According to Freedom Holding Corp. Founder and CEO Timur Turlov, an ecosystem developed by the company has the potential to become part of a larger global network or extend well beyond Central Asia.
«I keep telling my team that even if we become the most popular service in Kazakhstan, it won’t be enough to ensure our survival. So we need to expand globally to secure the resources necessary to compete with tougher players in the market. Ultimately, we may become part of a larger ecosystem, which overall isn’t bad and could perhaps be beneficial for our shareholders. Alternatively, we might need to establish our own expansive ecosystem that reaches far beyond Central Asia,» he said during the independent Kursiv Ecosystems Forum 2024 conference in Almaty.
However, Turlov added that the massive ecosystem won’t be built in a day.
«It may take a couple of decades, but I can’t be certain; everything is accelerating so rapidly that it could occur much sooner than we imagine. The issue isn’t just how technologies are developing, but how people adapt to them. It appears that the adaptation process to the modern digital world will be faster for Kazakhstanis than for the rest of the world,» he stated.
Turlov believes that Kazakhstanis are obviously outrunning the world in terms of adapting to new technologies. He believes that globalization will continue primarily in the digital service market, ignoring state borders and national regulators’ attempts to manage this ecosystem, at least to some extent.
«National regulators will seek to take control over digital services. It is becoming increasingly clear for them that platforms like YouTube require more regulation than traditional broadcasting services in any country, yet they remain out of reach. This creates a significant imbalance, as regulators tend to overreach in areas that are manageable while leaving unregulated services without oversight,» he said.
In turn, Mikheil Lomtadze, CEO and co-founder of Kaspi.kz, emphasized the need for balance when it comes to the regulation of ecosystems.
«It turns out that while you regulate what is close to you, you are not in control of what surrounds you. As a result, this approach diminishes the competitive ability of domestic enterprises while allowing companies operating outside the country to develop more aggressively,» he said.
Kursiv Ecosystems Forum 2024 covers the development of Kazakhstan’s ecosystems, fintech, marketplaces, artificial intelligence and e-commerce. Speakers are going to discuss key trends in these markets as well as a wide range of issues related to governmental expectations, taxation and regulation.
