Shemaine Bushnell Kyriakides
When Timur Turlov, the CEO of Freedom Holding Corp., set his sights on Cyprus, he saw more than just a financial hub—he saw opportunity. In a market where fintech companies are staking their claims, Turlov’s firm, Freedom 24, is carving out its space as a trusted gateway for investors eager to access the U.S. and European stock markets.
Freedom 24 is a subsidiary of NASDAQ-listed Freedom Holding Corp., a company that has rapidly expanded its global presence not only in Limassol, but in Las Vegas, New York and Athens to name a few. A major milestone came in 2019, when Freedom Holding Corp. went public on Nasdaq (FRHC), positioning itself as a global financial player, and making it one of the few, if not the only, NASDAQ listed company in Cyprus.
In 2021, it acquired U.S. broker-dealer Prime Executions Inc., and by 2022, its subsidiary Freedom Capital Markets secured full investment banking and underwriting capabilities, allowing it to arrange IPOs on any American exchange. This strong backing gives Freedom 24 a unique position in Cyprus, where it operates as a brokerage firm offering investment services to clients looking to tap into international markets. "People want a reliable way to invest in the world’s biggest economies, and that’s what we provide," Turlov said during our chat.
With about 400 employees in Cyprus, 7-8% of whom are Cypriots mainly working in IT, Freedom 24 is making a noticeable impact. "We see Cyprus as a fintech hub with huge potential," Turlov shared, pointing to the growing influx of tech-driven financial firms calling the island home. Cyprus’ solid regulatory framework, European Union membership, visa regime, and its prime location all make it an attractive base for companies like Freedom 24.
But it’s not all smooth sailing. The company has had its share of challenges, especially when it comes to working with local banks. Turlov mentioned slow processing times and excessive compliance requirements as significant hurdles. "These difficulties stem from both internal and external issues in the banking sector, particularly with international banks," he explained. Despite these challenges, Freedom 24 continues to thrive, adapting to the local environment.
Freedom 24’s reach goes beyond Kazakhstan, where the company first established itself. They now extend their services to markets such as Uzbekistan, Kyrgyzstan, Armenia, and Turkey. They also hold licenses in the European Union through their Cyprus subsidiary, where they serve over 350,000 customers. Additionally, they have locations in Greece and the United States, further expanding their global presence.
Beyond finance, Turlov is deeply committed to giving back to the community. A passionate chess lover and the president of Kazakhstan’s Chess Federation, he’s leading the effort to establish a chess academy in Cyprus to nurture young minds and develop strategic thinking. The company also sponsors local football teams, ensuring that young athletes who might not have the means to buy uniforms or equipment still get the support they need. And it doesn’t stop there. Freedom 24 is also connected to the community through its racing sailboats, frequently spotted off the coast of Limassol. They organize regattas, bringing together locals and international participants to further strengthen their ties with the island.
Turlov, originally from Russia, moved to Kazakhstan, where he obtained citizenship and grew his financial empire. In Kazakhstan, the company developed a “super app” that allows users to manage almost every aspect of their financial lives—from banking and investments to even booking a restaurant. Currently, though, the app is only available in Kazakhstan.
When it comes to Cyprus, Turlov is aware of the economic changes unfolding, particularly the gentrification of Limassol. While rising costs are a concern, he sees the city’s transformation as part of its evolution into a more global business hub. "It’s better to be economically rich than poor," Turlov said. "Cyprus is becoming a major player in the fintech world, and we want to be at the forefront of that." We also touched on the rising real estate prices, which are pushing some locals out. While acknowledging the inequality this creates, Turlov believes the influx of international businesses is ultimately good for the island. The taxes these companies pay help boost the economy, and he sees it as a driving force for economic growth—creating jobs and contributing to the government budget.
Looking ahead, Turlov mentioned that Freedom 24 is considering expanding its services in Cyprus beyond just brokerage, with a particular focus on digital banking. While they don’t have official plans yet, the company is evaluating the market for potential licenses. He noted that the process is lengthy and expensive, so expansion plans are still in the early stages.
With the backing of a strong Nasdaq-listed parent company and a deep commitment to community involvement, Freedom 24 isn’t just another fintech company in Cyprus. It’s a firm with a mission to build trust and provide global investment opportunities. "Trust is everything in this business," Turlov said. "We’re here to show people that investing beyond their borders isn’t just possible—it’s accessible."
