In September 2025, the Monetary Authority of Singapore (“MAS”) announced that it would issue advisory letters to the five content creators who may have provided financial advice without a valid licence. At the same time, MAS released new guidelines to promote responsible online financial content. These twin initiatives are aimed at promoting responsible digital financial content and strengthening expectations for digital advertising by regulated financial institutions.
MAS cited the growing influence of content creators on investors and emphasised that influencers may need licences in certain situations, such as when recommending specific financial products or giving advice tailored to an individual’s circumstances. With financial promotions migrating rapidly to social media platforms, MAS said it is enhancing oversight of digital channels. The advisory letters were described by MAS as letters advising content creators to “adjust their content and practices to be in line with MAS’ regulatory requirements,” while the guidelines provide clearer expectations and safeguards for financial institutions to manage digital advertising risks.
New MAS Initiatives to Promote Responsible Online Financial Content
MAS has introduced two initiatives aimed at shaping a safer and more transparent digital financial ecosystem:
- Guidelines on Standards of Conduct for Digital Advertising Activities; and
- Guide on Responsible Financial Content Creation.
Together, these measures are intended to enhance accountability among financial institutions, advertisers, and content creators, while protecting consumers from misleading or unsubstantiated claims.
Guidelines on Standards of Conduct for Digital Advertising Activities
MAS issued the Guidelines on Standards of Conduct for Digital Advertising Activities on 25 September 2025, which will take effect on 25 March 2026. These guidelines set out expectations for how financial institutions and their partners manage advertising in the digital space, especially on social media platforms where engagement is fast-paced and susceptible to public scrutiny.
Scope and Applicability
The Guidelines apply to all financial institutions regulated by MAS, and to their digital advertising activities, including content created by internal employees, appointed representatives, external marketing agencies, affiliate networks, and online influencers or financial influencers (“finfluencers”) engaged by those institutions.
MAS clarified that outsourcing advertising activities does not transfer compliance responsibility. Financial institutions remain accountable for all content, regardless of who creates or posts it.
Core Principles and Safeguards
The Guidelines are principles-based, providing broad expectations for responsible digital advertising. MAS expects financial institutions to implement practical, documented measures that translate these principles into day-to-day actions. This includes formal approval workflows, internal policies, monitoring systems, and clear accountability structures to manage both in-house and third-party marketing activities effectively.
Board and Senior Management Accountability
The board and senior management remain ultimately responsible for all digital advertising, including content produced or shared by third parties. Accountability cannot be delegated, and leadership is expected to actively oversee approval processes, monitor performance, and address any issues promptly.
Governance and Oversight
Institutions must ensure all digital advertising is accurate, clear, and balanced, showing both benefits and risks. They are responsible for carefully engaging external marketers, ensuring these agencies or influencers understand applicable regulatory obligations and conflicts of interest. Financial institutions must monitor all content, including third-party posts, take prompt corrective action, and apply proportionate disciplinary measures, escalating for repeat breaches to maintain accountability.
Market Conduct Safeguards
Financial institutions are required to implement robust internal governance frameworks covering all digital advertising activities. This includes clear policies, approval workflows, and monitoring systems that are regularly reviewed and updated to reflect changes in digital media trends, regulatory expectations, and emerging risks. These safeguards ensure that advertising remains compliant, accurate, and aligned with institutional standards.
Guide on Responsible Financial Content Creation
MAS and the Advertising Standards Authority of Singapore (“ASAS”) have issued “7 Must-Knows When Sharing Financial Information Online”, a checklist for individuals creating or sharing digital financial content. It outlines key responsibilities, regulatory requirements, and best practices when sharing financial information with the public. This checklist is essentially an infographic and does not contain detailed prescriptions of any regulatory requirements.
1. Share Information Responsibly
Ensure that all financial information you provide is accurate, clear, and balanced. Explain both the potential benefits and risks so that your audience can make informed decisions.
2. Provide Practical Financial Guidance
Encourage followers to understand their personal risk tolerance, manage their finances carefully, and read the terms and conditions of any financial product before making decisions.
3. Know When A Licence is Required for Financial Advice
A licence from MAS may be required if you recommend specific financial products or give advice tailored to an individual’s circumstances. Disclaimers alone do not remove this requirement. If you’re unsure, MAS provides guidance in the Provision of Financial Advisory Services (FAA-G17).
4. Know When A Licence is Required for Dealing in Capital Market Products
A MAS licence may be required if you help investors place buy or sell orders or if you encourage others to trade capital markets products.
5. Verify the Credibility of Financial Institutions
Before promoting a financial institution, confirm that it is licensed and trustworthy. You can check its status in the MAS Financial Institutions Directory and exercise caution with entities on the MAS Investor Alert List.
6. Ensure Compliance with Advertising Standard
All promotional content should follow the Singapore Code of Advertising Practice and any guidance provided by MAS-licensed institutions.
7. Disclose Sponsorships and Compensation
Clearly inform your audience of any payments, commissions, or sponsorships received to maintain transparency and trust.
Staying Compliant in the Age of Digital Finance
As content creators wield significant influence over investment decisions, MAS stressed the importance of ensuring that financial information shared online complies with regulatory requirements. MAS’s advisory letters to unlicensed creators, along with new initiatives guiding digital financial content, highlight the regulator’s ongoing efforts to promote accountability and responsible financial communication. Adhering to these measures enables creators to operate within regulatory expectations while fostering a responsible online ecosystem that prioritises informed decision-making and consumer protection.
How Yuen Law Can Assist
Yuen Law LLC offers guidance on regulatory compliance and meeting MAS licensing requirements for individuals and businesses. Our team draws on extensive experience in corporate law and financial regulatory matters to help clients navigate compliance obligations and implement effective governance strategies. We focus on delivering clear, practical solutions tailored to your business needs, enabling you to operate with confidence within the Singapore financial regulatory framework.
Reference Materials
Read the full Guidelines on Standards of Conduct for Digital Advertising Activities and the Guide on Responsible Financial Content Creation on the MAS website.
