Desmond Leong, CEO of Returning.AI, told the FM Singapore Summit 2026 that brokers are mishandling loyalty programs by treating them as transaction-based reward schemes rather than comprehensive retention engines. Speaking at the Craft Stage, Leong emphasized that with acquisition costs rising and broker offerings increasingly commoditized around spreads and execution speed, loyalty programs now represent critical competitive differentiation. He argued effective programs should reward customer journey milestones including KYC completion, first deposits, and daily logins, not just trading volume. Leong highlighted that gamification mechanics like “spin the wheel” deliver maximum value when tied to repeat behaviors through streaks and multipliers that drive daily platform engagement. Some brokers are even rewarding social media interactions to transform dormant account holders into brand advocates. The presentation underscored that brokers still operating basic “trade more, earn more” models are sacrificing retention, lifetime value, and sustained platform activity in an increasingly expensive acquisition environment.
FXnCO Insight
Brokers should immediately audit their loyalty structures to reward behavioral milestones across the full client lifecycle rather than volume alone, as retention economics now justify treating loyalty as core infrastructure rather than marketing expense.
Source: Finance Magnates