News Summary

Freedom Holding Corp., a Nasdaq-listed financial services company, is set to establish a new brokerage firm in Turkey, named Freedom Yatirim Menkul Degerler JSC. This expansion follows the approval from Turkey’s Capital Markets Board. The company’s CEO and founder, Timur Turlov, announced plans for the launch at the end of 2024, with operations expected to begin in 2025. Turlov emphasized the role of advanced technology, which has been successful in Europe, as a key factor in capturing market share in Turkey. The new venture aims to provide access to both domestic and international markets, including the U.S., and integrates mobile applications with banking services. Freedom Holding Corp., headquartered in Almaty, Kazakhstan, plans to allocate 20-30% of its annual profit for this expansion and reported significant revenue and profit figures for the recent half-year period.