The establishment of a subsidiary bank in Kyrgyzstan requires obtaining permits from the ARRF, and to commence banking activities, a license from the National Bank of the Kyrgyz Republic must be obtained.
Currently, Freedom already has business operations in Kyrgyzstan: its subsidiaries provide brokerage services (Freedom Broker), conduct payments (Freedom Pay Kyrgyzstan), and are involved in ticket sales (Ticketon Events KG).
In September 2025, Forbes Kazakhstan reported that Timur Turlov, the owner of Freedom Bank, plans to expand his activities in the banking market of Georgia. In November, the bank received permission from the Kazakh regulator to open a bank in that country. Additionally, Turlov is interested in the banking sector of Turkey, where he intends to acquire a bank, as well as in Tajikistan, where Freedom has already opened a subsidiary bank and received a banking license last year.
At a press breakfast in early December 2025, Turlov shared information about the plans for the overseas expansion of Freedom Holding, which can be learned about in more detail here.
Timur Turlov owns approximately 70% of Freedom Holding Corp. As of May 2025, he ranks second in the list of the 75 richest people in Kazakhstan with a fortune of $5.8 billion and fourth in the list of the 50 most influential businessmen according to Forbes Kazakhstan. His assets include not only the financial sector but also telecommunications, the mining and metallurgical industry, and media. Since 2024, Turlov has owned 60% of Karaganda Airport ("Sary-Arka") and the football club "Shakhtar," in which he plans to invest 18.5 billion tenge.
