(As reported in The Straits Times, 26 Sept 2025)
The Monetary Authority of Singapore (MAS) will be issuing advisory letters to five local content creators who may have provided financial advice without a licence. This marks the first time the central bank has taken such direct action against online personalities sharing investment or finance-related content.
The move follows MAS’s release of new digital advertising and financial content guidelines on September 25, 2025 — a landmark initiative aimed at ensuring that financial information shared online is accurate, transparent, and compliant with the law.
The First Advisory Action by MAS
According to the Straits Times, the five individuals were told to adjust their content and practices to meet existing regulatory standards. MAS emphasised that persistent unlicensed financial advising could lead to enforcement under Section 6 of the Financial Advisers Act.
Under this law, individuals found guilty of acting as financial advisers without proper licensing can face:
- Fines of up to S$75,000,
- Imprisonment of up to three years, or
- Both penalties.
MAS did not disclose the names of the creators involved, nor specify what content needed changes, but said the advisories were intended as educational and corrective measures, not punitive ones — at least for now.
Promoting Responsible Financial Content Creation
The new MAS Guidelines for Financial Content Creators, developed in collaboration with the Advertising Standards Authority of Singapore (ASAS), outline how influencers and online educators should communicate financial concepts responsibly.
The key principles include:
- Encouraging informed decision-making by audiences;
- Emphasising personal risk tolerance and the importance of independent research;
- Avoiding content that triggers fear of missing out (FOMO) or panic;
- Disclosing sponsorships or paid collaborations transparently; and
- Avoiding misleading or unbalanced representations of financial products.
MAS also warned that disclaimers such as “this is not financial advice” do not absolve legal responsibility. A licence is still required if content involves specific investment recommendations or tailored advice.
When a Licence is Required
Content creators must be licensed if they:
- Recommend the buying, selling, or holding of a specific investment product; or
- Personalise advice based on an individual’s financial situation.
Additionally, a licence is needed if a person helps investors submit orders for capital market products or solicits them to trade.
MAS encouraged creators to verify the legitimacy of institutions they promote by checking the Financial Institutions Directory and avoiding entities listed on the MAS Investor Alert List.
Industry Reactions: A Welcome Step Toward Clarity
The announcement received support from both financial professionals and online creators.
- Gerald Wong, CEO of financial platform Beansprout, described it as a positive and timely step: “It raises the bar for financial content creation and helps distinguish credible insights from misinformation.”
- Sara Wee, co-founder of The Weeblings, a sibling-run TikTok finance channel, said: “The guidelines provide a clearer framework and give creators confidence to produce content responsibly.”
- Reginald Koh, founder of The Financial Coconut podcast, noted: “Regulation is good, but audiences must remember that even licensed advisers can give poor advice. Wisdom matters as much as regulation.”
Meanwhile, Melvin Yong, President of the Consumers Association of Singapore (CASE), praised the guidelines as a way to protect consumers from misleading online financial advice, especially from unqualified influencers.
A Growing Trend: Financial Influence on Social Media
Complaints about so-called “finfluencers” have grown sharply. As of April 2025, MAS recorded eight complaints, up from an average of five per year previously.
Most cases involved influencers making public declarations about liquidating investments or sharing personal financial moves that followers might misinterpret as expert advice.
MAS hopes that the new measures will cultivate trust and accountability in Singapore’s rapidly growing financial influencer ecosystem, ensuring creators play a constructive role in financial literacy — without crossing regulatory lines.
