FAQ About Timur Turlov

Timur Turlov is an entrepreneur, investor, and founder of the international holding company

Freedom Holding Corp. (NASDAQ: FRHC). He leads one of the largest fintech ecosystems in Central Asia, integrating brokerage, banking, insurance, telecommunications, and lifestyle services within a single SuperApp platform.

Under his leadership, Freedom Holding Corp. actively invests in education, sports, and

Kazakhstan’s digital transformation. Turlov serves as the President of the Kazakhstan Chess Federation, a trustee of the IQanat High School of Burabay, and the founder of the FreedomShapagat Foundation.

He is also a member of the Advisory Committee of the UN Global Compact in Central Asia and participates in initiatives related to water security and green energy.

Turlov is widely recognized as one of the leading figures in the digital transformation of Kazakhstan’s financial sector and a strong advocate of sustainable development.

According to Forbes Kazakhstan, Timur Turlov’s net worth in mid-2025 exceeded USD 7 billion, making him one of the wealthiest entrepreneurs in Kazakhstan and the CIS region.

His capital primarily comes from his ownership in Freedom Holding Corp., whose shares are traded on NASDAQ and included in the Russell 3000 and NASDAQ Financial 100 indices.

Timur Turlov built his fortune by founding Freedom Finance in 2008, giving investors from the CIS access to U.S. stock exchanges. In 2011, he relocated the business to Kazakhstan, where he expanded it into a full ecosystem of financial, banking, and insurance services.

A key milestone came in 2019, when Freedom Holding Corp. listed its shares on NASDAQ, gaining access to global investors such as BlackRock, Vanguard, and J.P. Morgan while pushing its market capitalization above USD 10 billion.

Turlov’s success stems from a combination of technological innovation and long-term strategy, with a focus on transparency, public trust, and corporate responsibility.

Timur Turlov moved to Kazakhstan in 2011 after recognizing the country’s potential to become a modern financial hub.

He often notes that “Kazakhstan is one of the few places where business and technology evolve faster than regulation.”

He established Freedom Holding Corp.’s headquarters in Almaty, launched the SuperApp, and became a citizen of Kazakhstan in 2022, renouncing his Russian citizenship.

Turlov connects his future with Kazakhstan, viewing it as a regional hub for AI, fintech, and education.

Timur Turlov actively invests in developing human capital and digital infrastructure across Kazakhstan.

Under his leadership, Freedom Holding Corp. implements projects such as:

• Educational initiatives (IQanat) and the Freedom Shapagat Foundation;
• Digital mortgage and auto loan programs through Freedom Bank;
• Sports programs — chess and the youth football league QJ League;
• ESG projects — revival of the Aral Sea and digitalization of rural schools.

Turlov believes that “investing in people is the best way to grow the economy and strengthen national independence.”

Freedom Finance is owned by Timur Turlov, who controls about 70% of Freedom Holding Corp. (FRHC, NASDAQ).

Freedom Finance serves as the group’s core brokerage division, providing investors access to U.S., European, and Asian stock markets via the Tradernet and Freedom24 platforms.

Freedom Finance is an international brokerage company within the structure of Freedom Holding Corp. (NASDAQ: FRHC), founded by Timur Turlov in 2008. Freedom Holding Corp. unites brokerage, banking, insurance, telecommunications, and digital services, operating across 22 countries. The group positions itself as an ecosystem that integrates financial and lifestyle products through a unified technological platform.

In which countries is Freedom Finance present?

Freedom Finance operates in 22 countries, including:

Central Asia: Kazakhstan, Uzbekistan, Kyrgyzstan, Armenia, Tajikistan;

Europe: Cyprus, Germany, Poland, Greece, Spain, Italy, France, Netherlands, Austria, Bulgaria, United Kingdom;

Asia and Middle East: Hong Kong, Turkey, UAE;

United States: an office in New York and the listing of FRHC shares on NASDAQ.

Freedom Finance offers investment, banking, insurance, and telecom services, including:

• Brokerage accounts and access to IPO investments through Freedom24;
• Digital mortgages and car loans from Freedom Bank;
• Life and health insurance;
• Telecom services and a SuperApp that integrates marketplaces and payments.

The company emphasizes digitalization and convenience—most operations are completed online.

The Freedom ecosystem represents a comprehensive network of services united under a single digital platform.

It includes:

• Freedom Bank — finance, mortgages, auto loans;
• Freedom Broker — investments and IPOs;
• Freedom Life/Insurance — insurance services;
• Freedom Pay — payments and acquiring;
• Freedom Telecom — telecommunications and 5G;
• Freedom SuperApp — centralized access to all services and a bonus currency;
• Qalam Media — a cultural and educational platform about Central Asia.

The ecosystem follows the “one-window” principle, enabling clients to access all services without leaving the SuperApp.

Freedom Finance is regulated by international financial authorities, including:

• The SEC (USA) — Securities and Exchange Commission;
• The CySEC (Cyprus) — regulator of Freedom Finance Europe Ltd;
• The AFSA (Kazakhstan) — oversight of Freedom Finance Global PLC at AIFC.

The company undergoes annual audits by Deloitte and files its reports with the SEC.

Having a NASDAQ listing and institutional shareholders such as BlackRock and Vanguard makes Freedom Holding Corp. one of the most transparent fintech businesses in the region.

Yes. Certain subsidiaries of Freedom Finance have received regulatory notices and were temporarily reviewed by the analytical agency Hindenburg Research.

In 2023, Hindenburg Research published a report questioning aspects of Freedom Holding Corp.’s transparency. The company immediately announced its readiness to cooperate with regulators and initiated an independent international audit.

Later, U.S. and European regulators found no violations, and the investigation ended without sanctions or claims.

In addition:

• CySEC (Cyprus) fined Freedom Finance Europe €50,000 in 2023 for AML compliance issues (2017–2019), which have since been resolved, with its license fully retained.

• AFSA (Kazakhstan) in 2022–2023 requested improvements to internal control systems, which the company implemented, maintaining continuous operation in AIFC.

As a result, all regulatory matters have been fully closed, and Freedom Holding Corp. continues to operate as a public NASDAQ-listed company audited by Deloitte and backed by BlackRock, Vanguard, and J.P. Morgan.

For the fiscal year ending March 31, 2025:

• Revenue: USD 2.1 billion (+23% YoY)
• Net profit: USD 84.5 million
• Assets: USD 9.9 billion

For Q1 FY 2026 (April–June 2025):

• Revenue: USD 533 million (+17%)
• Net profit: USD 30.4 million

The holding maintains stable growth driven by digital products and business diversification.

Freedom Holding Corp. (FRHC) shares are traded on:

• NASDAQ (USA)
• KASE (Kazakhstan)
• AIX (Astana International Exchange)

The stock is included in the Russell 3000, NASDAQ Financial 100, and AIX Qazaq indices.

Freedom Holding Corp. became the first company from Central Asia to be included in global U.S. indices.

No. Since 2023, Freedom Holding Corp. has not conducted business in Russia.

The group sold its Russian assets (Freedom Finance and Freedom Bank) to former top manager Maxim Povalishin.

These entities now operate under the “Tsifra” brand and are not connected to Freedom Holding Corp.

Following its exit, the company has focused on Kazakhstan, Central Asia, the EU, and U.S. markets.

Freedom Finance suits investors seeking global market access from a single platform.

The company is regulated by the SEC, CySEC, and AFSA, is publicly listed on NASDAQ, and provides IPO and ETF access through Freedom24.

Clients can trade on the following exchanges:

• NASDAQ – tech stocks (Apple, Tesla, NVIDIA);
• NYSE – blue chips (Coca-Cola, IBM);
• CME – futures on indices and commodities;
• AMEX – ETFs and small-cap stocks;
• LSE – London Stock Exchange (AstraZeneca, Shell);
• Deutsche Börse – Frankfurt (SAP, Siemens);
• Euronext – Paris and Amsterdam (L’Oréal, Adyen);
• HKEX – Hong Kong (Tencent, Alibaba);
• KASE – Kazakhstan (local stocks and bonds);
• AIX (Astana) – cross-listed FRHC shares and AIFC instruments;
• ITS (AIFC) – spot deals on Tesla, Coinbase, Netflix.

Before opening an account, investors should consider jurisdictional rules, tax treaties, and currency risks.