Knowledge Economy
With the current trend of the global economy being determined more by services, software, and digital infrastructure, there arises a challenge for those economies that used to be resource-based or industry-based. The issue here is how to produce value in those spheres where the importance of knowledge is paramount.
In an opinion piece recently written and published by Oninvest.com, Timur Turlov, the CEO and founder of Freedom Holding Corp., presents his views why countries like Kazakhstan need to focus more on exporting knowledge, digital services, and technology ecosystems. He makes his point simple – the wealthiest nations are not only rich because of their manufacturing facilities and natural resources but are also rich because of their platforms, financial services, cloud services, software, and artificial intelligence.
This approach reflects current global realities. In developed countries, services form an important part of export income. As per the Bureau of Economic Analysis of the United States, services exports for the country surpassed the $1.1 trillion mark in 2024 and growth was recorded from various sectors including financial services, telecommunications, computer services, and other digital services. The development in cloud computing, software platforms, and AI software has made digital services an important source of foreign exchange earnings.
The question here for Kazakhstan is whether this economic model can be adopted in its context as well? Freedom Holding Corp., a Nasdaq listed financial and technology group based out of Kazakhstan, is one of the few companies exploring this approach.
From Factories to Platforms
Economic development has moved through several stages. Agrarian economies were based on land and agriculture. The industrial economy was based on factories, machines, and large-scale production. In today’s world, there are more goods produced through services, intellectual property, information, software, and digital ecosystems.
This does not imply that manufacturing has lost its importance. Physical production remains essential for global trade, employment, and infrastructure. However, the highest margins and most scalable business models are often found in the systems around production:
- software that controls industrial processes;
- cloud platforms that store and process data;
- AI models that automate decisions;
- financial platforms that move money across borders;
- telecom networks that connect users and businesses;
- digital marketplaces that create new customer behavior.
Turlov believes that automation and robotics will only highlight this trend. With the increase in automation in production, the economic value is increasingly likely to be located not in the production process itself but rather in the design of robots, software, artificial intelligence models, and digital infrastructure. Under such conditions, those countries which would manage to produce engineers, develop platforms, and provide services abroad would gain an advantage in the global economy.
This theory sounds rather ambitious and can be considered only as the strategy. Export of digital services implies more than just talent; it requires regulation, infrastructure, cybersecurity, reputation abroad, financing, and competition with very strong global competitors.
Why Infrastructure Matters
Freedom Holding Corp. has been investing in digital infrastructure that could support this broader vision. The company’s projects include data centers, cloud services, telecom partnerships, and experiments with autonomous delivery systems.
One of the main areas is data center development. Freedom Cloud currently operates data centers in several cities across Kazakhstan, while the company is also developing larger infrastructure projects. According to company statements, the Alatau facility in Almaty’s tech zone is expected to become one of the most advanced data centers in the region, with investment estimates of around 175 billion tenge, or about $337 million. Another project, Akashi, is being developed in partnership with China Mobile and is planned as a high-reliability data center for enterprise and cloud services.
The above initiatives hint at an urgent need for the region. In order to develop into a digital economy, Kazakhstan will need its own computational capacities, connectivity, and cloud infrastructure which would provide necessary services to banks, startups, government agencies, and enterprises. At the same time, construction of data centers is a capital-intensive business and its future will be dictated by demand, cost of electricity, technical reliability, and preference of regional consumers for local infrastructure rather than international cloud services providers.
In addition, Freedom Holding develops its cloud ecosystem through Freedom Cloud and cooperation with Amazon Web Services. The objective is to provide local companies and other organizations in Kazakhstan with scalable cloud-based tools. Such initiative may assist local businesses in accelerating the pace of digital transformation but its success will depend upon many factors.
Beyond Finance
The most prominent activities of Freedom Holding are associated with finance services including brokerage, banking, and insurance. However, in recent years, the company has been trying to present itself as a wider digital ecosystem.
Its activity now touches several areas:
- brokerage and investment services;
- digital banking;
- insurance products;
- telecom and cloud infrastructure;
- data centers;
- delivery and logistics experiments;
- consumer services inside a SuperApp model.
In addition to that, the firm has been involved in applied research and testing. Freedom Telecom created a joint laboratory with Nokia in Silicon Valley, which is engaged in next-generation telecommunications and digital infrastructure. At the same time, in Almaty, the firm has been conducting tests of drones for the delivery of goods in short distances and also using robots for delivering goods during the last mile.
All the initiatives listed above reveal the firm’s interest in technological advancements in addition to its financial operations. However, one should not confuse experimental activities with business activities. The activities mentioned above such as drone deliveries, robots, and AI-based infrastructure can be profitable in the future, but at the moment, they are rather experimental areas in many countries.
Financial Results and Company-Reported Growth
Freedom Holding’s expansion is supported by its existing financial business.In its fiscal report of the period ending March 31, 2026, Freedom Holding Corp. stated that it generated revenues of $2.19 billion and had net income of $153 million. The firm added that the net income had doubled from last year.
There was growth on the part of its customers as well. As per data from the firm, banking customers had grown to 5.03 million from 2.52 million, broker customers had increased to 858,000 from 683,000, and others using the services from the firm had grown to 1.1 million from 605,000. The growth in customers is attributed to the Freedom SuperApp by the firm which integrates all kinds of services on one platform.
All these numbers look impressive and do indicate good growth for the firm; however, it needs to be kept in mind that such rapid growth entails risks as well. Growth comes with many challenges, and the firm will have to handle regulation, technology spending, customer trust, and many other things.
Management has said that telecom and data center projects could become an important future revenue stream once infrastructure is completed.It certainly is a bold assertion; however, it is future oriented in nature. The potential of such projects will be gauged on their ability to create consistent revenue streams and offer services that can compete with traditional infrastructural providers.
A Broader Question for Kazakhstan
Freedom Holding’s strategy reflects a larger question facing Kazakhstan: can the country move from being mainly a resource and regional services economy toward becoming an exporter of digital products and knowledge?
There are reasons for cautious optimism. Kazakhstan has a young workforce, a growing digital public sector, a developing fintech market, and a geographic position between Europe and Asia. It also has companies that are trying to scale beyond the domestic market.
However, the obstacles remain just as valid. Digital goods need international trust, good institutions, technical expertise, predictability in regulation, and sustained investment. Nations are not exporters of technologies because of their infrastructure. Other factors include an educated population, research capacity, venture capital, clear regulations, and international business connections.
A More Measured View
Freedom Holding Corp. is not single-handedly reshaping Kazakhstan’s economy, and it would be too strong to present its projects as proof that the country has already become a technology exporter. A more balanced reading is that the company represents one visible example of Kazakhstan’s attempt to participate in the next stage of economic development.
Examples of its investments in cloud computing, data centers, fintech, and digital platforms point to how private businesses can help their country achieve some of its aims in terms of technological and service developments. The success of which in generating stable income from exports will be determined by various factors.
The broader idea behind Turlov’s argument remains relevant: future wealth is likely to come not only from what countries extract or manufacture, but from what they know, build, automate, and export as services. For Kazakhstan, that is both an opportunity and a test.