Freedom Bank wants to integrate different services into one ecosystem
Freedom Bank plans to combine about 30 apps from its services in one closed financial ecosystem called Freedom Bridge. Once the move is done, all subsidiaries of Freedom Holding Corp. will become neobanks, according to Aidos Zhumagulov, adviser to the chair of the board of directors in Freedom Bank.
«As a bank, we are developing a bridge project called Bank-as-a-Service. Once it is done, we will be able to expand our financial services in every company based on Open API. We want to enrich the holding’s ecosystem with our financial products. The group has both financial and non-finance institutions. We believe that insurance and brokerage companies, along with lifestyle businesses such as Arbuz.kz, Ticketon and Aviata, can be neobanks,» Zhumagulov said.
However, every company would be focused on its user experience and products, while the bank is going to act as a final element of the financial cycle of sales: it will process payments, provide installment plans and facilitate payments by a client. As the expert noted, this ecosystem can potentially combine up to 30 apps, which will be developed further with the bank’s support.
Furthermore, Freedom Bank will be able to interact with various public services (GovTech) within the ecosystem and after obtaining permission from its clients. Zhumagulov is convinced that this combination would boost the development of specific business lines within the holding.
In addition, the bank has presented it new currency called Freedom integrated into the Freedom SuperApp. Each user of the app has a unique account nominated in this currency. In fact, it’s just a small portion of the holding’s stock. One share is equal to 10,000 coins. Users will be able to obtain the currency as cashback, buy it, sell, transfer or save. The currency value is linked to the share price of FRHC on Nasdaq and can fluctuate if the stock price changes. Freedom Holding Corp. executives have decided to create this currency to promote financial literacy and interest in saving and investing money among Kazakhstan’s population.
«Even though nothing is required from app users, they will automatically become our shareholders when they obtain the new currency. We hope that they will become interested in investing once they fully understand how the new currency works. I think we need such products that promote saving and investing patterns among users,» Zhumagulov said.
Shortly, the bank is going to create a new SuperCard. Its main feature will be a connection with deposit accounts. As a result, a cardholder will gain a reward for a positive balance on their card. In addition, holders of SuperCard will be able to transfer and withdraw up to five million tenge ($11,286) without a fee. On top of that, SuperCard will have a great design as Freedom Bank has signed a contract with DC and the creators of Naruto and Rick and Morty.
