In the ever-evolving landscape of international finance, few stories stand out as prominently as that of Timur Turlov, the founder and CEO of Freedom Holding Corp. From humble beginnings in Russia to becoming a visionary fintech leader listed on the Nasdaq, Turlov’s journey is a testament to determination, innovation, and a strong belief in financial inclusivity. Freedom Holding Corp, under his leadership, has grown from a regional brokerage firm into a globally recognized financial conglomerate, empowering millions of investors across continents.

From Modest Beginnings to Market Visionary

Timur Turlov was born in 1987 in Russia. Even at a young age, he demonstrated a keen interest in the mechanics of markets and investment strategies. His early fascination with stock trading led him to pursue a degree in economics and management at Plekhanov Russian University of Economics, one of Russia’s most prestigious institutions.

His real education, however, came from hands-on experience. As a teenager, Turlov began working in financial services, gaining critical knowledge about market behavior, trading platforms, and investor psychology. By his early twenties, he had identified a significant gap in financial markets in the Commonwealth of Independent States (CIS): access to international financial instruments for ordinary investors.

The Birth of Freedom Finance

In 2008, during a period of global financial uncertainty, Timur Turlov made a bold move—he founded Freedom Finance, a brokerage firm focused on giving people in emerging markets access to U.S. and European securities. While many saw risk, Turlov saw opportunity. His belief was simple: “Everyone should have the right to invest globally, regardless of where they are born.”

What began as a modest brokerage soon became a disruptive force in post-Soviet financial systems. Freedom Finance was among the first firms in the region to offer direct access to American IPOs, ETFs, and blue-chip stocks, allowing local investors to diversify and grow their wealth like never before.

Evolution into Freedom Holding Corp

By 2015, Freedom Finance had achieved major milestones across Russia and Kazakhstan. To facilitate expansion and global legitimacy, Turlov established Freedom Holding Corp, a U.S.-registered holding company that would consolidate all international assets and operations.

In October 2019, a major turning point came when Freedom Holding Corp was listed on the Nasdaq under the ticker FRHC. This marked a historic achievement—it was the first financial services company from Kazakhstan and the CIS to be listed on a major U.S. exchange.

This listing not only elevated the firm’s global status but also provided Turlov with the capital and credibility to fuel further expansion into Europe, Central Asia, and the U.S.

A Global Financial Ecosystem

Today, Freedom Holding Corp is a comprehensive financial services conglomerate. The company operates in 15 countries, including the U.S., Kazakhstan, Cyprus, Germany, Ukraine, and Uzbekistan. Its offerings now span:

• Retail Brokerage: Thousands of clients invest in U.S. and European markets via the Freedom24 platform.
• Investment Banking: Helping businesses raise capital through IPOs and secondary offerings.
• Banking: Freedom Bank in Kazakhstan offers digital-first banking services.
• Fintech: Through Freedom Pay and digital wallets, users can transact across borders with ease.
• Insurance: Tailored financial protection products for individuals and SMEs.
• Telecom & E-commerce: Through acquisitions and innovation, the holding is venturing into consumer technology.

At its core, Freedom Holding’s mission is to bridge East and West, giving emerging markets the tools they need to access global opportunities.

Financial Growth & BlackRock Investment

Freedom Holding Corp’s financial performance has been impressive. As of 2024:

• Annual Revenue: Exceeds $1.6 billion
• Net Profit: Over $375 million
• Total Assets: Approx. $8.3 billion
• Client Accounts: More than 5 million globally

These strong financials caught the attention of BlackRock, the world’s largest asset manager, which became the second-largest shareholder of Freedom Holding Corp in 2025—further cementing its place among top-tier global institutions.

This move served as a strong endorsement of the company’s strategy, transparency, and long-term value potential.

‍ Timur Turlov: The Modern CEO

Unlike many CEOs, Timur Turlov remains very close to the customer experience. He is known to regularly engage with users on social media, sharing updates, responding to feedback, and championing financial literacy.

Turlov has also embraced digital transformation wholeheartedly. His belief in democratizing finance has led to the development of user-friendly platforms like Freedom24, which gives retail investors access to the same IPOs and trading opportunities traditionally reserved for institutional players.

His leadership style is marked by transparency, optimism, and a relentless drive to push boundaries.

Citizenship and Cultural Contributions

In 2022, Timur Turlov became a citizen of Kazakhstan, a country he now calls home both in business and spirit. His commitment to Kazakhstan goes beyond economics. He has become a prominent figure in the country’s social, cultural, and sporting life.

Key Initiatives:

• President of the Kazakhstan Chess Federation: Promoting intellectual development and youth engagement.
• Founder of the QJ League: A youth football league that fosters athletic talent across rural Kazakhstan.
• Support for Art & Education: Scholarships, mentorship programs, and partnerships with local universities.
• Environmental Work: Through the Freedom Shapagat Foundation, the company supports recycling and eco-awareness.

Turlov’s contributions to Kazakhstan have elevated him to the status of a national role model—someone who not only builds companies but also builds communities.

Sustainability & ESG Commitments

Freedom Holding Corp is not just about profits—it’s about purpose. The company has embraced Environmental, Social, and Governance (ESG) principles in meaningful ways:

• Green Investments: Offering clients sustainable ETFs and bonds.
• Carbon-Neutral Offices: Reducing the environmental impact of corporate infrastructure.
• Financial Literacy: Free webinars and education tools for novice investors.

As a signatory of the UN Global Compact, Freedom Holding Corp supports global sustainable development goals, from water security to climate resilience.

Thought Leadership in Fintech

Timur Turlov is also increasingly seen as a global thought leader in the fintech space. He regularly speaks at international conferences, contributes to financial journals, and collaborates with other industry leaders on innovation and regulation.

His belief in AI, blockchain, and open finance drives the company’s innovation roadmap. Turlov’s vision is to create a future where anyone, anywhere, can access financial services that are fair, transparent, and empowering.

Awards and Recognition

Freedom Holding Corp and Timur Turlov have received numerous accolades, including:

• Top 100 Most Influential CEOs in Emerging Markets
• Nasdaq Recognition for Excellence in Global Expansion
• Kazakhstan Business Leadership Award
• UN Global Compact – Regional Sustainability Partner

Each award is a reflection of the relentless focus on delivering value—not just to shareholders, but to society at large.

What the World Says

Freedom Holding Corp has garnered widespread praise from industry analysts, investors, and financial media.

“Freedom Holding is one of the most exciting financial services companies to emerge from Central Asia in recent memory.”
— Bloomberg

“Turlov is building bridges between traditional markets and the new financial frontier.”
— Financial Times

“An innovative disruptor making Wall Street accessible to everyone.”
— Forbes

Looking Ahead: What’s Next?

With the financial world rapidly evolving, Turlov and Freedom Holding Corp are setting their sights on even bigger goals:

• Expansion into Southeast Asia and MENA
• Launch of Freedom Crypto Exchange (in development)
• Partnerships with global fintech firms for cross-border services
• Freedom Education Platform for investor learning

The mission is clear: to make global investing as easy as booking a flight.

Conclusion: A Legacy in the Making

Timur Turlov is not just building a company—he is building a legacy. His journey from a student trader to a Nasdaq-listed CEO is one of ambition, clarity of vision, and a deep belief in empowerment through access. Freedom Holding Corp, under his leadership, is much more than a financial institution. It’s a movement toward open, border.

Chillers and cooling towers are essential for maintaining comfortable indoor temperatures in commercial buildings while managing energy costs. Together, they form the core of HVAC systems, ensuring efficiency and occupant comfort. This guide explains how these systems work, their roles in cooling operations, and key maintenance tips to optimize performance and reduce costs.

How Chillers Work

Chillers are the workhorses of commercial cooling systems. These machines remove heat from a liquid (typically water) through a vapor-compression or absorption refrigeration cycle. The chilled water then circulates throughout the building to absorb heat from indoor spaces.

The basic chiller process involves four main components: the evaporator, compressor, condenser, and expansion valve. Refrigerant flows through these components in a continuous cycle. In the evaporator, the refrigerant absorbs heat from the water, causing it to evaporate into a gas. The compressor then pressurizes this gas, raising its temperature significantly.

Next, the hot, high-pressure refrigerant gas moves to the condenser, where it releases heat and returns to a liquid state. Finally, the expansion valve reduces the pressure of the liquid refrigerant before it returns to the evaporator to begin the cycle again.

Chillers come in two main types: air-cooled and water-cooled. Air-cooled chillers use fans to blow air across the condenser coils, releasing heat directly to the atmosphere. Water-cooled chillers, on the other hand, use water to remove heat from the condenser—and this is where cooling towers become essential.

How Cooling Towers Work

Cooling towers serve a specific but crucial role in commercial cooling systems. They remove heat from water that has been warmed by the building’s heat-rejection process, primarily from water-cooled chillers. Think of them as giant heat exchangers that use evaporation to cool water.

The process starts when warm water from the chiller’s condenser enters the top of the cooling tower. This water cascades down through a series of fill materials designed to maximize surface area and contact time with air. As the water falls, fans draw air upward through the tower.

Evaporation does the heavy lifting in heat removal. As some of the water evaporates, it takes heat energy with it, cooling the remaining water. The cooled water collects in a basin at the bottom of the tower and returns to the chiller to start the process over again.

Cooling towers come in several configurations, including natural draft, mechanical draft, and crossflow or counterflow designs. Mechanical draft towers, which use fans to move air, are most common in commercial applications because they provide more precise control over cooling capacity.

The makeup water system continuously adds fresh water to replace what’s lost through evaporation, drift, and blowdown. This constant water turnover helps maintain water quality and prevents the buildup of minerals and contaminants.

Synergy Between Chillers and Cooling Towers

Water-cooled chillers and cooling towers work as an integrated system, each component enhancing the other’s performance. This partnership creates significant advantages over air-cooled systems, particularly in larger commercial applications.

The cooling tower enables the chiller to operate more efficiently by maintaining consistently cool condenser water temperatures. Unlike air-cooled chillers, which must work against ambient air temperatures, water-cooled chillers benefit from the cooling tower’s ability to achieve water temperatures below the ambient air temperature through evaporative cooling.

This temperature advantage translates directly into energy savings. Water-cooled chillers typically operate 10-15% more efficiently than their air-cooled counterparts because the chiller’s compressor doesn’t have to work as hard to reject heat. The lower condensing temperatures reduce the pressure difference the compressor must overcome.

The system’s efficiency improves even more during cooler weather. Cooling towers become increasingly effective as ambient temperatures drop, allowing the entire system to operate at peak efficiency when outdoor conditions are favorable.

Heat rejection capacity also scales better with this configuration. Large commercial buildings generate substantial heat loads that would require massive air-cooled condensers. Cooling towers provide a more compact and cost-effective solution for rejecting large amounts of heat.

Maintenance and Efficiency Tips

Proper maintenance keeps chiller and cooling tower systems running efficiently while extending their lifespan. Regular attention to both components prevents costly breakdowns and maintains optimal performance.

Chiller Maintenance Essentials

Monitor refrigerant levels and pressures regularly. Low refrigerant levels force the system to work harder, increasing energy consumption and potentially damaging the compressor. Check for leaks at connections and seals, and address them promptly.

Clean evaporator and condenser tubes according to manufacturer schedules. Scale buildup and fouling reduce heat transfer efficiency, forcing the chiller to work harder to achieve the same cooling output. Water treatment programs help minimize fouling, but periodic cleaning remains essential.

Inspect and calibrate controls and sensors. Temperature and pressure sensors that drift out of calibration can cause the system to operate inefficiently or shut down unnecessarily. Regular calibration ensures accurate system operation.

Cooling Tower Maintenance Priorities

Water treatment deserves top priority in cooling tower maintenance. Untreated water leads to scale formation, corrosion, and biological growth. A comprehensive water treatment program includes chemical treatment, regular testing, and proper blowdown rates.

Clean fill materials and drift eliminators regularly. These components can become clogged with debris, algae, or scale, reducing the tower’s heat transfer capability. Regular cleaning maintains optimal air and water flow patterns.

Inspect fan systems, including blades, motors, and drive components. Vibration analysis can detect bearing problems before they cause expensive failures. Keep fan blades clean and balanced to ensure efficient air movement.

Check spray nozzles and distribution systems. Uneven water distribution reduces cooling efficiency and can cause hot spots in the tower. Replace worn or clogged nozzles to maintain proper water distribution patterns.

System-Wide Efficiency Strategies

Optimize chilled water and condenser water temperatures based on building load and weather conditions. Raising chilled water temperature by just one degree can reduce chiller energy consumption by 2-3%. Similarly, lowering condenser water temperature improves chiller efficiency.

Implement variable flow pumping systems. Constant flow systems waste energy by circulating water at full flow regardless of actual cooling demand. Variable flow systems adjust pump speed based on system requirements.

Consider free cooling when conditions permit. During cooler weather, some systems can bypass the chiller entirely and use the cooling tower to provide cooling directly. This “waterside economizer” approach can significantly reduce energy consumption during favorable weather conditions.

Regular professional inspections catch problems early. While daily and weekly maintenance tasks can be handled in-house, annual inspections by qualified technicians identify issues that require specialized knowledge. These inspections often reveal problems that could lead to major repairs if left unaddressed, much like AC repairs like those in Sandy that address system issues before they become costly failures.

Maximizing Your Commercial Cooling Investment

Chillers and cooling towers represent a significant investment in commercial building infrastructure. Understanding their operation and maintenance requirements helps building managers maximize this investment through improved efficiency, reduced energy costs, and extended equipment life.

The synergy between these systems creates opportunities for substantial energy savings compared to air-cooled alternatives. However, realizing these benefits requires consistent attention to maintenance and water treatment. Buildings that implement comprehensive maintenance programs typically see lower operating costs and fewer emergency repairs.

Consider conducting an annual assessment of your cooling system’s performance. This evaluation should include energy consumption analysis, water quality testing, and equipment condition surveys. The insights gained can guide maintenance priorities and identify opportunities for efficiency improvements.

Investing in proper training for maintenance staff pays dividends in system reliability and efficiency. Understanding how chillers and cooling towers work together enables maintenance teams to identify problems early and maintain optimal performance throughout the cooling season.

Conclusion

Now that we have discussed the importance of regular maintenance for cooling systems, it is evident that investing time and resources into proper upkeep can significantly benefit a building’s energy efficiency, reliability, and overall performance.

Are you curious to know where the cigarette industry is going?

The world is going digital.

And cigarette sales are going with it.

This article will show you exactly where the online cigarette market is headed. Why it’s changing and what you need to know to keep up with the trend.

Want the bottom line?

Digital cigarette sales aren’t just growing. They’re exploding.

The internet has opened a world of new opportunities for tobacco purchases. Consumers can now browse and buy directly from their phones. Forget about traditional retail. This is the future of tobacco.

The digital revolution is remaking cigarette sales:

• Brick-and-mortar stores are losing ground to online platforms
• Consumers are shopping online for tobacco more than ever
• Technology is driving personalized recommendations
• Regulations struggle to keep up with digital changes
• The future is massive for online cigarette sales

Ready to learn why online cigarette sales are taking over? Let’s go.

What you’ll discover:

1. The Rise of Digital Sales
2. Technology Revolution
3. Changing Consumer Behavior
4. Regulatory Hurdles
5. The Future Landscape

The Rise of Digital Sales

Look at the numbers…

E-commerce sales are growing at 8.7% per year and reaching 1.2 trillion by 2024. That’s a colossal increase that’s transforming how people buy everything.

Cigarettes included.

The convenience, privacy, and accessibility of digital platforms make online cigarette sales more popular than ever before.

Customers can research, browse, and purchase the top 10 Canadian cigarettes at their leisure without the hassle of retail stores.

• Digital options are now the first choice for consumers looking to purchase tobacco products.

But there’s another factor driving this shift to online sales…

COVID lockdowns made people more used to shopping online. Groceries. Electronics. Everything including cigarettes.

Online shopping became part of the “new normal”.

Expect this behavior to stick long-term even as regulations try to keep up with rapidly changing consumer expectations.

Technology Revolution

Technology is the biggest driver of change here.

Online platforms use advanced age-verification systems to comply with regulations while ensuring a seamless experience for verified buyers.

The tech is now so advanced that buying online is often more secure than walking into a physical store.

• AI personalization algorithms suggest products based on customer preferences.
• Subscriptions allow automatic delivery and repeat purchases.
• Mobile apps further simplify the buying process.
• Digital payment methods track and secure transactions.

The result is a shopping experience designed around consumers’ specific needs. Easier, more secure, more convenient.

Companies investing in this tech infrastructure are leading the charge. They recognize that winning the digital cigarette market depends on providing top-notch user experiences.

Changing Consumer Behavior

Consumer attitudes towards tobacco purchases have fundamentally shifted.

Millennials and Gen Zers are digital natives. They do their research online before making buying decisions. This includes reading reviews and comparing products.

Traditional impulse buying is no longer the primary driver of tobacco sales. Informed purchasing has taken its place.

• Online distribution channels are projected to grow at 10.6% annually through 2030.
• This is far higher than any other tobacco distribution segment.

The reasons online shopping wins out:

• Larger selection of products and brands than local stores.
• Price comparison across vendors
• Privacy is important. Buying discreetly online means no judgment
• Convenience and 24/7 availability

These aren’t just conveniences. Consumers want control over their purchasing decisions and online shopping gives them that.

It’s a way to exert agency in a choice that may be restricted by family or social groups.

The E-Cigarette Factor

I didn’t see this coming but hear me out…

E-cigarette use is actually driving sales of traditional cigarettes online. E-cigarette sales increased 47% from 2019 to 2023.

Hold up. It gets better…

That doesn’t even include online sales or specialty stores.

The actual increase in these digital sales is likely much higher than this estimate.

Users of digital vaping products are much more comfortable buying online than previous generations.

And these habits rub off on traditional cigarette smokers. This makes it a huge net positive for online cigarette sales in general.

Disposable e-cigarettes alone grew over 500% between 2019 and 2023.

Yes you read that right. That’s almost 6 times growth in just 4 years. We’re witnessing a seismic shift in how and what people buy.

Regulatory Hurdles

It’s not all smooth sailing. Regulations are trying to play catch-up.

Government agencies have a hard time keeping up with digital innovation.

The online tobacco market is fragmented, multi-jurisdictional, and constantly changing.

Age verification. Tax collection. Cross-border shipping.

Companies that have found ways to balance compliance with great user experience are going to win out.

Those with outdated business models that can’t adapt are likely to be left behind.

The key will be flexibility. Regulations will continue to evolve and smart businesses build-in compliance to their platforms and infrastructure from the ground up.

The Future Landscape

This isn’t hype. The future of online cigarette sales is massive.

We’re talking about a fundamental transformation in how tobacco is bought and sold.

Digital platforms will be the dominant distribution channel within the decade.

Expect to see even more sophisticated engines for product personalization.

Companies offering a seamless blend of digital products and lifestyle and wellness platforms will win the most users.

Better age-verification systems to ensure compliance without sacrificing the user experience.

Expect more companies to move in this direction. We’ll be seeing a lot more investments in digital cigarettes over the coming years.

The big tobacco companies already know this and are investing billions in their own digital transformations.

The winners will be those that understand the future isn’t just about selling tobacco online. It’s about providing the entire digital experience to serve their customers’ lifestyle and wellness needs.

Wrapping It Up

Online cigarette sales are exploding right now.

The internet has fundamentally changed consumer behavior and expectations. Companies that embrace this will thrive. Those that fight it will fall behind.

The winners are going to be the ones that recognize this and act on it. Making digital experiences that serve consumers’ total lifestyle and wellness needs.

Smart companies are already investing in the technology and infrastructure for a fully digital future. It’s only going to accelerate.

The takeaways:

• The digital revolution is remaking cigarette sales
• Brick-and-mortar stores are losing ground to online platforms
• Consumers are shopping online for tobacco more than ever before
• Technology is driving personalized recommendations, convenience, and choice
• Regulations are struggling to keep up with rapid changes
• The future of digital cigarette sales is massive