Boston Technologies co-founder and minority shareholder Kevin Millien filed a preliminary injunction against former BT CEO George Popescu, BT, Currency Mountain Holdings, Forexware and Emil Assentato.
There were a few quiet months around Boston Technologies (BT) and Forexware after the companies announced their merger back in the beginning of July. Furthermore, the integration efforts of Forexware’s superior technological solution went through, resulting in a corporate restructuring at BT.
However, with the injunction of Belize-based company, BT Trading, enich also wholly-owned British Virgin Islands' (BVI) entity BT Prime and FCA regulated Boston Prime, this story promised more action before a decisive victor could emerge in what was not the first disagreement between the co-founders of Boston Technologies, George Popescu and Kevin Millien.
After successfully obtaining an injunction order from the Belize court and announcing his intention to sell his minority stake to the CFH Group, Mr. Millien decided to proceed defending his interests back in the U.S.
The last information publicly released by the CFH Group was from May when the company stated, "The deal is expected to close within days, pending final due diligence." No announcements have been made since then.
According to a filing with the Commercial Division of the Supreme Court of the State of New York, Mr Millien proceeded with a lawsuit against George Popescu, Currency Mountain Holdings (CMH), the holding company behind Forexware, and Emil Assentato who is the controlling shareholder of CMH and Boston Technologies itself.
What Happens in Belize Stays in Belize... Not
Apparently, the entity incorporated offshore is quite an integral part of Boston Technologies’ business. From the court documents we find that the Belize company’s structure encompasses two major entities of the business of BT. Both BT Prime and FCA regulated Boston Prime have been fully owned by Belize-based BT Trading.
Boston Technologies has been licensing all of the intellectual property used in these companies’ business and has been fully independent from them.
The spat between Popescu and Millien was widely discussed in a previous court case detailing the deterioration in their relationship, which was won by Popescu, making him controlling shareholder of Boston Technologies.
The dilution of Mr. Millien's share in the BT Trading entity was not discussed at the time, however, according to his affidavit filed with the State Court of New York, a BT employee effected a dilution of Mr. Millien’s share in the Belize entity without his consent while he was still serving as Director of BT Trading.
To sum up, while Boston Technologies was directing the operations of the prime entities through bilateral agreements, the real value and assets still remained under BT Trading.
The Supreme Court of Belize extended the interim injunction order twice in July and August, following up with a statement that the term of the injunction is to remain in effect until “the determination of this matter of further order in court.”
Kevin Millien’s Side of the Story
The affidavit of Kevin Millien adds a lot of alleged details about the corporate structure of Boston Technologies and possibly even sheds some light on the reasons behind the transaction between Boston Technologies and Currency Mountain Holdings/Forexware. While no final ruling has been made, the statements made by Mr. Millien will be taken into account in this article.
One of the most striking statements in Kevin Millien’s affidavit was that he had obtained information and believed that $2 million of client funds were lost earlier this year in March, when Boston Technologies released a version of its software causing a $1 million loss to the firm.
At the same time, Mr. Popescu allegedly misused corporate funds to the tune of $100,000 to fund a Swiss entity named "First Zurich Trust,” which was fully funded by BT, however, the board of directors was never consulted about the matter and the shareholders were not informed.
According to the affidavit provided by Kevin Millien, the discussion regarding a deal between Boston Technologies and Forexware had been ongoing prior to him being ousted from the Board of Directors of BT, which was on May 13th.
On May the 1st, around the time when Forex Magnates reported about a potential deal between FXDD (a company wholly-owned by Currency Mountain Holdings) and Boston Technologies, Mr. Popescu allegedly signed an expression of mutual intent to merge with CMH.
The affidavit states that Mr. Assentato himself had informed Kevin Millien about the incoming deal between Forexware and Boston Technologies in striking detail, taking into consideration that Millien’s stake had been sold to the CFH Group.
While the deal included both BT and its affiliated companies, Mr. Millien alleged that he was still Director of all entities under Belize-based BT Trading.
Mr. Millien alleges that the reason why Currency Mountain Holdings’ majority shareholder, Emil Assentato, purportedly shared this information with Mr. Millien, was because he hoped to bring Mr. Millien back to the helm of the merged entity, however this proposal was allegedly respectfully declined.
Mr. Millien, along with FXCM, purportedly bid $3.8 million for the company, however the offers were not considered by Popescu. Counting an the offer made by CFH Group, BT’s former CEO declined three much juicier offers and instead went on to sell the company for $250,000 less $100,000, according to information obtained by Mr. Millien, a minority shareholder.
According to the affidavit, Mr. Millien alleges that Popescu has personally enriched himself by $1 million, according to the deal. He purportedly never submitted the transaction for a vote by the minority shareholders.
A request for a temporary restraining order has been declined, while the Defendants are seeking for the case to be sealed in light of the sensitive issues being discussed.
Update: Minutes after the publication of this article some new information became publicly available from the Affidavit of Emil Assentato filed with the Supreme Court of the State of New York.
The Other Side of the Coin
As the court declined the request for a temporary restraining order, a new document has been made available to the public, presenting the views of one of the defendants - Mr. Emil Assentato who is the sole shareholder of Currency Mountain Holdings and a controlling shareholder of Forexware.
Mr. Assentato starts with questioning the motives of Kevin Millien for filing the case several months after the announcement that a deal has been closed and reaffirms that he himself has been discussing the transaction between Forexware and Boston Technologies with him.
He also highlights that the company Currency Mountain Holdings does not have any connection to this transaction.
In his testimony, Mr. Assentato states that he believes that the case is "nothing more than the latest legal volley" in the long dating dispute between Mr. Millien and George Popescu. With an assertion that he doesn't wish to take sides in the dispute, he proceeds to confirm some of Mr. Millien's statements and deny others.
"Fairly Precarious Cash Position"
Mr. Assentato's detailing of his negotiations with George Popescu start from April this year, when he's introduced by an investment banker to the "possibility of some form of business combination."
The affidavit asserts that through BT Trading, Boston Technologies had been engaging in forex trading activities on behalf of institutional clients. Allegedly at the time of negotiations, Mr. Popescu disclosed that under the management of its former CEO, BT was in a "fairly precarious cash position" and needed external assistance in order to survive.
According to Mr. Assentato's statement, the BT Prime entity incorporated in the BVI, was allegedly "facing a multi-million dollar negative financial position as a result of trading losses."
The controlling shareholder of Forexware stated that the offer he made for Boston Technologies and its affiliated entities was "naturally" influenced by the existence of this negative position. He claims to have proceeded with extra care due to being aware of earlier disputes between Millien and Popescu.
Two Tier Transactions and an Asset Purchase Vs. Equity Purchase
Forexware approached the prospects for a transaction with Boston Technologies with extreme care due to the company's complex structure and the personal dispute history between Millien and Popescu, hence after thorough due diligence, the company decided to acquire the assets of the firm instead of its equity.
Assentato explains that the transaction was structured in two stages, with the first transaction encompassing BT's assets, while the second would deal with the foreign entities. While the first one was closed on the 11th of July, 2014, there was no particular date set for the second transaction.
The case which Mr. Millien filed in Belize pertaining to the ownership of BT Trading, effectively stopped Mr. Assentato from proceeding with the second closing, according to his own testimony.
Diverging Opinions
Contrary to Mr. Millien's affidavit, Mr. Assentato states that he has never diverted any part of the purchase price to Popescu and only agreed to appoint him as Head of Strategy to provide his assistance in relation to the software of Boston Technologies.
A job offer was made to Mr. Millien too, chiefly to head the sales division, but he allegedly turned the offer down, a statement which matches the plaintiff's affidavit.
Mr. Assentato claims that contrary to what Mr. Millien states in his affidavit, there was no special benefit provided on his part to Popescu related to the transaction. The affidavit further asserts that Assentato had no knowledge about how the proceeds of Forexware's purchase (confirming the $250,000 figure) had been spent.
According to the affidavit, Mr. Millien was indeed offered a position heading the sales division in return for similar compensation, but had to release any further claims against the company. Mr. Assentato adds that contrary to what Mr. Millien asserted in his affidavit, there had been no offer to "arrange a distribution from Popescu."
Conclusion
The full content of the affidavits provided by Popescu, Millien and Assentato are available below.
With a court hearing set tomorrow (December 16th) to determine whether the case is to be sealed from the eyes of the public, these could be the last openly available details before the official final decision of the court is reached.
There were a few quiet months around Boston Technologies (BT) and Forexware after the companies announced their merger back in the beginning of July. Furthermore, the integration efforts of Forexware’s superior technological solution went through, resulting in a corporate restructuring at BT.
However, with the injunction of Belize-based company, BT Trading, enich also wholly-owned British Virgin Islands' (BVI) entity BT Prime and FCA regulated Boston Prime, this story promised more action before a decisive victor could emerge in what was not the first disagreement between the co-founders of Boston Technologies, George Popescu and Kevin Millien.
After successfully obtaining an injunction order from the Belize court and announcing his intention to sell his minority stake to the CFH Group, Mr. Millien decided to proceed defending his interests back in the U.S.
The last information publicly released by the CFH Group was from May when the company stated, "The deal is expected to close within days, pending final due diligence." No announcements have been made since then.
According to a filing with the Commercial Division of the Supreme Court of the State of New York, Mr Millien proceeded with a lawsuit against George Popescu, Currency Mountain Holdings (CMH), the holding company behind Forexware, and Emil Assentato who is the controlling shareholder of CMH and Boston Technologies itself.
What Happens in Belize Stays in Belize... Not
Apparently, the entity incorporated offshore is quite an integral part of Boston Technologies’ business. From the court documents we find that the Belize company’s structure encompasses two major entities of the business of BT. Both BT Prime and FCA regulated Boston Prime have been fully owned by Belize-based BT Trading.
Boston Technologies has been licensing all of the intellectual property used in these companies’ business and has been fully independent from them.
The spat between Popescu and Millien was widely discussed in a previous court case detailing the deterioration in their relationship, which was won by Popescu, making him controlling shareholder of Boston Technologies.
The dilution of Mr. Millien's share in the BT Trading entity was not discussed at the time, however, according to his affidavit filed with the State Court of New York, a BT employee effected a dilution of Mr. Millien’s share in the Belize entity without his consent while he was still serving as Director of BT Trading.
To sum up, while Boston Technologies was directing the operations of the prime entities through bilateral agreements, the real value and assets still remained under BT Trading.
The Supreme Court of Belize extended the interim injunction order twice in July and August, following up with a statement that the term of the injunction is to remain in effect until “the determination of this matter of further order in court.”
Kevin Millien’s Side of the Story
The affidavit of Kevin Millien adds a lot of alleged details about the corporate structure of Boston Technologies and possibly even sheds some light on the reasons behind the transaction between Boston Technologies and Currency Mountain Holdings/Forexware. While no final ruling has been made, the statements made by Mr. Millien will be taken into account in this article.
One of the most striking statements in Kevin Millien’s affidavit was that he had obtained information and believed that $2 million of client funds were lost earlier this year in March, when Boston Technologies released a version of its software causing a $1 million loss to the firm.
At the same time, Mr. Popescu allegedly misused corporate funds to the tune of $100,000 to fund a Swiss entity named "First Zurich Trust,” which was fully funded by BT, however, the board of directors was never consulted about the matter and the shareholders were not informed.
According to the affidavit provided by Kevin Millien, the discussion regarding a deal between Boston Technologies and Forexware had been ongoing prior to him being ousted from the Board of Directors of BT, which was on May 13th.
On May the 1st, around the time when Forex Magnates reported about a potential deal between FXDD (a company wholly-owned by Currency Mountain Holdings) and Boston Technologies, Mr. Popescu allegedly signed an expression of mutual intent to merge with CMH.
The affidavit states that Mr. Assentato himself had informed Kevin Millien about the incoming deal between Forexware and Boston Technologies in striking detail, taking into consideration that Millien’s stake had been sold to the CFH Group.
While the deal included both BT and its affiliated companies, Mr. Millien alleged that he was still Director of all entities under Belize-based BT Trading.
Mr. Millien alleges that the reason why Currency Mountain Holdings’ majority shareholder, Emil Assentato, purportedly shared this information with Mr. Millien, was because he hoped to bring Mr. Millien back to the helm of the merged entity, however this proposal was allegedly respectfully declined.
Mr. Millien, along with FXCM, purportedly bid $3.8 million for the company, however the offers were not considered by Popescu. Counting an the offer made by CFH Group, BT’s former CEO declined three much juicier offers and instead went on to sell the company for $250,000 less $100,000, according to information obtained by Mr. Millien, a minority shareholder.
According to the affidavit, Mr. Millien alleges that Popescu has personally enriched himself by $1 million, according to the deal. He purportedly never submitted the transaction for a vote by the minority shareholders.
A request for a temporary restraining order has been declined, while the Defendants are seeking for the case to be sealed in light of the sensitive issues being discussed.
Update: Minutes after the publication of this article some new information became publicly available from the Affidavit of Emil Assentato filed with the Supreme Court of the State of New York.
The Other Side of the Coin
As the court declined the request for a temporary restraining order, a new document has been made available to the public, presenting the views of one of the defendants - Mr. Emil Assentato who is the sole shareholder of Currency Mountain Holdings and a controlling shareholder of Forexware.
Mr. Assentato starts with questioning the motives of Kevin Millien for filing the case several months after the announcement that a deal has been closed and reaffirms that he himself has been discussing the transaction between Forexware and Boston Technologies with him.
He also highlights that the company Currency Mountain Holdings does not have any connection to this transaction.
In his testimony, Mr. Assentato states that he believes that the case is "nothing more than the latest legal volley" in the long dating dispute between Mr. Millien and George Popescu. With an assertion that he doesn't wish to take sides in the dispute, he proceeds to confirm some of Mr. Millien's statements and deny others.
"Fairly Precarious Cash Position"
Mr. Assentato's detailing of his negotiations with George Popescu start from April this year, when he's introduced by an investment banker to the "possibility of some form of business combination."
The affidavit asserts that through BT Trading, Boston Technologies had been engaging in forex trading activities on behalf of institutional clients. Allegedly at the time of negotiations, Mr. Popescu disclosed that under the management of its former CEO, BT was in a "fairly precarious cash position" and needed external assistance in order to survive.
According to Mr. Assentato's statement, the BT Prime entity incorporated in the BVI, was allegedly "facing a multi-million dollar negative financial position as a result of trading losses."
The controlling shareholder of Forexware stated that the offer he made for Boston Technologies and its affiliated entities was "naturally" influenced by the existence of this negative position. He claims to have proceeded with extra care due to being aware of earlier disputes between Millien and Popescu.
Two Tier Transactions and an Asset Purchase Vs. Equity Purchase
Forexware approached the prospects for a transaction with Boston Technologies with extreme care due to the company's complex structure and the personal dispute history between Millien and Popescu, hence after thorough due diligence, the company decided to acquire the assets of the firm instead of its equity.
Assentato explains that the transaction was structured in two stages, with the first transaction encompassing BT's assets, while the second would deal with the foreign entities. While the first one was closed on the 11th of July, 2014, there was no particular date set for the second transaction.
The case which Mr. Millien filed in Belize pertaining to the ownership of BT Trading, effectively stopped Mr. Assentato from proceeding with the second closing, according to his own testimony.
Diverging Opinions
Contrary to Mr. Millien's affidavit, Mr. Assentato states that he has never diverted any part of the purchase price to Popescu and only agreed to appoint him as Head of Strategy to provide his assistance in relation to the software of Boston Technologies.
A job offer was made to Mr. Millien too, chiefly to head the sales division, but he allegedly turned the offer down, a statement which matches the plaintiff's affidavit.
Mr. Assentato claims that contrary to what Mr. Millien states in his affidavit, there was no special benefit provided on his part to Popescu related to the transaction. The affidavit further asserts that Assentato had no knowledge about how the proceeds of Forexware's purchase (confirming the $250,000 figure) had been spent.
According to the affidavit, Mr. Millien was indeed offered a position heading the sales division in return for similar compensation, but had to release any further claims against the company. Mr. Assentato adds that contrary to what Mr. Millien asserted in his affidavit, there had been no offer to "arrange a distribution from Popescu."
Conclusion
The full content of the affidavits provided by Popescu, Millien and Assentato are available below.
With a court hearing set tomorrow (December 16th) to determine whether the case is to be sealed from the eyes of the public, these could be the last openly available details before the official final decision of the court is reached.
The World Cup, Market Winners and the Underdog Problem
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As Singapore's capital-intensive requirements leave only a few retail brokers active in the city-state, there are many opportunities to be made in and around.
This session gathers regulators, advisors, and operators who have set up across multiple APAC jurisdictions to break down figures, what's working, what's breaking, and what's next.
Attendees will walk away with:
Survey of capital thresholds and other requirements across regions in APAC
Nuanced understanding of Singapore's role in the retail trading space
Glimpse into parallel developments in digital assets and RWA
As Singapore's capital-intensive requirements leave only a few retail brokers active in the city-state, there are many opportunities to be made in and around.
This session gathers regulators, advisors, and operators who have set up across multiple APAC jurisdictions to break down figures, what's working, what's breaking, and what's next.
Attendees will walk away with:
Survey of capital thresholds and other requirements across regions in APAC
Nuanced understanding of Singapore's role in the retail trading space
Glimpse into parallel developments in digital assets and RWA
As Singapore's capital-intensive requirements leave only a few retail brokers active in the city-state, there are many opportunities to be made in and around.
This session gathers regulators, advisors, and operators who have set up across multiple APAC jurisdictions to break down figures, what's working, what's breaking, and what's next.
Attendees will walk away with:
Survey of capital thresholds and other requirements across regions in APAC
Nuanced understanding of Singapore's role in the retail trading space
Glimpse into parallel developments in digital assets and RWA
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Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
For fintechs who try to capture the retail investment crowd, payments can be a game-changer from user experience to back-office plumbing.
This session brings together builders from across the payment ecosystem to examine how new rails are altering the way capital moves in APAC and beyond.
Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
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Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
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This session brings together builders from across the payment ecosystem to examine how new rails are altering the way capital moves in APAC and beyond.
Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
For fintechs who try to capture the retail investment crowd, payments can be a game-changer from user experience to back-office plumbing.
This session brings together builders from across the payment ecosystem to examine how new rails are altering the way capital moves in APAC and beyond.
Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
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Attendees will leave with a clear do-and-don’t framework they can use to pressure-test their own loyalty strategy.
Why loyalty is no longer a “nice-to-have” marketing feature for brokers
The building blocks of any loyalty program and what they mean: points, tiers, missions, stores, leaderboards, boosters, and cashback-style mechanics
Understanding of how key regulators read loyalty incentives and where the compliance lines are
What should go in the rewards store, and what quietly destroys ROI
How trading credits, rebates, VIP perks, education, and service benefits can recycle value back into the brokerage
The 5 mistakes brokers should avoid when building or buying a loyalty programme
Real figures from a live deployment: what moved in daily activity, tier progression, and trader spend
Acquisition is getting more expensive. Most brokers already know that. The harder question is what happens after the client funds the account.
This session looks at how broker loyalty programmes are moving from “nice-to-have rewards” into a serious retention layer inside the client portal.
In this session, Desmond Leong, CEO of Returning.AI, will break down the practical mechanics behind high-performing broker loyalty programmes: what to reward, what not to reward, how onshore and offshore entities need different incentive structures, what belongs in the rewards store, and how brokers can recycle reward budgets back into trading value instead of letting them disappear as pure cost.
The talk will cover common mistakes brokers make when launching loyalty programmes, including copying retail-style rewards, ignoring jurisdictional constraints, over-relying on bonuses, failing to connect rewards to lifecycle stages, and measuring vanity engagement instead of retention, LTV, CAC payback, deposits, and active trading behaviour.
Attendees will leave with a clear do-and-don’t framework they can use to pressure-test their own loyalty strategy.
Why loyalty is no longer a “nice-to-have” marketing feature for brokers
The building blocks of any loyalty program and what they mean: points, tiers, missions, stores, leaderboards, boosters, and cashback-style mechanics
Understanding of how key regulators read loyalty incentives and where the compliance lines are
What should go in the rewards store, and what quietly destroys ROI
How trading credits, rebates, VIP perks, education, and service benefits can recycle value back into the brokerage
The 5 mistakes brokers should avoid when building or buying a loyalty programme
Real figures from a live deployment: what moved in daily activity, tier progression, and trader spend
Acquisition is getting more expensive. Most brokers already know that. The harder question is what happens after the client funds the account.
This session looks at how broker loyalty programmes are moving from “nice-to-have rewards” into a serious retention layer inside the client portal.
In this session, Desmond Leong, CEO of Returning.AI, will break down the practical mechanics behind high-performing broker loyalty programmes: what to reward, what not to reward, how onshore and offshore entities need different incentive structures, what belongs in the rewards store, and how brokers can recycle reward budgets back into trading value instead of letting them disappear as pure cost.
The talk will cover common mistakes brokers make when launching loyalty programmes, including copying retail-style rewards, ignoring jurisdictional constraints, over-relying on bonuses, failing to connect rewards to lifecycle stages, and measuring vanity engagement instead of retention, LTV, CAC payback, deposits, and active trading behaviour.
Attendees will leave with a clear do-and-don’t framework they can use to pressure-test their own loyalty strategy.
Why loyalty is no longer a “nice-to-have” marketing feature for brokers
The building blocks of any loyalty program and what they mean: points, tiers, missions, stores, leaderboards, boosters, and cashback-style mechanics
Understanding of how key regulators read loyalty incentives and where the compliance lines are
What should go in the rewards store, and what quietly destroys ROI
How trading credits, rebates, VIP perks, education, and service benefits can recycle value back into the brokerage
The 5 mistakes brokers should avoid when building or buying a loyalty programme
Real figures from a live deployment: what moved in daily activity, tier progression, and trader spend
Acquisition is getting more expensive. Most brokers already know that. The harder question is what happens after the client funds the account.
This session looks at how broker loyalty programmes are moving from “nice-to-have rewards” into a serious retention layer inside the client portal.
In this session, Desmond Leong, CEO of Returning.AI, will break down the practical mechanics behind high-performing broker loyalty programmes: what to reward, what not to reward, how onshore and offshore entities need different incentive structures, what belongs in the rewards store, and how brokers can recycle reward budgets back into trading value instead of letting them disappear as pure cost.
The talk will cover common mistakes brokers make when launching loyalty programmes, including copying retail-style rewards, ignoring jurisdictional constraints, over-relying on bonuses, failing to connect rewards to lifecycle stages, and measuring vanity engagement instead of retention, LTV, CAC payback, deposits, and active trading behaviour.
Attendees will leave with a clear do-and-don’t framework they can use to pressure-test their own loyalty strategy.
Why loyalty is no longer a “nice-to-have” marketing feature for brokers
The building blocks of any loyalty program and what they mean: points, tiers, missions, stores, leaderboards, boosters, and cashback-style mechanics
Understanding of how key regulators read loyalty incentives and where the compliance lines are
What should go in the rewards store, and what quietly destroys ROI
How trading credits, rebates, VIP perks, education, and service benefits can recycle value back into the brokerage
The 5 mistakes brokers should avoid when building or buying a loyalty programme
Real figures from a live deployment: what moved in daily activity, tier progression, and trader spend
Acquisition is getting more expensive. Most brokers already know that. The harder question is what happens after the client funds the account.
This session looks at how broker loyalty programmes are moving from “nice-to-have rewards” into a serious retention layer inside the client portal.
In this session, Desmond Leong, CEO of Returning.AI, will break down the practical mechanics behind high-performing broker loyalty programmes: what to reward, what not to reward, how onshore and offshore entities need different incentive structures, what belongs in the rewards store, and how brokers can recycle reward budgets back into trading value instead of letting them disappear as pure cost.
The talk will cover common mistakes brokers make when launching loyalty programmes, including copying retail-style rewards, ignoring jurisdictional constraints, over-relying on bonuses, failing to connect rewards to lifecycle stages, and measuring vanity engagement instead of retention, LTV, CAC payback, deposits, and active trading behaviour.
Attendees will leave with a clear do-and-don’t framework they can use to pressure-test their own loyalty strategy.
Why loyalty is no longer a “nice-to-have” marketing feature for brokers
The building blocks of any loyalty program and what they mean: points, tiers, missions, stores, leaderboards, boosters, and cashback-style mechanics
Understanding of how key regulators read loyalty incentives and where the compliance lines are
What should go in the rewards store, and what quietly destroys ROI
How trading credits, rebates, VIP perks, education, and service benefits can recycle value back into the brokerage
The 5 mistakes brokers should avoid when building or buying a loyalty programme
Real figures from a live deployment: what moved in daily activity, tier progression, and trader spend
Acquisition is getting more expensive. Most brokers already know that. The harder question is what happens after the client funds the account.
This session looks at how broker loyalty programmes are moving from “nice-to-have rewards” into a serious retention layer inside the client portal.
In this session, Desmond Leong, CEO of Returning.AI, will break down the practical mechanics behind high-performing broker loyalty programmes: what to reward, what not to reward, how onshore and offshore entities need different incentive structures, what belongs in the rewards store, and how brokers can recycle reward budgets back into trading value instead of letting them disappear as pure cost.
The talk will cover common mistakes brokers make when launching loyalty programmes, including copying retail-style rewards, ignoring jurisdictional constraints, over-relying on bonuses, failing to connect rewards to lifecycle stages, and measuring vanity engagement instead of retention, LTV, CAC payback, deposits, and active trading behaviour.
Attendees will leave with a clear do-and-don’t framework they can use to pressure-test their own loyalty strategy.
Why loyalty is no longer a “nice-to-have” marketing feature for brokers
The building blocks of any loyalty program and what they mean: points, tiers, missions, stores, leaderboards, boosters, and cashback-style mechanics
Understanding of how key regulators read loyalty incentives and where the compliance lines are
What should go in the rewards store, and what quietly destroys ROI
How trading credits, rebates, VIP perks, education, and service benefits can recycle value back into the brokerage
The 5 mistakes brokers should avoid when building or buying a loyalty programme
Real figures from a live deployment: what moved in daily activity, tier progression, and trader spend
Stablecoins from Experimentation to Implementation
Stablecoins from Experimentation to Implementation
Stablecoins from Experimentation to Implementation
Stablecoins from Experimentation to Implementation
Stablecoins from Experimentation to Implementation
Stablecoins from Experimentation to Implementation
With over $300 billion in stablecoins now in circulation and APAC regulators moving from frameworks to enforcement, the conversation has shifted.
Held in partnership with 8Circle, this session brings together the builders of new payment rails and the institutions putting them to work.
Attendees will walk away with:
A clear view of which stablecoin use cases have cleared proof of concept and are now operating at scale in APAC
Understanding of what the MAS Payment Services Act and Hong Kong's fiat stablecoin licensing regime mean for brokers and payment providers in practice
Insight into the infrastructure gaps firms most commonly underestimate before going live
Perspective on where the next wave of adoption is heading and what existing systems need to accommodate
With over $300 billion in stablecoins now in circulation and APAC regulators moving from frameworks to enforcement, the conversation has shifted.
Held in partnership with 8Circle, this session brings together the builders of new payment rails and the institutions putting them to work.
Attendees will walk away with:
A clear view of which stablecoin use cases have cleared proof of concept and are now operating at scale in APAC
Understanding of what the MAS Payment Services Act and Hong Kong's fiat stablecoin licensing regime mean for brokers and payment providers in practice
Insight into the infrastructure gaps firms most commonly underestimate before going live
Perspective on where the next wave of adoption is heading and what existing systems need to accommodate
With over $300 billion in stablecoins now in circulation and APAC regulators moving from frameworks to enforcement, the conversation has shifted.
Held in partnership with 8Circle, this session brings together the builders of new payment rails and the institutions putting them to work.
Attendees will walk away with:
A clear view of which stablecoin use cases have cleared proof of concept and are now operating at scale in APAC
Understanding of what the MAS Payment Services Act and Hong Kong's fiat stablecoin licensing regime mean for brokers and payment providers in practice
Insight into the infrastructure gaps firms most commonly underestimate before going live
Perspective on where the next wave of adoption is heading and what existing systems need to accommodate
With over $300 billion in stablecoins now in circulation and APAC regulators moving from frameworks to enforcement, the conversation has shifted.
Held in partnership with 8Circle, this session brings together the builders of new payment rails and the institutions putting them to work.
Attendees will walk away with:
A clear view of which stablecoin use cases have cleared proof of concept and are now operating at scale in APAC
Understanding of what the MAS Payment Services Act and Hong Kong's fiat stablecoin licensing regime mean for brokers and payment providers in practice
Insight into the infrastructure gaps firms most commonly underestimate before going live
Perspective on where the next wave of adoption is heading and what existing systems need to accommodate
With over $300 billion in stablecoins now in circulation and APAC regulators moving from frameworks to enforcement, the conversation has shifted.
Held in partnership with 8Circle, this session brings together the builders of new payment rails and the institutions putting them to work.
Attendees will walk away with:
A clear view of which stablecoin use cases have cleared proof of concept and are now operating at scale in APAC
Understanding of what the MAS Payment Services Act and Hong Kong's fiat stablecoin licensing regime mean for brokers and payment providers in practice
Insight into the infrastructure gaps firms most commonly underestimate before going live
Perspective on where the next wave of adoption is heading and what existing systems need to accommodate
With over $300 billion in stablecoins now in circulation and APAC regulators moving from frameworks to enforcement, the conversation has shifted.
Held in partnership with 8Circle, this session brings together the builders of new payment rails and the institutions putting them to work.
Attendees will walk away with:
A clear view of which stablecoin use cases have cleared proof of concept and are now operating at scale in APAC
Understanding of what the MAS Payment Services Act and Hong Kong's fiat stablecoin licensing regime mean for brokers and payment providers in practice
Insight into the infrastructure gaps firms most commonly underestimate before going live
Perspective on where the next wave of adoption is heading and what existing systems need to accommodate
Overfunded or Underregulated? The APAC Prop Trading Story
Overfunded or Underregulated? The APAC Prop Trading Story
Overfunded or Underregulated? The APAC Prop Trading Story
Overfunded or Underregulated? The APAC Prop Trading Story
Overfunded or Underregulated? The APAC Prop Trading Story
Overfunded or Underregulated? The APAC Prop Trading Story
APAC now accounts for nearly half of global prop firm sign-up growth, with emerging markets pulling away from established hubs. The pass rates, however, tell a different story.
This session brings together prop firms, regional brokers, and specialists to examine where the APAC growth story holds and where it doesn't.
Attendees will walk away with:
A clear view of which APAC markets are generating real funded trader volume versus registration noise, and why that gap matters more than the headline figures
Understanding of how mobile-first acquisition funnels and grey-market legacies complicate KYC, payout infrastructure, and regulatory standing across jurisdictions
Insight into how India, Vietnam, and Singapore are each handling the shift from offshore leverage workarounds to licensed operations
Perspective on whether the low-barrier, high-volume prop model can survive regional professionalization without hollowing out its core audience
APAC now accounts for nearly half of global prop firm sign-up growth, with emerging markets pulling away from established hubs. The pass rates, however, tell a different story.
This session brings together prop firms, regional brokers, and specialists to examine where the APAC growth story holds and where it doesn't.
Attendees will walk away with:
A clear view of which APAC markets are generating real funded trader volume versus registration noise, and why that gap matters more than the headline figures
Understanding of how mobile-first acquisition funnels and grey-market legacies complicate KYC, payout infrastructure, and regulatory standing across jurisdictions
Insight into how India, Vietnam, and Singapore are each handling the shift from offshore leverage workarounds to licensed operations
Perspective on whether the low-barrier, high-volume prop model can survive regional professionalization without hollowing out its core audience
APAC now accounts for nearly half of global prop firm sign-up growth, with emerging markets pulling away from established hubs. The pass rates, however, tell a different story.
This session brings together prop firms, regional brokers, and specialists to examine where the APAC growth story holds and where it doesn't.
Attendees will walk away with:
A clear view of which APAC markets are generating real funded trader volume versus registration noise, and why that gap matters more than the headline figures
Understanding of how mobile-first acquisition funnels and grey-market legacies complicate KYC, payout infrastructure, and regulatory standing across jurisdictions
Insight into how India, Vietnam, and Singapore are each handling the shift from offshore leverage workarounds to licensed operations
Perspective on whether the low-barrier, high-volume prop model can survive regional professionalization without hollowing out its core audience
APAC now accounts for nearly half of global prop firm sign-up growth, with emerging markets pulling away from established hubs. The pass rates, however, tell a different story.
This session brings together prop firms, regional brokers, and specialists to examine where the APAC growth story holds and where it doesn't.
Attendees will walk away with:
A clear view of which APAC markets are generating real funded trader volume versus registration noise, and why that gap matters more than the headline figures
Understanding of how mobile-first acquisition funnels and grey-market legacies complicate KYC, payout infrastructure, and regulatory standing across jurisdictions
Insight into how India, Vietnam, and Singapore are each handling the shift from offshore leverage workarounds to licensed operations
Perspective on whether the low-barrier, high-volume prop model can survive regional professionalization without hollowing out its core audience
APAC now accounts for nearly half of global prop firm sign-up growth, with emerging markets pulling away from established hubs. The pass rates, however, tell a different story.
This session brings together prop firms, regional brokers, and specialists to examine where the APAC growth story holds and where it doesn't.
Attendees will walk away with:
A clear view of which APAC markets are generating real funded trader volume versus registration noise, and why that gap matters more than the headline figures
Understanding of how mobile-first acquisition funnels and grey-market legacies complicate KYC, payout infrastructure, and regulatory standing across jurisdictions
Insight into how India, Vietnam, and Singapore are each handling the shift from offshore leverage workarounds to licensed operations
Perspective on whether the low-barrier, high-volume prop model can survive regional professionalization without hollowing out its core audience
APAC now accounts for nearly half of global prop firm sign-up growth, with emerging markets pulling away from established hubs. The pass rates, however, tell a different story.
This session brings together prop firms, regional brokers, and specialists to examine where the APAC growth story holds and where it doesn't.
Attendees will walk away with:
A clear view of which APAC markets are generating real funded trader volume versus registration noise, and why that gap matters more than the headline figures
Understanding of how mobile-first acquisition funnels and grey-market legacies complicate KYC, payout infrastructure, and regulatory standing across jurisdictions
Insight into how India, Vietnam, and Singapore are each handling the shift from offshore leverage workarounds to licensed operations
Perspective on whether the low-barrier, high-volume prop model can survive regional professionalization without hollowing out its core audience
