MAS Sets Rules for Digital Advertising and 'Finfluencers': Five Safeguards for Firms and Warning Letters to Five Content Creators

Singapore has set out how banks, insurers and other financial firms must behave when they promote products on social media, and it has put creators who give financial advice online on notice. The Monetary Authority of Singapore announced a package of measures that included guidelines on digital advertising and a guide for content creators, according to a summary by the law firm Linklaters whose article is dated October 1, 2025. The guidelines take effect on March 25, 2026, so they are now in force. This article summarises the Linklaters account, which describes the MAS announcements and does not reproduce the underlying documents, so details should be checked against MAS publications.

The main document is the Guidelines on Standards of Conduct for Digital Advertising Activities. They apply to all financial institutions regulated by MAS and to third parties that those institutions appoint to advertise financial products and services to customers through digital media. That second group matters, because it is what brings so-called finfluencers into the framework. A finfluencer is a content creator who talks about, reviews or promotes financial products to an online audience. If a bank or insurer pays or otherwise engages such a person to promote a product, the guidelines hold the institution responsible for what is said.

According to Linklaters, there are five main requirements. First, the institution must assess whether the choice of digital media is appropriate for the product, which requires new processes to judge appropriateness. A complex or high-risk product may not suit a short video or a post with limited space. Second, the firm must assess the characteristics and limitations of the medium and present important disclosures prominently and clearly. MAS gives an extensive list of example disclosures. Third, the firm must assess and select its digital marketers and ensure they are told about, and comply with, the institution's digital advertising practices and the regulatory requirements. Fourth, the firm must monitor the digital marketers' advertising activities. Fifth, it must take appropriate disciplinary action against digital marketers to deter malpractice. MAS will hold the board and senior management accountable for compliance with the guidelines, which signals that the issue is expected to be dealt with at the top of the organisation and not left to the marketing team.

The second document is aimed at creators. Linklaters describes a Guide on Responsible Financial Content Creation, developed by MAS together with a body it abbreviates as ASAS. It sets out seven things creators must know when sharing financial information online, including when an MAS licence may be required and the need to disclose any compensation they receive. The practical effect is to give creators a checklist for staying on the right side of the rules, and to remind them that being paid to promote a product is something their audience is entitled to know.

The most direct action concerns five individuals. According to the article, MAS said it would issue advisory letters to five content creators who may have provided financial advice without a licence. Those creators were advised to adjust their content and practices to meet MAS requirements. The article says that persons who continue to provide financial advice without a licence will face enforcement action. It does not name the creators, describe the content involved or specify the penalties that could apply under the guidelines. The use of advisory letters, rather than prosecution, shows a first step designed to correct behaviour before escalating.

Why is the regulator doing this now? Social media has become a major channel for financial information, particularly for younger investors. The risks are familiar. A creator may promote a product without explaining the risks, may be paid by the provider without saying so, or may recommend something unsuitable for the audience. Because the content is short, shareable and personal, it can be more persuasive than a formal brochure. By placing duties on the firm and the creator, MAS aims to ensure that the same standards of fairness and clarity apply to a video as to a printed advertisement. The article does not report any consultation on the guidelines, and it does not give the scale of the problem.

What does it mean in practice? For financial institutions, the guidelines mean that influencer marketing needs contracts, briefing, monitoring and the ability to take action, and that senior managers cannot say they were unaware. For creators, the key questions are whether they are giving advice, which may require a licence, and whether they are disclosing paid relationships. A creator who only discusses general information may be on safer ground than one who recommends specific products to individuals, although the dividing line is a legal question. For audiences, the changes should mean clearer disclosures, but they do not remove the need to check claims. Any promotion of an investment or insurance product should be checked against the firm's own documents and the register of licensed entities on the MAS website.

It is also worth noting what the sources do not say. The Linklaters article does not report how many firms have changed their practices since March 25, and it does not describe any enforcement action taken under the guidelines so far. Earlier coverage of this topic mentioned other Singapore regulatory initiatives in 2026, but those are outside the scope of the verified summary used here and are not repeated.

The next developments to watch are whether MAS publishes details of enforcement, whether other regulators in the region adopt similar approaches, and how firms adjust their agreements with creators. The guidelines now apply, and the question is how strictly they will be enforced.