It also issues advisory letters to five content creators who may have provided financial advice without a licence
[SINGAPORE] The Monetary Authority of Singapore (MAS) has issued new guidelines spelling out financial institutions’ responsibilities when advertising in the digital space.
The Guidelines on Standards of Conduct for Digital Advertising Activities will take effect from Mar 25, 2026. A separate guide has also been released for online content creators.
The guidelines follow a public consultation, and set out MAS’ expectations on how financial institutions should conduct their digital advertising activities. The guide sets out key considerations for online content creators.
“Digital platforms, including social media, have increasingly become sources of financial information for consumers,” said MAS in a media release on Thursday (Sep 25). “However, such platforms can also amplify misleading or inappropriate content that can lead to consumer harm.”
In April, Minister of State for Trade and Industry Alvin Tan told Parliament that MAS had received eight complaints against financial influencers – or “finfluencers” – so far in 2025, most of which were linked to comments made by two individuals.
This marked an increase from the average of five complaints a year over the past five years, added Tan, who also sits on MAS’ board.
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Five safeguards
For financial institutions, the guidelines set out five safeguards to address conduct risks in digital advertising, particularly on social media.
First, institutions should ensure their choice of digital platforms is appropriate. This includes checking if the platform’s policies permit financial ads, assessing potential reputational risks, and confirming that the institution has sufficient control to modify or remove ads if needed.
Second, they must account for the limitations of digital formats. Word or character limits should not result in the omission of key risks or caveats. For example, it would be misleading to highlight only a product’s benefits in an ad, while relegating risks to a separate webpage.
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Third, institutions should carefully select digital marketers – such as influencers – based on qualifications, track record and communication style, and keep them updated on advertising rules through training or formal agreements.
Fourth, institutions must monitor all digital campaigns, including those run by external marketers. This can involve tools such as media monitoring, web crawls, social media listening and even mystery shopping.
Finally, they should take disciplinary action when misconduct arises. This could range from stricter monitoring and warnings to suspensions or corrective measures.
Guidance for content creators
Separately on Thursday, MAS said it has issued advisory letters – which do not carry penalties – to five content creators who may have provided financial advice without a licence.
“They have been advised to adjust their content and practices to be in line with MAS’ regulatory requirements,” the regulator said. “Persons who continue to provide financial advice without a licence will face enforcement action.”
MAS did not disclose the identities of the content creators or the potential infractions.
To help creators comply, the regulator has launched a seven-step online checklist. It covers building trust with followers, understanding licensing requirements for financial advice and capital markets products, and selecting the right financial institution to collaborate with.
The checklist also includes five QR codes that link to resources such as MAS’ directory of financial institutions and the Advertising Standards Authority of Singapore’s social media guidelines.
Melvin Yong, president of the Consumers Association of Singapore, said in a Facebook post on Thursday that he had previously called in Parliament for “greater clarity” on the duty of care that ‘finfluencers’ should have.
“When financial institutions and online content creators do the necessary checks and adopt the safeguards in the guide, they in turn protect the interests of consumers,” Yong wrote. “Ultimately, this will go a long way in ensuring consumers are not harmed as they make financial decisions.”
