The buy versus build debate has a reputation for producing vague answers. A vendor says buy. A bank says build. Everyone agrees that “it depends,” and the discussion usually ends there.

That was not the case at the Finance Magnates Singapore Summit 2026.

The session: "Buy, Build or Both? Trading Tech for Brokers, Banks & Beyond" brought panellists from retail brokerage, institutional banking, fintech infrastructure, and platform technology. The range of perspectives made the discussion far more practical than theoretical, especially as the industry faces growing pressure to scale faster while competing in an increasingly commoditised market.

Why Broker Differentiation Has Moved Beyond Execution Speed

Opening the session, panellists were asked what capabilities brokers need most to stay competitive in 2026.

The expected answers came quickly: execution speed, risk management, KYC, payments, low latency, and a strong client interface. All important, but the more revealing insights came from where opinions differed.

Michael Lim, Managing Director at Aquariux, pointed to data architecture as the real differentiator. In a market where many brokers already offer similar trading infrastructure, the advantage increasingly comes from the quality of the data firms collect and how effectively they use it.

Aeby Samuel, CEO and Founder of FYNXT, focused on the client experience, particularly onboarding and the client portal. These are often the first touchpoint that shape trader perception and long term retention.

The discussion highlighted how brokerage competition is evolving. Infrastructure alone is becoming less differentiating as more firms gain access to similar technology stacks. What increasingly matters is how brokers use data to better understand trading behaviour, personalise the client journey, and improve engagement over time.

That shift is already influencing platform design. Firms are using behavioural insights to identify inactive users earlier, tailor onboarding flows, personalise product recommendations, and improve support responsiveness. Even smaller improvements such as smarter notifications, integrated education, and customised dashboards can significantly strengthen long term retention.

Why AI Still Has Not Replaced Engineering Teams

The moderator raised a direct question during the session: if development tools and automation are becoming cheaper and more accessible, why are brokers still buying technology instead of building more internally?

Roy Ng, Product Director of Axi, explained that software development economics have changed significantly over the past six months. Smaller engineering teams can now build and maintain systems much faster than before, lowering the barriers for firms looking to customise internal tools or launch new products.

Still, the panel made it clear that automation is not replacing engineering teams anytime soon.

Michael Lim explained that his team uses AI mainly as a development assistant to improve productivity and accelerate workflows, but every line still goes through human review. The technology can speed up output, but human judgment remains essential.

Other panellists echoed similar concerns. Automation performs well on repetitive and structured tasks, but areas involving risk, architecture decisions, accountability, and operational judgment still require experienced oversight.

The larger implication is that engineering roles are evolving rather than disappearing. As workflows become more automated, engineering value may increasingly shift toward architecture, governance, product thinking, and operational strategy instead of repetitive coding work alone.

For brokers, this could lower the barrier to building and customising systems in the future. Smaller teams may be able to move faster without scaling headcount at the same pace, particularly when combined with strong technical leadership and operational discipline.

Why Integration Complexity Still Slows Brokers Down

The discussion became more practical when the panel turned to integrations across CRMs, trading platforms, payment providers, compliance systems, and third party tools.

Rhys Bryan, Managing Director of Sales and Business Development at Lucera, pointed out that the growing number of vendors brokers rely on has become a real operational challenge. While modular systems offer flexibility, they also create more moving parts for firms to manage.

Michael Lim highlighted that integrations often fail not because of the technology itself, but because of unclear ownership and fragmented processes. When issues happen, the biggest bottleneck is often figuring out who is responsible for resolving them.

The takeaway was straightforward: Operational coordination is becoming just as important as technical capability. As brokers continue expanding their technology stacks, firms with clearer accountability structures and stronger internal processes may scale more effectively over time.

How Brokers Are Rethinking Technology Decisions

When the panel shifted toward decision making frameworks, the discussion became less about technology features and more about business strategy.

Roy Ng argued that brokers should first define the type of clients they want to serve before deciding on the technology stack. Whether targeting retail traders, API users, or copy trading communities, technology should support a clear business objective rather than trying to appeal broadly to everyone.

Rick Williams, Director of Leveraged Products at Maybank Securities, simplified the framework further: technology investments should either improve client value or generate business returns.

Michael Lim added that brokers need to understand what business they are trying to build before selecting the technology behind it. Firms that buy technology without a clear strategy often end up with unnecessary complexity and limited differentiation.

The discussion reinforced that technology decisions are becoming increasingly strategic. As more infrastructure becomes accessible across the market, competitive advantage depends less on adopting more tools and more on aligning technology with long term business goals.

Why Experience Still Matters in the Age of AI Assisted Development

One of the more nuanced observations during the discussion came from Michael Lim, who noted that AI assisted development may actually widen the gap between experienced and junior engineers.

Senior engineers tend to get more value from these tools because they already understand architecture, workflows, and system design at a deeper level. Less experienced developers may still struggle to identify weak outputs or structural issues without that foundation.

The broader implication is that while automation may make development faster and more accessible, expertise and judgment still play a critical role. As workflows evolve, engineering value may increasingly shift toward architecture, governance, and strategic decision making rather than repetitive coding tasks alone.

Data Is Becoming the Real Competitive Advantage

The discussion closed on commoditisation and which areas of brokerage technology no longer make sense to build internally.

Roy Ng argued that many platform features and trading interfaces have already started to converge across the industry. What increasingly separates brokers is the ability to own, analyse, and act on client data more effectively.

Rhys Bryan pointed out that infrastructure such as connectivity, hosting and latency has already become heavily commoditised within institutional markets. As a result, firms are shifting focus toward automation, intelligence, and operational efficiency built on top of that infrastructure.

Michael Lim highlighted that the retail brokerage industry may follow a similar path to the OTC market, where data that was once considered proprietary gradually became more widely commercialised. Client behaviour and engagement data are increasingly becoming strategic business assets rather than simple operational records.

Aeby Samuel added that the relationship between brokers and clients may also evolve significantly as auotmation improves user experiences. Simpler workflows, faster interactions, and more intuitive interfaces are likely to reshape how traders engage with platforms over time.

The broader shift is that infrastructure alone is becoming less defensible as a long term advantage. As more brokers gain access to similar technology stacks, differentiation increasingly comes from how firms use intelligence, automation, and client insights to improve the trading experience and strengthen client retention.

Conclusion: The Technology Matters Less Than the Strategy Behind It

The session did not provide a definitive answer to the buy versus build debate. Instead, it highlighted that different firms operate with very different business models, operational priorities, and growth strategies.

What became clear throughout the discussion is that technology decisions are increasingly tied to business strategy rather than technology alone. Whether firms choose to buy, build, or combine both approaches, the goal remains the same: using technology to support a stronger client experience and a more sustainable business model.

Michael Lim’s framework summarised the discussion well. Brokers should first understand what business they are trying to build, then choose the technology that best supports that strategy.

As infrastructure becomes more accessible across the industry, long term competitive advantage may increasingly come from operational execution, client intelligence, and strategic clarity rather than technology alone.

Michael Lim is Managing Director at Aquariux, the company behind AQX Trader, a white label multi asset trading platform built for brokers. See how it works.

FAQ

Should brokers build or buy their trading platform in 2026?

It depends on your business model and technical capacity. The panel consensus was: start by defining what segment you serve and what value you deliver, then select technology accordingly. Buying makes sense for commoditised infrastructure, while building makes sense where differentiation increasingly lives, particularly in data.

How is AI actually being used in trading technology teams today?

Most teams at FMSS 2026 reported AI-assisted coding at varying levels (up to 75%), but all maintained human oversight. The common view was that AI accelerates output but does not replace architectural judgment, especially for compliance sensitive or high stakes systems.

What is the biggest integration challenge for brokers today?

It is not the API but accountability. When an integration breaks across CRMs, platforms, payments, and compliance tools, knowing who owns the problem is the real bottleneck. Modular architecture helps, but internal process clarity matters just as much.

What trading technology is already commoditised?

Connectivity, hosting, latency, and core UI design have broadly converged across the industry. Panellists pointed to execution infrastructure and basic portal features as standard expectations rather than long term competitive advantages.

What will actually differentiate brokers going forward?

Data ownership and the ability to deliver personalised client experiences. Brokers that can effectively analyse and act on client trade data will have a stronger long term advantage. Firms that cannot may increasingly compete on price and interface alone.