Freedom Holding’s Evolution From a Local Brokerage Firm to a Global Digital Ecosystem

New York, NY, USA, August 7th, 2026, FinanceWire

Recently, Freedom Holding Corp. announced two major international partnerships. On July 2, the holding signed a memorandum with Citigroup and Kazakhstan’s Ministry of Artificial Intelligence and Digital Development to build an AI cluster, and on July 16 it entered into a package of agreements with Chinese technology giants, including Alibaba Cloud, WeChat Pay, Alipay, Baidu and Geely. Only a few years ago, partnerships of this scale and with companies of this caliber would have been difficult to imagine. What has changed for Freedom Holding since then?

Playing in the Big League

 The recent agreements span multiple sectors. Under partnerships with Tencent and Ant International, the companies behind WeChat Pay and Alipay, Freedom will integrate both payment platforms into its SuperApp, letting users pay for purchases across China through the app while enabling Chinese visitors to Kazakhstan to continue using their preferred payment methods.

The agreement with Alibaba Cloud focuses on cloud infrastructure, with Baidu on autonomous driving technologies, and with Geely on electric vehicles and AI-driven automotive solutions. Separately, with financial backing from Citigroup, Freedom plans to build the Freedom AI Super Cluster in Kazakhstan, a high-performance computing hub designed to support large-scale AI applications.

The scope of these partnerships - from digital payments to AI infrastructure - reflects the long-term vision of Freedom founder and CEO Timur Turlov to build a digital fintech ecosystem rather than a conventional financial services group. Turlov argues that knowledge and technology will become the defining assets of future economies; that countries will increasingly compete through technology and digital service exports; and that ecosystems - rather than standalone companies - will drive this transformation.

Forming the Concept 

Freedom Holding Corp. first outlined its vision in its annual report for the fiscal year ended March 31, 2022. One of the key objectives listed in the report was “the creation of a digital fintech ecosystem”: ”Our technology platform integrates many of our services into an easy-to-access suite of complementary services”.

At that time, the ecosystem included online and mobile brokerage, banking services, insurance products, payment and transaction processing systems, and online ticketing services. Turlov explained in an interview with Forbes Kazakhstan that different products within a unified ecosystem can reinforce each other, expanding the sales funnel and increasing the customer base.

In the annual report for the fiscal year ended March 31, 2024, Freedom reported that its ecosystem had expanded further, adding an online aggregator for air and railway ticket purchases, e-grocery services, telecommunications (internet and mobile connectivity), and media services offering digital content to customers.

In April 2024, Freedom Finance Bank launched its SuperApp, a mobile application that brought all core financial services together on a single interface without switching between multiple apps. “We create a more engaging experience,” Turlov explained in a 2024 interview with Paytech Magazine following the launch of SuperApp: «Some services drive direct revenue. Others improve retention. Others build trust. But together, they create a stronger ecosystem effect». By March 2025, the SuperApp's user base had reached 1.8 million.

Over time, the full range of Freedom's services became available through SuperApp. The platform also integrated big data analytics and predictive AI to understand better, anticipate, and proactively address customer needs. By March 2026, the number of registered SuperApp users reached 5.2 million, more than doubling year over year. On a broader level, including partner companies, approximately 14 million people now use services connected to the Freedom ecosystem.

The Bet That Paid Off

Freedom did not begin as an ecosystem. Turlov founded it in 2008 as a small brokerage firm to give investors across the former Soviet Union access to the U.S. stock market. Over time, the brokerage business expanded into banking and more.

By the fall of 2019, just before its NASDAQ listing, Freedom Holding had grown into a focused financial group operating in several countries across Eastern Europe and Central Asia. At the time, its services included retail brokerage, investment advisory, securities trading, market making, investment banking, and underwriting, provided through the holding company's brokerage firms and banks, as well as the Freedom24 online trading platform for retail investors and the Tradernet platform for qualified clients, all operating under the U.S.-incorporated Freedom Holding Corp.

FRHC shares began trading in mid-October 2019, at just over $14 per share. Six years later, on the same day in October 2025, the stock closed at $172.20, giving Freedom a market capitalization of approximately $10.47 billion. During 2025, FRHC reached an intraday high of $190.14 in August, corresponding to a market capitalization of roughly $11.76 billion.

"It's never too late to join the technology race. A new player can emerge and transform an industry in just six months, even if it has remained unchanged for 30 years," Timur Turlov said in an interview. And he proved to be right.

The Dream That Came True

Today, Freedom Holding Corp. operates in 22 countries. Revenue for the fiscal year ended March 31, 2026, reached a record $2.19 billion, up from $2.00 billion a year earlier. Net income more than doubled to $153.3 million from $76.2 million, according to the company's FY2026 financial results.

With a growing customer base and stronger financial performance, Freedom Holding is entering a new phase of international development, expanding the reach of its integrated business model into new markets. One of the key steps in this strategy is the application for a banking license in France. Freedom views the country as a strategic base for further growth in the European Union, building on its existing European brokerage operations. According to Timur Turlov, the holding plans to invest €500 million in developing a digital bank in France and the infrastructure needed to support it.

Freedom Holding Corp. is also strengthening its position in Turkey, a market of more than 90 million people, where it already operates a brokerage business. The recent acquisition of Turkish Bank A.Ş. adds banking services to Freedom’s existing brokerage presence in the country and creates a foundation for future expansion. According to management, the group plans to invest approximately $300 million in developing its business in Turkey over the coming years.

Beyond Europe and Turkey, Freedom continues to explore growth opportunities in neighboring markets. The holding is working toward establishing banking operations in Georgia, subject to regulatory approvals, while Tajikistan is among the markets where Freedom already has operations. The group also plans to expand into Pakistan and Mongolia.

The Bigger Game

Freedom Holding Corp. ultimately aims to qualify for inclusion in the S&P 500 index. Reaching that milestone can be challenging and will require the company's market capitalization to more than double to at least $20.5 billion, while meeting S&P’s other inclusion requirements. But Turlov believes the target is achievable. Inclusion in the index would mark a major step forward in the company's scale and global positioning.

About Freedom Holding Corp

Freedom Holding Corp is a U.S.-incorporated holding company providing brokerage, banking and related financial and consumer services through subsidiaries and digital platforms. The group operates across multiple countries, offering online trading, banking, payments, and consumer services through an integrated technology platform and partnerships that support cross-border operations.

Contact