A local magazine named ‘Exclusive’ recently published an exclusive interview with Timur Turlov, founder and CEO of Freedom Holding Corp., a US-registered diversified financial services corporation with headquarters in Kazakhstan.
Why did the billionaire pick Kazakhstan as his initial market to get into? That was one of the most important questions asked of him. His response was expected. Kazakhstan had an established banking system and no restrictions on investing in foreign assets; but, because to the country’s small size and concentration of competitors, he saw it as a blank slate in which to achieve his goal of becoming not just number 28, but number one.
Naturally, Turlov’s business had its advantages, and he possessed ambition and finances. We were product-centric, with an emphasis on investing in the fast-growing US market. We had excellent management, worked efficiently, and were sales savvy. The sales culture was strong, and everyone was eager to push the team forward, Turlov added.
I made it onto Forbes’ list, and our expansion strategy into Europe was the culmination of this inspiration and our success. It may surprise some that, thanks to the state’s involvement in the financial services industry, Kazakhstan is now leading the West in fintech, but digitalization is now the driving force behind value creation. Companies situated in the United States and elsewhere in the West may have achieved greater technological maturity and advancement, but they still do not have state integration, as Turlov says.
Their 24-hour mortgage approval process is a mystery to them, but we’ve become accustomed to it. Not only are we increasing labor productivity significantly, but we are also setting new benchmarks for the delivery of financial services.
As we grow into a worldwide lab, we’ll collect case studies that may be presented at Harvard to demonstrate the value we’ve learned to extract from digital ecosystems and the products we can make afterward. He made the observation that Kazakhstan may never have had the chance to prove itself as a financial industry leader before.
Some market participants are taken aback by Turlov’s claim that Kazakhstan ranks sixth globally for the quality of its state-provided electronic services. For instance, in the United States, a mortgage issuance operational service fee typically amounts to around $10,500. The price in Kazakhstan is $200, more than half that amount. When compared to China’s fintech, Kazakhstan’s is rather more advanced.
The development teams in Kazakhstan and elsewhere are making Turlov proud with their work on digital mortgage loans and other financial products that will be a talking point in the world’s leading financial centers. Turlov points out that the president of Kazakhstan is always stressing the significance of digitalization, digital entrepreneurship, and the growth of the country’s citizen talent, and that Kazakhstan has one of the most democratic regimes in Central Asia. An accessible and reasonably organized digital ecosystem has been established in Kazakhstan.
When it comes to legitimate data access, we have created one of the greatest ecosystems. Data breaches continue to occur even in nations where it is extremely difficult to lawfully acquire personal information. “We have legitimate participants who collect this data and develop incredible features for these interfaces,” Turlov explains.
Turlov has also had a strong interest in the telecom industry for the past several years. The realization of his ambition of affordable, widely available, and extremely fast internet in Kazakhstan is his ultimate objective.
Almaty has less than 1,000 base stations at the moment, but with more funding, that number might rise to 3,000. With a throughput of three terabits per second, Kazakhstan’s digital infrastructure might propel it from the 70th to the 40th position in the world. In addition to the permits for fixed wireless internet, Freedom Holding Corp. anticipates permissions for mobile communication in the near future.
Turlov may be a billionaire according to the American Forbes list, but that doesn’t mean he lives in a mansion or has a large savings account. Instead of buying a home, he puts most of his money into growing his firm, which piques his curiosity.
Turlov is also involved with a humanitarian organization. He thinks it’s more incredible when people’s lives improve and when a country doesn’t face major social unrest due to its residents’ lack of prosperity.
Turlov became a citizen of Kazakhstan in 2022. He has always felt at home in this welcoming country. Being a part of Kazakhstan’s political scene makes him pleased, too.
I want to be able to look back and say that as an entrepreneur, I was able to do everything in my power to make my nation better and that I was able to change something for the better in my country. I want to be able to say that I successfully changed something for the better in my country. At the absolute least we will leave our stamp on the development of the digital ecosystem, loan origination, and the construction of advanced technical platforms that will become a new standard in Kazakhstan…and maybe other locations across the world.”
