The Monetary Authority of Singapore (MAS) has announced stricter measures to regulate social media financial influencers (finfluencers), as concerns grow over misleading content that could harm retail investors. According to the new guidelines, MAS will issue advisory letters to five content creators who may have provided financial advice without holding a license.
The move comes amid a global push to tighten oversight of financial advice shared online. With millions of young users now turning to TikTok, Instagram, and YouTube for investment tips, regulators warn that such platforms, while useful for financial education, can also amplify misleading and inappropriate content.
MAS emphasized that while finfluencers can play a positive role in spreading awareness about money management, they must clearly disclose compensation received and avoid presenting unlicensed investment advice.
This development follows similar crackdowns worldwide. In June, the UK’s Financial Conduct Authority (FCA) led an international probe, resulting in three arrests and 50 warning notices against unlicensed financial promotions. In India, regulators have also introduced new rules to address the rising influence of finfluencers.
Financial regulators globally are increasingly recognizing the risks associated with unverified financial content spreading on social media, urging users to rely on credible sources.
đź“Ś Read more from authentic sources:
- Bloomberg on Singapore MAS action
- Reuters on global crackdown on finfluencers
- BBC coverage on FCA actions
As finfluencer culture continues to grow, Singapore’s new rules may set a benchmark for other Asian markets in balancing financial literacy with consumer protection.
