Kazakhstan's Freedom Bank, China's UnionPay Business intend to create settlement system for e-commerce development

ASTANA. Sept 4 (Interfax) - Freedom Bank (part of Freedom Holding Corp.) and China's UnionPay Business have signed a memorandum of cooperation aimed at supporting the development of cross-border e-commerce in the wholesale sector, the holding's press service said.

The document was signed during a meeting of the Kazakh-Chinese Business Council in Beijing. Under the agreement, the parties plan to create a settlement system in the field of e-commerce and digital economy between China and Kazakhstan based on Freedom Bank. Financing will be provided by Polyking New Horizons Technology Industry Co., Ltd, which is part of CITIC Poly Fund.

Specifically, Freedom Bank will assist UnionPay Business in developing and implementing a settlement system, and UnionPay Business will support the Kazakh bank in opening payment channels, providing technical services, and correspondent accounts in yuan and U.S. dollars at Chinese financial institutions.

"A key element of the memorandum is joint work to create 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 Holding Corp. CEO Timur Turlov was quoted as saying.

Freedom Finance Bank Kazakhstan (Freedom Bank) is part of the Freedom Holding Corp. holding, controlled by businessman Timur Turlov.

According to the National Bank, as of August 1, 2025, Freedom Finance Bank Kazakhstan ranked eighth in terms of asset size among 22 banks in the country.

Freedom Holding Corp. is registered in Nevada (United States) and has enterprises and subsidiaries in 22 countries, including Kazakhstan, the U.S., Cyprus, Poland, Spain, Uzbekistan and Azerbaijan. Freedom Holding Corp. shares are traded on the NASDAQ exchange. The founder of the holding is Turlov, who owned 69.28% of the shares as of July 1, 2025.