Timur Turlov, CEO and founder of Freedom Holding Corp., a NASDAQ-listed US-based company, has shared his views on the transformative impact of technology on the global economy and the opportunities that new technologies can bring to Kazakhstan. Speaking at the First Kazakhstan Economic Freedom High-Level Conference, entitled “The International Financial System in a New World,” he said that the economy is changing rapidly, and Kazakhstan can play a significant role in the international economic arena if the country focuses on both talent and technological advancement.
“We are definitely living in a very interesting time. It’s unique because of the speed of change that’s happening around us, and technology is playing a big role in that process,” Timur Turlov said. The economic growth model has become more inclusive than ever, as fintech has changed the concept of financial services and increased the speed of decision-making.
Kazakhstan’s position is unique, and the country can take advantage of these developments, the CEO Timur Turlov said.
“With strong government support for digital development and a robust data infrastructure, we can create many new products and improve efficiency in various sectors, including public and financial services,” Timur Turlov explained.
Kazakhstan could become a competitive player in software development as well, Timur Turlov said.
“Our IT spending has been growing for more than a decade, but talent is becoming more valuable than capital. If you have great talent, you have many more opportunities to unlock your potential today than you did ten years ago,” Timur Turlov said.
Timur Turlov was optimistic about the potential of emerging technologies, especially machine learning and artificial intelligence, to drive economic growth. Looking ahead, Turlov predicted that while the fundamentals of the economy will remain stable, advances in technology will continue to open up new avenues for growth. However, he noted that the digitalization of finance will drive growth, but will not radically change the economy.
The integration of machine learning and well-structured databases will improve the efficiency of Kazakhstan’s economy and capital markets, and AI could bridge the gap between professional and retail investors, leading to better investment decisions and improved financing opportunities for businesses, Turlov predicted.
At the same time Timur Turlov understands the importance of societal adaptability in times of rapidly evolving technologies. “We can adopt digital technologies much faster than our consumers can understand them,” he noted.
Earlier this September, Timur Turlov spoke at the Astana Finance Days about digital transformation, the power of big data and fostering an inclusive digital society. Freedom Holding Corp itself has benefited from digitalization, with its Freedom SuperApp, digital mortgages and online car loans driving its success in Kazakhstan while improving the daily lives of its customers.
Timur Turlov was optimistic that the country’s goal of doubling its GDP could be achieved by investing in human capital and education. “We should build the strongest financial center and become a real investment hub for the whole region,” he suggested.
At the Finance Days event Timur Turlov has also highlighted the transformative role of the Astana International Financial Centre (AIFC) in developing Kazakhstan’s financial markets and its positive impact on his company’s growth since joining the platform in 2020. Turlov underscored the benefits Freedom Holding Corp. has derived from the AIFC’s transparent regulations and international credibility, which have positioned the company as Kazakhstan’s largest retail broker. He stated that the AIFC has become a bridge connecting clients across Central Asia, the Caucasus, the EU, China, and the Middle East.
short url:
