Timur Turlov’s Vision for a Digital-First Financial World

As the founder and CEO of Freedom Holding Corp. (Nasdaq: FRHC), Timur Turlov has a bold vision for the future of finance—one where data-driven insights and digital tools unlock economic opportunities for all. Turlov’s dedication to creating a digital-first financial world is evident in his investments, strategic acquisitions, and focus on building an ecosystem that uses technology to understand and anticipate consumer needs. Through big data, digital inclusivity, and innovation, he is redefining how financial services can support individuals and societies worldwide.

Here’s a look at Timur Turlov’s ambitious vision and the steps he’s taking to turn it into reality.

A Data-Driven Approach to Consumer Understanding

Timur Turlov believes that understanding consumer needs through big data is paramount for a business’s survival and competitiveness in today’s world. During a recent speech at the Asia-Pacific Ministerial Conference on Digital Inclusion and Transformation in Astana, Turlov emphasized that harnessing vast amounts of data enables businesses to offer valuable services precisely when clients need them. This efficiency not only boosts competitiveness but also significantly reduces operational costs.

Turlov points to the “Magnificent Seven” —Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta Platforms, and Tesla—as examples of companies that leverage big data to drive massive growth. These tech giants have used big data and artificial intelligence to multiply their revenues and net profits, creating high demand from both private and institutional investors. By incorporating this strategic use of data, Turlov aims to position Freedom Holding Corp. as a leader in the digital transformation of financial services.

Building an Ecosystem for Client-Centric Engagement

In recent years, Freedom Holding Corp. has undergone a significant transformation, strategically acquiring businesses across various consumer segments. Initially, some viewed these acquisitions as a scattered approach, but Turlov has always had a clear objective: to create an interconnected ecosystem that fosters frequent, meaningful interactions with clients.

“The ecosystem we’ve been developing is crucial because it enables each company within it to complement one another and engage with the customer as frequently as possible,” Turlov explains. The more often clients interact with Freedom’s services, the stronger their trust becomes. For Turlov, it’s all about “getting to really know your client.” This ecosystem includes financial services, a ticketing platform, a payment service, a food retailer, and more, creating a cohesive network of services that clients can rely on for various needs.

Since 2020, Freedom Holding Corp. has invested hundreds of millions of dollars to build this ecosystem. The company acquired a bank, insurance companies, a U.S. brokerage firm, and several online services, enhancing the scope of services offered. In Kazakhstan alone, Freedom’s ecosystem now includes 12 companies serving over five million clients.

To streamline client experiences, Freedom recently launched the Freedom SuperApp in spring 2024, consolidating major services into one app for convenient access. This comprehensive approach has proven successful, as Freedom Holding Corp. reported a remarkable 105% revenue increase in fiscal year 2024, reaching $1.635 billion. The company’s share price has also grown fivefold since its initial Nasdaq listing in 2019, underscoring the financial impact of this ecosystem-driven strategy.

Driving Digital Transformation and Inclusivity

Timur Turlov is not only focused on profits but also on making financial services accessible and inclusive. He has a strong commitment to building a digital society where everyone can access essential financial tools, regardless of location, gender, age, or other factors. “Our mission is to build an inclusive digital society in Kazakhstan, one that considers the needs of a diverse population,” Turlov shared during his Astana speech.

This inclusive approach is evident in the innovative products Freedom Holding Corp. has introduced in Kazakhstan, including digital mortgages, digital car loans, and even online traffic accident processing. Rather than focusing solely on acquiring new clients, Turlov’s company has embraced digitalization and internal process optimization as primary income sources.

A perfect example is Freedom Bank’s digital mortgage platform, which quickly became the leading provider of mortgage loans in Kazakhstan after its launch in 2022. Turlov recognizes that consumers respond positively to services that are useful and convenient, noting that they’ll “vote with their wallets” when they find value. Freedom’s digital products have allowed more individuals to access financial services that were once out of reach, thus improving the quality of life for many.

Embracing Corporate Social Responsibility (CSR)

For Turlov, building a digital-first financial world is not just about profits; it’s also about social responsibility. He understands that sustainable growth requires strong relationships with stakeholders, including clients, partners, and government entities. Freedom Holding Corp. has committed substantial resources to ESG initiatives, social development, and philanthropy as part of its long-term strategy.

In the past year alone, the company allocated over $50 million towards these initiatives, surpassing even its tax contributions. Turlov emphasizes that this approach is about “securing our future” by investing in initiatives that will unlock potential for individuals and communities. Freedom’s involvement extends to supporting sports federations, promoting education, and investing in urban infrastructure. Turlov firmly believes that a company’s success is tied to its positive impact on society, and his actions reflect this principle.

Timur Turlov’s Vision for a Digital-First Financial Future

The future that Timur Turlov envisions for the financial world is one in which digital tools and big data redefine how companies interact with and serve their clients. With Freedom Holding Corp. at the forefront, he aims to transform the financial landscape by developing a client-centric, ecosystem-based model. By embracing digital transformation and focusing on inclusivity, Turlov is setting a new standard for the financial services industry.

Turlov’s vision is ambitious, yet he has already demonstrated significant progress. His focus on client data analysis, digital inclusivity, and corporate social responsibility is laying a foundation for a more accessible and efficient financial system. With the Freedom SuperApp as a cornerstone of this vision, Turlov is empowering clients with streamlined access to a range of financial services, all within a single platform.

The Power of Knowing Your Client in a Digital Age

In today’s fast-paced world, knowing your client has become a defining factor for business success, and Timur Turlov is leveraging this principle to its fullest. By integrating multiple services within a unified ecosystem, Freedom Holding Corp. offers more than just transactions—it provides seamless experiences that build client trust.

This approach not only enhances customer satisfaction but also strengthens Freedom’s position in the market. The company’s growth trajectory, driven by client-centric innovation and digitalization, illustrates the potential for financial institutions to thrive by genuinely understanding their customers.

Redefining Financial Services with the Freedom SuperApp

One of the most exciting aspects of Turlov’s vision is the Freedom SuperApp, launched in Kazakhstan in 2024. This app brings all of Freedom’s major services under one roof, allowing users to access banking, insurance, brokerage, and various online services with ease. This consolidated digital platform not only enhances user experience but also increases Freedom’s interaction frequency with its clients, fostering long-term loyalty and engagement.

The SuperApp represents Turlov’s dedication to making financial services accessible and efficient. It showcases the synergy of an interconnected ecosystem and serves as a model for how technology can bring financial tools closer to the public.

Looking Ahead: The Future of Timur Turlov’s Digital-First Vision

As digital transformation accelerates, Turlov remains focused on expanding his vision and growing Freedom’s digital ecosystem. The success of Freedom Holding Corp. highlights the impact of a digital-first strategy, emphasizing that financial institutions must adapt to changing client needs and leverage technology to stay relevant.

Timur Turlov’s journey exemplifies how a digital-first approach, powered by big data and client insights, can drive financial innovation and inclusivity. With a deep commitment to social responsibility and an unwavering focus on client satisfaction, Turlov is well-positioned to continue shaping the future of finance.

In an era where digital tools and client insights are key, Turlov’s approach offers a blueprint for other financial institutions looking to make a positive impact. By prioritizing inclusivity, leveraging data, and fostering meaningful relationships with clients, Turlov is transforming the financial world one digital step at a time.