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New York-based Freedom Holding, a Kazakh brokerage and investment group, is considering entry into the Turkish fintech sector as part of its broader regional expansion strategy, as CEO Timur Turlov confirmed ongoing talks with potential partners, following earlier reports that linked the move to TurkishBank.
While the company has yet to finalize any agreements, Turlov described Türkiye as a "logical next step" during a media briefing in Almaty on Tuesday, according to Kazakh news outlet kz.kursiv.media.
Turlov clarified that the company aims to obtain an operating license by acquiring a smaller-scale institution, rather than pursuing the takeover of a major financial entity. "I think, in this regard, our approach is quite similar to that of our competitors," Turlov said, referring to a deal by Kazakhstan-based Kaspi.kz, which acquired Dutch Rabobank's Türkiye subsidiary.
Freedom’s strategy focuses on bringing the company’s international financial services to Türkiye, with an emphasis on developing agile, tech-driven solutions, he said.
Turlov emphasized that no binding agreements have been signed at this stage.
While Turlov did not confirm the name of any institution, a Bloomberg report had previously suggested that Freedom Holding could be interested in acquiring TurkishBank AS. The Istanbul-based bank, controlled by Turkish conglomerate Ozyol Holding and partially owned (34.29%) by the National Bank of Kuwait, operates six branches and has total assets amounting to €132 million ($153.64 million).
Freedom Holding has been expanding steadily across the Commonwealth of Independent States (CIS), closing around a dozen deals annually without actively seeking them, according to Turlov. The company recently received approval to open a bank in Georgia, further demonstrating its push into new markets.
Turlov underlined that the group’s core strength lies in its proprietary technology and digital infrastructure, which the firm aims to scale and export to other countries.
"I am hopeful that our technology will become something we actively export. This is going to be our strength," he said.
Freedom’s long-term objective is to create a network of digital banks across Central Asia, all operating on a unified technology platform. The framework would support seamless financial transactions across borders within the region, including Türkiye, without relying on external infrastructures.
"We want to give people the ability to transfer money to each other throughout the Turkic world without relying on Western infrastructure, Russian infrastructure or any other external infrastructure," Turlov added.
Founded in 2008, Freedom Holding is a publicly traded company listed on the New York Stock Exchange (NYSE), London Stock Exchange (LSE), and Euronext, operating across 22 countries and managing $10.35 billion in total assets.
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