Freedom Bank Kazakhstan plans to open its subsidiary in Tajikistan in the spring this year. The bank obtained a banking license from the National Bank of Tajikistan (NBT) in October 2024. Mr. Daureen Nisinbayev, Chairman of the Board of Freedom Bank, shared insights with Asia-Plus about the bank's strategies, including its focus on mortgage lending and digital development in Tajikistan.
According to him, the bank decided to enter the Tajik market after conducting a thorough analysis. Freedom Holding Corp., the parent company of Freedom Bank, reportedly aims to expand its presence in Central Asia due to the region’s vast potential. “Tajikistan, with its rapidly developing economy, offers the ideal environment for business growth and the implementation of modern banking technologies, particularly in the area of digital services, which are in high demand,” Nisinbayev said, noting that the government of Tajikistan has placed a strong emphasis on the digital transformation of the financial sector and civil society.
“One key milestone in 2024 was the creation of the Agency for Innovation and Digital Technologies, which has already implemented effective measures to develop digital government services,” said he. “The NBT has also taken steps to create a favorable environment for digital financial services.”
Plans for digital growth and competitive edge
According to Nisinbayev, Freedom Bank plans to develop a wide range of banking services in Tajikistan, with a focus on convenience, accessibility, and modern digital solutions. One of the bank's main goals is to create a digital ecosystem where customers can access financial tools quickly and easily, without the need to visit a physical branch. The bank is committed to simplifying daily financial operations for customers and increasing the adoption of cashless payments in the country.
The bank reportedly plans to expand its network of ATMs and card terminals, integrating these digital services into everyday life. By aligning its services with state initiatives aimed at digitalizing government services, the bank aims to build a digital ecosystem with new opportunities for banking products.
Digital mortgage and innovation in financial services
Freedom Bank Kazakhstan top manager notes that in addition to its focus on digital banking services, Freedom Bank is working on introducing digital mortgages in Tajikistan, leveraging the successful experience of Kazakhstan. This innovation, including online loan applications, electronic documentation, and automated credit assessments, will drastically reduce the processing time for mortgage approvals.
According to him, digital mortgages will ensure transparency at every stage, allowing borrowers to clearly understand the conditions, approval stages, and next steps. The bank is currently fine-tuning interest rates, down payments, and repayment terms based on market analysis and collaboration with regulators to offer competitive and fair terms.
A strong focus on local talent
Nisinbayev further noted that Freedom Bank is focused on building a strong team of local employees, who are motivated by the opportunity to participate in the development of innovative banking products that will set new trends in the market. The bank is also committed to developing young professionals who will drive the market forward.
In conclusion, Freedom Bank is confident that it is entering the Tajik market at the right time, with a strong focus on digital banking services and a commitment to offering innovative financial products that meet the needs of the growing economy.
