The Monetary Authority of Singapore (MAS) has introduced new measures to strengthen responsible online financial content sharing and digital advertising practices.
The regulator has issued its “Guidelines on standards of conduct for digital advertising activities”, which apply to all financial institutions and their appointed third parties, including online content creators.
MAS said the rules aim to address risks associated with digital advertising, such as misleading or unbalanced promotions, inappropriate use of social media, and non-compliant ads being circulated without an institution’s knowledge.
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The guidelines will take effect from 25 March 2026.
According to MAS, institutions will be required to adopt safeguards including clear disclosures, stronger governance, and stricter monitoring of digital campaigns.
MAS also worked with the Advertising Standards Authority of Singapore (ASAS) to publish a guide titled “Seven must-knows when sharing financial information online”.
The guide sets out key considerations for creators, including when a licence from MAS may be required, steps to take before promoting products, and the need to disclose compensation.
In addition, MAS said it will issue advisory letters to five content creators who may have provided financial advice without a licence.
They have been told to adjust their practices to comply with regulations. MAS warned that individuals who continue to provide advice without approval will face enforcement action.
“In today’s digital age, where there is increasing reliance on digital platforms that transmit information rapidly, financial institutions and content creators must ensure that the sharing of financial information and advertising of products and services are performed responsibly,” said Lim Tuang Lee, assistant managing director (capital markets) at MAS.
He added, “They must adopt the appropriate safeguards to adhere to regulatory requirements and uphold consumer interests.”
The guidelines come amid a rise in complaints against financial influencers (“finfluencers”). By April, MAS had already received eight complaints in 2025, up from an average of five per year over the past five years. Most were linked to two finfluencers who shared reasons for liquidating investments on a financial platform. MAS has responded to all complaints, with no outstanding cases.
Alvin Tan, minister of state for trade and industry and MAS board member, said at the time that finfluencers can help promote financial literacy but must avoid providing regulated financial advice.
MAS considers advice to be regulated if it is remunerated or given regularly, and those providing it must be licensed under the Financial Advisers Act and appointed by a licensed advisory firm. Misleading statements may also be an offence under the Securities and Futures Act.
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