from the holding company. Borrowing at around 9% annually through bank financing is, in his view, unjustifiably expensive. If the bonds are issued by Freedom Holding, the volume could amount to approximately $300-500 million, with the company prepared to offer investors a risk premium.
“Borrowing at 9% is simply inefficient for long-term projects,” Turlov explains. “In the case of the holding company, we understand that we are building a reputation for years ahead.”
Raising funds is necessary for Freedom Holding to support a large-scale investment cycle. Turlov plans to invest $200-300 million in the development of telecom infrastructure and data centers. The holding intends to build data centers capable of providing cloud services to major technology companies, serving government institutions, and selling computing capacity to clients through market-based mechanisms.
“Financial services remain the core of Freedom Holding, but without our own digital infrastructure, scaling is impossible,” Turlov says. “Telecom and data centers are the foundation for everything else – from cloud computing and AI to government and corporate solutions.”
The group’s strategy is increasingly shifting away from classic fintech toward an infrastructure-based business. Historically, Freedom developed as a financial and brokerage platform, but investments in telecom networks and data centers indicate a transition to a more capital-intensive yet more sustainable growth model.
“We look at infrastructure the same way we look at finance: it’s a long-term business that doesn’t deliver instant returns but creates stability,” Turlov says. “If you want to build an ecosystem, you have to control not only the interface but also the ‘hardware.’”
Freedom Holding’s infrastructure projects fit into Kazakhstan’s broader course of transforming the country into a key digital hub in Central Asia. In November, an agreement was signed in the United States to establish a sovereign artificial intelligence center with a capacity of about 100 MW and a cost of roughly $2 billion. The project is being implemented with the involvement of Freedom Holding, Nvidia, and the relevant government ministry. The center is expected to become a foundation for the development of high-performance computing and AI services in the region.
A separate emphasis is placed on the development of human capital. With Freedom Holding’s support, educational access to ChatGPT is being launched in Kazakhstan, providing modern AI tools to about 165,000 school teachers. According to the minister of artificial intelligence and digital development, such initiatives lay the groundwork for the mass adoption of AI in education and public administration and accelerate the country’s integration into the global digital economy.
The development of data centers is viewed by the holding as a standalone business line with stable demand. The facilities are expected to serve international corporate clients, as well as the public sector and private businesses within the country, complementing telecom projects and forming an ecosystem for cloud and AI solutions. As an additional element of digital infrastructure, the use of Starlink satellite internet is being discussed, which could improve connectivity in remote regions and expand the audience for digital services.
Freedom Holding’s borrowing strategy – with a simultaneous focus on the U.S. dollar market and potential yuan placements – reflects a broader logic of diversifying financial and technological ties. “From the outset, we build projects in a way that makes them interesting to partners from different regions of the world,” Turlov says. “Diversifying currencies, markets, and technology partners is simply a sound approach to risk management in today’s world.” In this context, Kazakhstan is positioned as a neutral platform for digital projects oriented toward both Western and Asian markets.
At the same time, Freedom Holding Corp. is strengthening its position in the domestic financial market, where it competes with dominant players Kaspi.kz and Halyk Bank. Turlov does not rule out M&A deals: the group is considering the purchase of a local bank with a well-developed corporate client base, as well as the potential acquisition of a marketplace to strengthen its ecosystem.
The final stage of this strategy is international expansion. Freedom plans to promote its Superapp beyond Kazakhstan and is considering launching the product in the U.S. market. “I am genuinely interested in the possibility of offering our Superapp in the U.S. market,” Turlov admits. “We understand that it is a complex market from a regulatory standpoint, but the potential for ecosystem-based solutions there is enormous.” The company has already begun expanding its bank and related solutions into Tajikistan, Kyrgyzstan, and Georgia, is working on the Turkish market, and maintains a presence and growth plans in Europe, the United States, and other international markets.
