Why Freedom Builds Its Own Banking Core

In this conversation, Freedom Holding Corp. offers a rare inside look at a philosophy few financial institutions are willing — or able — to adopt: treating technology not as a vendor dependency, but as the core business itself. While most banks spend vast sums integrating third-party core systems, Freedom has chosen a fundamentally different path — building its own core banking, card processing, and foundational platforms in-house.

The leadership argues that this internal technology stack is so robust it could almost be spun out as a standalone company. What is traditionally seen as a cost centre has instead become a strategic asset — one that accelerates growth, reduces vendor lock-in, and enables Freedom to launch new products and markets at speed. When entering a new country, the company can stand up card issuing or payments capabilities rapidly, without waiting on external providers whose priorities may lie elsewhere.

At the heart of this approach is culture. Freedom’s technology strategy is inseparable from its organisational values, which are built on trust, autonomy, and transparency. Teams are given the freedom to build solutions end-to-end without constant top-down approval, allowing them to move faster than competitors. Goals are explicit, incentives are aligned, and internal “politics” are deliberately avoided. Trust, in this model, is not abstract — it is operational.

That trust becomes more difficult to maintain as the organisation scales. Freedom now spans more than 20 lines of business and multiple legal entities. As standalone products are brought into a unified super-app, new governance, audit, and compliance requirements inevitably emerge. Teams that once operated independently must now align with group-wide standards, security controls, and regulatory expectations. This introduces friction — and adaptation becomes a continuous process.

The company is clear on where it draws the line between build and buy. Anything that touches the core of revenue generation and product differentiation is built in-house. Foundational technology — scoring systems, payment engines, core banking logic — must remain under Freedom’s control. Non-core services, such as corporate productivity tools, are outsourced without hesitation. The logic is simple: if it doesn’t directly shape customer value or competitive advantage, it doesn’t need to be owned.

Looking ahead, Freedom sees technology as the ultimate determinant of survival in global financial services. Cost efficiency, speed of origination, and product adaptability will define which institutions can compete regionally and internationally. With ambitions extending beyond Kazakhstan into neighbouring markets and further abroad, Freedom’s bet is clear: a bank that outsources its technology is not really a bank at all. Technology is not a support function — it is the institution.