Freedom Holding Corp. Accelerates Global Expansion: From Turkey to Central Asia and Beyond

When Timur Turlov founded Freedom Holding Corp., a Nasdaq-listed U.S.-based company, he envisioned a business that could bridge the gap between emerging markets and global finance. From its core market of Kazakhstan, the company is expanding into Turkey and Central Asia, and setting its sights on new frontiers – other high-growth regions.

“We’ve never used our Kazakhstani business’s revenue for paying out dividends. Instead, we reinvested all this money in the business to make it grow,” Timur Turlov said earlier.

After years of market research, Freedom Holding recently secured a brokerage license in Turkey and established Freedom Yatırım Menkul Değerler JSC. The country’s strategic location at the crossroads of Europe and Asia, its GDP of $1.3 trillion, and its population of nearly 88 million make Turkey an attractive region in which to establish Freedom Holding’s brokerage and banking services. CEO Turlov sees the move not just as an expansion, but as an opportunity to redefine Turkey’s financial ecosystem with Freedom Holding’s advanced fintech solutions.

“By offering access to domestic and international markets, especially the U.S., we are confident that we can succeed in Turkey, especially thanks to our integrated mobile applications with banking services,” Timur Turlov said.

Headquartered in Almaty, Kazakhstan, Freedom Holding Corp. has built a dominant financial ecosystem in Central Asia, and the region remains central to the holding’s expansion strategy. Besides Kazakhstan, the company operates in Uzbekistan, Kyrgyzstan, and has announced plans to enter the Tajikistani market, where it received a banking license in October 2024. Freedom Holding’s subsidiary, Freedom Bank Kazakhstan, plans to launch operations in Dushanbe, the capital of Tajikistan, in 2025. This expansion is in line with the company’s broader strategy to strengthen its foothold in Central Asia. The company’s success there is based on the integration of financial services with digital platforms, creating a scalable model that could be replicated in other emerging markets.

Armenia has become another focus. With stable economic conditions, growing investor interest and a financial sector primed for expansion, Freedom Holding has been actively strengthening its presence. The company is considering the acquisition of an Armenian bank to leverage broker-bank synergies, mirroring its Kazakhstan model.

Meanwhile, targeting a country with a large unbanked population could be a strategic advantage, especially if Freedom Holding Corp. integrates digital banking with brokerage services. Mexico is particularly attractive because it has a significant unbanked population—around 60% of adults lack access to traditional banking services—yet smartphone penetration is rising.

What potential advantages would Freedom Holding Corp. have over competitors and other emerging-market fintech players while expanding internationally? The real advantage could come from offering a seamless ecosystem of banking and investment products —something that Freedom Holding already does well in Central Asia. By integrating brokerage and banking models, it provides access to global financial markets.The company’s platform integrates banking, brokerage, and lifestyle services, positioning it as a full financial ecosystem rather than just a fintech app. Unlike many digital-only banking startups, this combination allows clients to not only manage money but also invest seamlessly. The holding also has experience in complex regulatory environments. Freedom Holding does not need to rely on aggressive fundraising, as it is already profitable and can scale sustainably without heavy dependence on venture capital.

Whether in markets where the company is already present, such as Turkey and Armenia, or in other undisclosed new markets, Freedom Holding Corp.’s ambitions are clear: to connect markets, empower investors, and solidify its place as a leading force in global finance.