Influencers agree the ‘not financial advice’ disclaimer is insufficient, as MAS issues warnings to five content creators

[SINGAPORE] Getting your financial education from advertisements on social media? Ads put out by “sketchy” firms may be on the way out, and be replaced by messages from more credible “finfluencers”, online content creators told The Business Times.

They were responding to the news on Thursday (Sep 25) that the Monetary Authority of Singapore (MAS) had issued new guidelines outlining the roles and responsibilities of financial institutions when advertising in the digital space.

That same day, MAS said it had sent advisory letters, which do not carry penalties, to five content creators who may have provided financial advice without a licence. Their identities and potential infractions were not disclosed.