8 complaints made to MAS against 'finfluencers' in 2025

Financial influencers, also known as finfluencers, must not make false or misleading statements on any capital market product, said Minister of State for Trade & Industry Alvin Tan in Parliament on Apr. 8, adding that they may be liable for an offence under the Securities and Futures Act.

Member of Parliament (MP) He Ting Ru had asked if MAS is reviewing the safeguards in place to ensure that non-licensed individuals do not provide financial advice and influence the public with opinions on licensed financial institutions, and whether there has been an increase in complaints against non-licensed individuals and influencers.

Majority of complaints against finfluencers in 2025 attributable to comments made recently by two finfluencers

Tan said that the Monetary Authority of Singapore (MAS) received eight complaints against finfluencers in 2025, "with the majority attributable to comments made recently by two finfluencers who shared their reasons for liquidating their investments from an investment platform."

There has been an average of five complaints per year in the last five years.

In March 2025, Chocolate Finance experienced an "unusually high" number of instant withdrawal requests, depleting its liquidity pool for instant withdrawals and led to the service's suspension.

The spike in withdrawals was sparked by two personal finfluencers who flagged the removal of support for AXS payments on Chocolate Finance and announced they would be withdrawing all their money from the platform.

Finfluencers must be responsible in their role of financial literacy

"By and large, finfluencers help create awareness of products and services offered by financial institutions, and some play a role in promoting financial literacy," said Tan.

"However, they must do so responsibly and must not veer into providing financial advice, which is a regulated activity."

In the eyes of the MAS, an individual provides financial advice if they make a recommendation or express an opinion on the buying, selling, or holding of investment products—regardless of whether they are paid for it.

If a finfluencer makes such recommendations or expresses such opinions regularly, MAS deems that they provide financial advice.

Tan said a finfluencer who provides financial advice must be regulated under the Financial Advisers Act and must first be appointed as a representative by a licensed financial advisory firm.

Even if they are not providing financial advice, Tan noted that finfluencers must not make false or misleading statements on any capital market products, or they may be liable for an offence under the Securities and Futures Act.

For example, finfluencers cannot make false or misleading statements to induce others to deal in the capital market, products such as shares or units in collective investment schemes, including any statement made on social media.

Tan added that finfluencers are also subject to the principles of the Singapore Code of Advertising Practice, overseen by the Advertising Standards Authority of Singapore (ASAS).

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