Freedom Holding Corp. Enters Turkish Market with Ambitious Brokerage Expansion
Freedom Holding Corp., a multinational diversified financial services company with a presence in more than 20 countries, started 2025 with a major achievement. Its application to establish a new brokerage firm in Turkey was approved by the local authorities. This is an important step in the company’s strategic growth aimed at expanding its services to international markets.
Brokerage Expansion Strategy
The Capital Markets Board of Turkey (CMB) has granted a brokerage license to a newly established company, Freedom Yatırım Menkul Değerler. This company will be established by Freedom Finansal Hizmetler, a subsidiary of Freedom Holding Corp. that has been present in the Turkish market since 2022 and provides financial advisory services. The group will expand in Turkey and internationally with the addition of the brokerage business.
“The Turkish market is considered an attractive prospect due to its unique characteristics. The size, level of activity, and interest of clients in securities make it a good fit. In this country, many people actively invest in the stock market,” said Timur Turlov, the Freedom Holding’s founder and CEO.
Timur Turlov also identified synergies between Central Asia and Turkey. “Investors in Central Asia could gain access to Turkish stocks and assets, while Turkish investors could explore opportunities in Central Asia, Europe, and America — markets where we have expertise,” Turlov commented. Turkish investor boom
Turkey has seen a remarkable increase in the number of domestic retail investors in recent years. The latest integrated annual report of Borsa İstanbul shows that the number of individual equity investors more than doubled from 3.8 million at the end of 2022 to 7.7 million at the end of 2023. This represents 9% of the country’s population. The average daily transaction volume in the stock market increased by 87.9% on an annual basis, from TL 70.3 billion to TL 132 billion. The number of individual domestic investors stood at 1.98 million at the end of 2020. This figure has increased by more than threefold over the period from 2020 to 2023.
By comparison, in Kazakhstan, where the holding company is headquartered, the number of individual investor accounts in the central depository Astana International Exchange (AIX) has reached 1 million by the end of 2023, representing 5% of the country’s population. This figure has increased sixfold over the same period (2020— 2023).
The investment climate in Turkey is positively influenced by a number of factors, including favorable demographics, a skilled workforce, a customs union agreement with the European Union and a strategic location.
Macroeconomic challenges
Nevertheless, the decision to establish a brokerage business was not an easy one, as the country is currently facing significant macroeconomic challenges, including currency depreciation and persistently high inflation. The Turkish lira has experienced considerable depreciation against the U.S. dollar on an annual basis in recent years, with inflation rates exceeding 40%–50% in 2024– 2023 and over 80% in 2022.
“We have been exploring the Turkish market to varying degrees over the past five years, studying its opportunities,” says Timur Turlov.
The conditions for starting a brokerage business were attractive. The Turkish stock market has demonstrated notable resilience in the face of currency devaluation and continuous high inflation. This challenging economic environment has driven many individual investors to the stock market to protect their wealth. Notably, even geopolitical shocks, which have primarily led to increased energy prices and subsequent inflation, have not significantly impacted the investment climate, as outlined in the 2024 Turkey Investment Climate Statement released by the Bureau of Economic and Business Affairs of the U.S. Department of State.
Market strategy and new opportunities
To be successful in the Turkish market, Freedom Holding Corp. is planning to offer its clients technologies that will provide access to domestic and international financial markets through advanced mobile applications integrated with banking services. The Freedom Holding is also committed to entering the country’s banking sector in the future.
Since its listing on the Nasdaq in 2019, Freedom Holding has expanded rapidly on a global scale, and the company’s entry into the Turkish brokerage market was a logical next step. In 2019, the company served more than 100,000 customer accounts through over 70 branches in seven countries. Today, the total number of brokerage clients exceeds 500,000, and the Group’s companies operate in 22 countries.
In 2025, Freedom Holding also aims to enter the brokerage market of the UAE.