Deep Dive Central Asia

In this episode, we analyze Freedom Holding Corp.'s FY2026 results, drawn from the company's 10-K Corporate Presentation filed with the U.S. Securities and Exchange Commission on June 1, 2026, and what they reveal for investors tracking Kazakhstan's most ambitious digital finance ecosystem build. Freedom Holding Corp. (NASDAQ: FRHC) started as Kazakhstan's leading retail brokerage. Today it operat...

In this episode we deconstruct the economic architecture of an asset that has funneled over $214 billion in direct state payments since 1993. We move past corporate press releases to examine the operational mechanics of the massive Future Growth Project-Wellhead Pressure Management Project (FGP-WPMP) expansion, a mega-project that redefines the country's export revenue potential while testing the...

Most investors view Central Asia through the lens of commodities and volatility. In 2026, Kazakhstan is rewriting that script. It isn't just selling oil and uranium anymore; it is selling institutional infrastructure . In this episode of Deep Dive Central Asia , we deconstruct the ambitious roadmap that aims to nearly double Kazakhstan’s GDP to USD 450 billion by 2029 . We move past the headlines...

For years, Kaspi.kz was Kazakhstan's most dominant consumer platform. In 2025, it became something larger — a two-country super app with record results and a regional playbook to prove. In this episode of Deep Dive Central Asia, we analyze the Kaspi.kz 4Q & FY 2025 Results presentation (2 March 2026), and what it reveals for investors tracking one of emerging markets' most consequential techno...

For decades, Kazakhstan's AI ambitions lived in policy documents. Today, they are backed by ministerial mandates, institutional capital, and a measurable startup ecosystem. In this episode of Deep Dive Central Asia, we analyze the Kazakhstan AI Country Report (January 2026) by RISE Research — produced in partnership with Mastercard and Freedom Bank, and powered by Kazakhstan's AI & Digital Min...

In this episode of Deep Dive Central Asia , we analyze Salem, Valley: Kazakh Startups in Silicon Valley (documentary film, 2024) by nFactorial Originals and what it signals for investors. The episode follows a group of Kazakh founders building and scaling AI startups in Silicon Valley, testing ideas, raising capital, pivoting fast, and competing at the global frontier. This is not a story about in...

This episode examines Kazakhstan's 2024 investment landscape through the official Investor's Guide published by the Republic of Kazakhstan. We analyze how Central Asia's largest economy is leveraging structural reforms, natural resource advantages, and strategic geography to position itself as the region's primary destination for institutional capital. The guide reveals Kazakhstan's core value pro...

This episode explores how His Excellency President Mirziyoyev's September 2025 visit to the United States became a landmark moment for Uzbekistan's economic transformation — resulting in a $105 billion project portfolio and agreements with America's largest corporations within just three days. We examine how Uzbekistan's reform climate, strategic positioning, and unprecedented government support e...

This episode explores how TBC Uzbekistan became one of the fastest-growing digital banks in Central Asia — transforming from a newcomer into a $1 billion financial ecosystem within just five years. We examine how Uzbekistan’s reform climate, rapid digitalization, and growing investor confidence enabled this success story. The discussion highlights TBC’s strategic roadmap — from acquiring Payme and...

This episode explores Central Asia’s evolving investment environment through BCG’s 2025 white paper. We examine how Kazakhstan, Uzbekistan, Azerbaijan, and Kyrgyzstan are positioning themselves amid shifting commodity cycles, trade barriers, and geopolitical competition. The report identifies a 10-year window of opportunity driven by global resource demand, infrastructure expansion, and renewed in...

This episode examines Korzinka , Uzbekistan's largest modern retailer, through their 2024 annual report. We explore how this company has grown from 50 to 152 stores since 2019, achieving UZS 9.4 trillion in revenue while transforming Central Asian consumer habits. Key topics include their omni-channel strategy spanning supermarkets, Mahalla proximity stores, and Korzinka Go online delivery; their...

In this episode, we explore how Uzbekistan's first unicorn is transforming financial services across Central Asia through an integrated digital ecosystem approach. Key Discussion Points: The Uzbekistan Opportunity - With 37 million people (60% under 30), 87% internet penetration, but 40% financially excluded, Uzbekistan presents a massive fintech opportunity. GDP growth of 6.5% and government supp...

In this episode of Deep Dive Central Asia, we explore Uzbekistan's groundbreaking $1.68 billion National Investment Fund (UzNIF) and its strategic partnership with Franklin Templeton Asset Management. Key Discussion Points: - Why Uzbekistan chose Franklin Templeton over independent fund management - Analysis of the 18 state-owned enterprises in UzNIF's portfolio - Franklin Templeton's three-pillar...

In this episode of Deep Dive Central Asia, we analyze the World Bank Group's Country Climate and Development Report on Uzbekistan. We explore how Uzbekistan’s ambitious development goals are intertwined with its climate challenges, and what this means for investors. Key Takeaways: A Growing Economy at Risk: Uzbekistan's economy, already Central Asia's most populous, is projected to grow to more th...

Deep dive into Uzbekistan's comprehensive fiscal roadmap through 2028. This episode analyzes the Ministry of Economy and Finance's official strategy document, revealing critical budget projections and economic planning that will shape the nation's development. Key analysis includes: - Macroeconomic forecasts and multi-year budget projections - Revenue and expenditure allocations across education,...

Exclusive analysis of Central Asia's booming venture capital and FinTech sectors. This episode unpacks the latest CA-VC-Report-2025 and KPMG's comprehensive FinTech study, revealing why smart money is flooding into Uzbekistan, Kazakhstan, and Kyrgyzstan. Key insights covered: - VC funding statistics, deal volumes, and investor activity across the region - Early-stage investment dominance and globa...

Discover why Uzbekistan is becoming Central Asia's most attractive investment destination. This episode breaks down the government's comprehensive economic reforms, from tax reductions and trade liberalization to special economic zones driving foreign investment. Key topics covered: - Investment climate enhancements and new business incentives - Green growth initiatives and renewable energy expans...