| DESCRIPTION OF BUSINESS |
DESCRIPTION OF BUSINESS Overview
Freedom Holding Corp. ("FRHC" and, together with its subsidiaries, the "Company" or the "Group") is a corporation organized in the United States under the laws of the State of Nevada that through its operating subsidiaries provides securities brokerage, securities dealing for customers and for our own account, market making activities, investment research, investment counseling, retail and commercial banking, insurance products, payment services information, processing services and lifestyle services. The Company also owns several ancillary businesses, which complement its core financial services businesses, including telecommunications and media businesses in Kazakhstan that are in a developmental stage. FRHC is the holding company of subsidiaries incorporated in Kazakhstan, Cyprus, the United States (USA), the United Kingdom (UK), Armenia, the United Arab Emirates (UAE), Uzbekistan, Kyrgyzstan, Tajikistan, Azerbaijan, Türkiye, Bulgaria, Germany, Greece, Lithuania, The Netherlands, Portugal, Spain, Austria, France and Poland and the Group also has a representative office in Italy. FRHC's subsidiaries in the United States include a broker-dealer that is registered with the United States Securities and Exchange Commission ("SEC") and the Financial Industry Regulatory Authority ("FINRA"). FRHC's common stock is traded on the Nasdaq Capital Market, the Kazakhstan Stock Exchange ("KASE"), and the Astana International Exchange ("AIX"). FRHC's common stock is included in Russell 3000® Index.
As of March 31, 2026, FRHC owned, directly or indirectly, the following subsidiaries:
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| Name of subsidiary |
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Jurisdiction of Incorporation |
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Business Area(1)
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| Brokerage Segment |
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Freedom Finance JSC ("Freedom KZ") |
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Kazakhstan |
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Securities broker-dealer |
Freedom Finance Global PLC ("Freedom Global") |
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Kazakhstan |
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Securities broker-dealer |
| Freedom Finance Europe Limited ("Freedom EU") |
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Cyprus |
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Securities broker-dealer |
| Freedom Finance Armenia LLC ("Freedom AR") |
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Armenia |
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Securities broker-dealer |
| Prime Executions, Inc. (d/b/a Freedom Capital Markets) ("FCM") |
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USA |
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Securities broker-dealer |
| Foreign Enterprise LLC Freedom Finance |
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Uzbekistan |
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Securities broker-dealer |
| Freedom Broker LLC |
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Kyrgyzstan |
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Securities broker-dealer |
| Freedom Broker Global Markets Ltd |
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UAE |
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Securities broker-dealer |
| FREEDOM YATIRIM MENKUL DEĞERLER ANONİM ŞİRKETİ |
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Türkiye |
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Securities broker-dealer |
| Banking Segment |
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Freedom Bank Kazakhstan JSC ("Freedom Bank KZ") |
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Kazakhstan |
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Commercial bank |
Freedom Bank Tajikistan CJSC ("Freedom Bank TJ") |
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Tajikistan |
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Commercial bank |
| OUSA Nova LLP |
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Kazakhstan |
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Stress asset management company |
| Insurance Segment |
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LIC Freedom Life JSC ("Freedom Life") |
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Kazakhstan |
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Life/health insurance |
| Freedom Finance Insurance JSC ("Freedom Insurance") |
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Kazakhstan |
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General insurance |
| Other segment |
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| Ticketon Events LLP ("Ticketon") |
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Kazakhstan |
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Online ticket sales |
| Chiptahoi Muosir LLC |
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Tajikistan |
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Online ticket sales |
| Ticketon Events KG LLC |
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Kyrgyzstan |
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Online ticket sales |
| Ticketon LLC |
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Uzbekistan |
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Online ticket sales |
| Freedom Digital Exchange CJSC |
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Kyrgyzstan |
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Digital asset services |
| Freedom Finance Special Purpose Company LTD ("Freedom SPC") |
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Kazakhstan |
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Issuance of debt securities |
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| Freedom Finance Commercial LLP |
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Kazakhstan |
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Sales consulting |
| Freedom Technologies LLP ("Paybox") |
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Kazakhstan |
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Payment services |
| Freedom Processing LLP |
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Kazakhstan |
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IT solutions and products processes data for payment services |
| Freedom Pay LLP |
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Kazakhstan |
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Payment platform |
| Paybox Money LLP |
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Kazakhstan |
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Implementation of payment services |
| Freedom Pay Tajikistan LLC |
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Tajikistan |
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Bank Payment Agent |
Freedom Pay Kyrgyzstan LLC |
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Kyrgyzstan |
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Provision of payment services |
| Freedom Payments LLC |
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Uzbekistan |
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Provision of payment services |
Aviata LLP ("Aviata") |
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Kazakhstan |
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Online travel ticket aggregator |
| Internet-Tourism LLP |
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Kazakhstan |
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Online travel ticket aggregator |
| Arbuz Group LLP ("Arbuz") |
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Kazakhstan |
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Online retail trade and e-commerce |
| Prime Retail LLP |
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Kazakhstan |
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Online retail trade and e-commerce |
| Retail Prime Astana LLP |
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Kazakhstan |
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Online retail trade and e-commerce |
| Arbuz Pharma LLP |
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Kazakhstan |
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Retail (pharmaceuticals) |
| Freedom Telecom Holding Limited ("Freedom Telecom") |
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Kazakhstan |
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Telecommunications |
| Freedom Telecom Operations LLP |
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Kazakhstan |
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Wireless telecommunications |
Freedom Media LLP ("Freedom Media") |
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Kazakhstan |
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Media and entertainment |
Freedom Cloud LLP ("Freedom Cloud") |
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Kazakhstan |
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Telecommunications |
SilkNetCom LLP ("SilkNetCom") |
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Kazakhstan |
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Telecommunications |
Elitecom LLP |
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Kazakhstan |
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Telecommunications |
| Freedom Cloud Holding Ltd. (formerly, Astel Group Ltd., renamed on January 8, 2026) ("Freedom Cloud Holding") |
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Kazakhstan |
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Holding company |
| Arna-Sprint Data Communications JSC |
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Kazakhstan |
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Rental and leasing of other personal items and household goods |
| Astel JSC |
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Kazakhstan |
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Other wireless telecommunications |
Freedom Kazakhstan Ltd. |
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Kazakhstan |
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Holding company |
Freedom Advertising Ltd. ("Freedom Advertising") |
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Kazakhstan |
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Advertising |
| Freedom Shapagat Corporate Fund |
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Kazakhstan |
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Non-profit organization |
| Freedom Holding Operations LLP |
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Kazakhstan |
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Hiring and recruitment |
| Freedom Horizons LLP |
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Kazakhstan |
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Business consulting and services |
| CLUB T LLP |
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Kazakhstan |
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Restaurant and cafe operations |
| CLUB T ASTANA LLP |
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Kazakhstan |
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Restaurant and cafe operations |
| Freedom Events LLP |
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Kazakhstan |
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Concert and events organizations |
Freedom Tech Ltd. |
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Kazakhstan |
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IT services |
Freedom Ventures Ltd. |
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Kazakhstan |
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Investment company |
| Freedom Home LLP |
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Kazakhstan |
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Housing and utilities software solutions |
| Freedom Auto LLP |
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Kazakhstan |
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E-commerce and logistics |
| Freedom Travel LLP |
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Kazakhstan |
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Travel agency operations |
| Freedom Media Group Ltd |
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Kazakhstan |
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Holding company |
| Freedom Finance Azerbaijan LLC |
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Azerbaijan |
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Financial educational center |
| Freedom Finance FZE |
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UAE |
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Consulting |
| Freedom Management Ltd. |
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UAE |
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Consulting |
Freedom Telecom International FZE |
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UAE |
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Telecommunications |
| Freedom Finansial Hizmetler Anonim Şirketi |
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Türkiye |
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Financial consulting |
| Freedom Finance Technologies Ltd |
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Cyprus |
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IT development |
Freedom Prime UK Limited |
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UK |
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Management consulting |
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| Freedom Finance Germany GmbH |
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Germany |
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Tied Agent of Freedom EU |
| Freedom Structured Products PLC ("FSP") |
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Cyprus |
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Financial services |
| Freedom24 Chess Masters LTD |
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Cyprus |
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Chess academy |
| Freedom Property Ltd |
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Cyprus |
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Asset management company |
| Freedom24 Bulgaria VCC |
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Bulgaria |
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Tied Agent of Freedom EU |
| Freedom24 Greece Single Members P.C |
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Greece |
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Tied Agent of Freedom EU |
| Freedom24 Poland LTD |
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Poland |
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Tied Agent of Freedom EU |
| Freedom24 Lithuania, UAB |
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Lithuania |
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Tied Agent of Freedom EU |
| Freedom24 Iberia SL |
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Spain |
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Tied Agent of Freedom EU |
| Freedom24 Netherlands B.V. |
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Netherlands |
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Tied Agent of Freedom EU |
| Freedom24 Austria GmbH |
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Austria |
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Tied Agent of Freedom EU |
| Freedom24 France |
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France |
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Tied Agent of Freedom EU |
| Freedom24 Portugal, LDA |
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Portugal |
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Tied Agent of Freedom EU |
| Freedom24 C |
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Cyprus |
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EMI license acquisition |
| Freedom24 P |
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Cyprus |
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EMI license acquisition |
| FFIN Securities, Inc. |
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USA |
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Dormant |
| Freedom U.S. Market LLC |
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USA |
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Management company |
| LD Micro, Inc. |
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USA |
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Event platform |
| Freedom US Technologies LLC |
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USA |
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Technology services |
| Total subsidiaries |
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83 |
(1) The classification of subsidiaries under the heading "Business Area" does not constitute, imply, or represent that any such subsidiary holds, or is required to hold, any license, registration, consent, or other regulatory authorization in respect of the relevant business activities.
Through its subsidiaries, the Company offers a diverse range of financial services, including banking, brokerage, and insurance. The Company also provides lifestyle services such as online payments, travel, ticketing, e-commerce, and telecommunications and media businesses in Kazakhstan that are in a developmental stage. It operates as a professional participant in the financial markets, holding banking and insurance licenses, as well as licenses to provide various services across multiple stock exchanges, including the KASE and the AIX, the Republican Stock Exchange of Tashkent, and the Uzbek Republican Currency Exchange. Additionally, our U.S. subsidiary FCM it is a member of the New York Stock Exchange ("NYSE") and the Nasdaq Stock Exchange ("Nasdaq"). Freedom EU enhances the Company's offerings by providing customers with operational support and access to investment opportunities in the United States and the European securities markets.
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