SINGAPORE: Singapore banks and financial technology firms that put out online financial content, such as on social media channels, say they are well prepared for stricter guidelines set to kick in on March 25.
From strengthening engagement with content creators to bolstering safeguards against misinformation, several players who spoke to The Straits Times said the guidelines are a positive step towards building trust in online financial content.
The Monetary Authority of Singapore (MAS) published guidelines in September 2025 to establish expectations for financial institutions on responsible and professional digital advertising. It also issued a guide for online content creators.
The development came after Chocolate Finance paused instant withdrawals on March 10, 2025, after experiencing an unusually high volume of withdrawal requests.
It was triggered by two financial influencers, or finfluencers, who posted online about plans to withdraw their funds, spurring more customers to do the same.
MAS said financial institutions and their digital marketers are increasingly using digital media, particularly social media platforms, for advertising activities.
However, issues such as misleading and unbalanced advertisements, use of digital media for advertising without prior authorisation or use of deceptive practices to solicit leads on social media may arise if such use is not properly managed, MAS noted.
Hence, the guidelines set out safeguards that financial institutions should put in place and adhere to when conducting digital advertising activities.
The guidelines include ensuring that the choice of digital media is appropriate for advertising financial products and services, as well as monitoring digital advertising activities conducted by digital marketers to ensure effective oversight.
Many of these guidelines had been raised in various consultation papers since 2023.
Chocolate Finance said it has been preparing well ahead of MAS’ March deadline.
Its founder and chief executive Walter de Oude said: “We’ve witnessed first-hand the power and influence that financial content creators have in swaying public opinion, and made the decision to reassess every digital and marketing partner we work with.”
This involved engaging influencers and creators through structured, long-term partnerships that clearly set expectations around content standards, product understanding and accountability.
Jason Huan, chief marketing officer at wealth adviser and investment platform Endowus, said the rise of short-form content, influencer-led discussions and artificial intelligence-generated material has blurred the lines between education, opinion and business solicitation.
“From a regulator’s perspective, this introduces real risks of misselling or misrepresentation, even if intentions are not malicious,” he noted.
While Endowus’ core approach remains unchanged, it has strengthened documentation, approval workflows and oversight to ensure clarity and responsibility in communications online.
But special attention was paid to engagement with external parties, especially content creators, Huan said.
“Key to this was ensuring that there was little to no room for misinformation and misrepresentation,” he said.
The local banks said they already have robust processes and strict controls in place to ensure their online financial content meets MAS guidelines. — The Straits Times/ANN
