Freedom Holding set to register bank in Pakistan - CEO

ALMATY. June 3 (Interfax) - Freedom Holding Corp. plans to begin registering a bank branch in Pakistan, betting on the country's young population and largely untapped digital banking market, CEO Timur Turlov said Wednesday.

"We're taking a very close look at Pakistan. I've been there, and we're starting the process of registering a bank branch there," Turlov told an online conference.

Pakistan's appeal lies in its sheer scale and demographics, he said.

"It's a big market, not very wealthy but very young, and in my view it holds enormous potential. A population of 320-340 million, more than 10 times Kazakhstan's, yet with roughly the same GDP," Turlov said.

He noted a digital bank would be well suited to the market because of lower operating costs. "Digital means low costs. We have just over 20 branches across all of Kazakhstan. We spend significantly less per client and can offer more cashback because we are far more digital than competitors."

Pakistan's banking sector remains largely traditional, he noted. "Pakistan is still completely analog - cozy and old-school. When the average age is 23, a country has very good growth prospects. We want to be part of that economic growth."

Freedom Holding earlier signed a $20 million agreement with Pakistan's Meezan Bank Limited to develop correspondent banking and international settlements.

The company operates in brokerage, banking, insurance, telecommunications and e-commerce across 22 countries. Its shares trade on Nasdaq. As of early 2026, founder Timur Turlov held 69.31% of the company.