On 25 September 2025, the Monetary Authority of Singapore (“MAS”) announced a series of initiatives aimed at fostering responsible digital financial content and advertising. These include:
Additionally, MAS has issued advisory letters to five online content creators for potentially providing unlicensed financial advice, signalling heightened enforcement scrutiny.
These developments underscore the MAS' focus on mitigating risks arising from the use of digital platforms—particularly social media platforms—such as misleading promotions, deceptive practices, and unauthorized content dissemination.
This bulletin analyses the key learning points from the MAS Guidelines and ASAS Guide and highlights practical next steps which financial institutions (“FIs”), their representatives, and third-party digital marketers (including influencers) should prioritize to ensure compliance.
The MAS Guidelines respond to several risks identified by MAS which derive from the nature of using digital media platforms to engage in advertising. For instance, formatting constraints on digital media (e.g., character limits) may result in the omission of critical details on product features, risks, or terms, leading to an imbalanced or misleading view of these product offerings. Further, there have been instances of deceptive tactics (e.g., "catfishing" to solicit leads) which have harassed or misled users, and instances of non-compliant advertisements being disseminated without FI oversight or pre-approval.
To counter the abovementioned risks, the MAS Guidelines establish principles-based expectations for FIs and their digital marketers to advertise financial products and services via digital media in a "responsible and professional manner." The MAS Guidelines apply to all Singapore-licensed FIs and their appointed third parties, including external collaborators like influencers and affiliate marketers. Content disseminated through tie-ups (e.g., referral codes for investment sign-ups) is explicitly treated as advertising. Non-compliance may impact assessments of an FI's fitness and propriety under the Financial Advisers Act (“FAA”) and Securities and Futures Act (“SFA”).
The MAS Guidelines emphasise that the board and senior management of FIs remain responsible for the FI’s digital advertising activities, even if conducted or produced by foreign head offices or central teams. As such, the following core safeguards listed in the MAS Guidelines should be incorporated into the FI’s internal policies and systems (and measures beyond the listed safeguards should be implemented if appropriate):
In parallel, MAS and ASAS released the ASAS Guide, which is a one-page checklist containing practical guidance for content creators (e.g., social media influencers). Key "must-knows" include:
Must-Know | Key Guidance |
1. How do I share responsibly? | Present accurate info; explain risks/rewards clearly; avoid exploiting FOMO (fear of missing out) or inducing panic; prioritise followers' financial well-being. |
2. What financial tips can I share? | Focus on fundamentals: encourage informed decisions, risk tolerance assessment, independent research, professional advice, budgeting, and reading T&Cs. Avoid specific product endorsements. |
3. When do I need a licence for providing financial advice? | Required under FAA if recommending buy/sell/hold of specific investments or tailoring advice to individuals. Disclaimers like "not financial advice" do not absolve liability—consult MAS Guidelines on Provision of Financial Advisory Service (FAA-G17) or seek legal advice. |
4. When do I need a licence for dealing in capital markets products? | Required under SFA if helping submit orders, soliciting, or inducing buy/sell of capital markets products. |
5. How do I check if a FI is legit to promote? | Verify via MAS Financial Institutions Directory; exercise caution in relation to entities on MAS’ Investor Alert List. Assess credibility and business viability. |
6. How do I keep promotional content professional and compliant? | Follow ASAS Singapore Code of Advertising Practice and Social Media Guidelines; consult the MAS-licensed FI in relation to tie-ups. In particular, Appendix J of the Singapore Code of Advertising Practice sets out dedicated advertising standards in relation to financial services and products. |
7. Should I disclose sponsored content? | Yes—transparently reveal any compensation to build trust. |
In conjunction with the release of the MAS Guidelines and ASAS Guide, the MAS has also sent advisory letters to five content creators suspected of unlicensed financial advice.
The recent initiatives above evidence the MAS’ increasing scrutiny on and efforts to regulate digital media advertising of financial services and products, and the following impacts should be noted:
To stay ahead of the game and mitigate any potential enforcement, FIs, content creators / influencers and affected players in general should:
We provide comprehensive assistance to clients navigating MAS’ new initiatives on responsible online financial content and digital advertising, including the Guidelines on Standards of Conduct for Digital Advertising Activities and the collaborative guide with ASAS. This includes:
Do reach out to us should you require assistance.
This article is produced by our Singapore office, Bird & Bird ATMD LLP. It does not constitute legal advice and is intended to provide general information only. Information in this article is accurate as of 26 September 2025.