Singapore Finfluencers Face Increased Scrutiny, New Disclosure Rules
Financial influencers in Singapore are bracing for tighter regulations and increased responsibility regarding sponsored content, following new guidelines aimed at protecting consumers from misleading financial promotions.
Several financial content creators anticipate financial institutions will become more selective in their partnerships, demanding greater transparency. Aaron Wong, founder of travel website The MileLion, has long advocated for clearer disclosures, recalling issues with a 2017 UOB campaign where sponsored posts lacked proper labeling. “Even today… disclosure is still the exception rather than the norm,” Wong said, noting that disclosures are often buried within lengthy text.
Concerns extend beyond simple disclosure, with SG Budget Babe, Dawn Cher, emphasizing the need for balanced advertising that presents both the advantages and disadvantages of financial products. She cited “buy now, pay later” campaigns as an example where influencers focused on savings through vouchers, neglecting to mention potential debt and interest charges, a situation partially addressed by a 2022 code of conduct. This lack of comprehensive information can lead to consumers taking on debt they don’t fully understand.
GRVTY Media, which manages the Daily Ketchup podcast, confirmed they are refining their sponsorship approach after previously featuring an advertisement for Octa, a trading platform later flagged by the Monetary Authority of Singapore (MAS). CEO Johnathan Chua stated, “For our show, our team maintains full independence, and sponsorships don’t influence the topics or opinions discussed on the show,” adding that the show will now conduct mandatory checks against the MAS investor alert list and implement stricter disclaimers. You can find more information about investor alerts on the MAS website.
Officials stated that the new framework will be continually assessed to ensure it effectively mitigates risks and safeguards the interests of Singaporean investors.
