Singapore: MAS introduces comprehensive framework to promote responsible online financial content

The MAS has announced a comprehensive set of initiatives to address the growing challenges posed by online financial content and advertising. The MAS published two new documents: Guidelines on Standards of Conduct for Digital Advertising Activities (“Guidelines”) and a Guide on Responsible Financial Content Creation. At the same time, MAS announced it will issue advisory letters to five content creators who may have provided financial advice without a licence.

It will be key for financial institutions to review their internal advertising guidelines to ensure they reflect MAS’s expectations with regard to advertising on digital media.

Background

The driver behind all these initiatives is MAS’s recognition that financial institutions increasingly rely on digital and social media and “finfluencers” to promote their products and services. In addition, digital platforms, including social media, have become sources of financial information for consumers. MAS is clearly concerned that these new forms of media pose additional risks to consumers, and MAS lists issues arising if use of digital media is not properly managed including:

• misleading and unbalanced advertisements due to format constraints such as word/character limits that result in omission of key information about the financial products or services;
• inappropriate use of social media including deceptive practices such as catfishing to solicit leads; and
• use of digital media for advertising without prior authorisation, where non-compliant advertisements were disseminated by representatives without the financial institutions' prior knowledge.

Interestingly, MAS’s initiatives chime with similar initiatives abroad, showing that regulators are globally focusing on this issue. For example, see our previous blog post here on a similar FCA initiative.

Key initiatives

1. Guidelines on Standards of Conduct for Digital Advertising Activities

The Guidelines apply to all financial institutions and their appointed third parties (e.g., finfluencers) who advertise financial products and services to customers via digital media. They will take effect on 25 March 2026. 

The Guidelines establish five key safeguards which financial institutions must adopt to manage risks associated with digital advertising, as listed below:

1. financial institutions should assess and ensure that their choice of digital media is appropriate for advertising financial products and services to customers. Financial institutions will need to consider how to put in place new processes for appropriateness assessments in this regard, which will be challenging;
2. financial institutions should assess the characteristics and limitations of digital media, address the associated risks, and ensure that important and meaningful disclosures are presented prominently and clearly. MAS has provided an extensive list of examples of disclosures to be included;
3. financial institutions should assess and select appropriate digital marketers, and ensure these digital marketers are adequately apprised and comply with the institutions' digital advertising practices and regulatory requirements;
4. financial institutions should monitor digital advertising activities conducted by their digital marketers to ensure effective oversight of these activities; and
5. financial institutions should take appropriate disciplinary action against digital marketers to deter malpractices and errant conduct related to digital advertising.

The Guidelines also emphasise that the MAS will hold the Board and Senior Management accountable for ensuring that their financial institution’s digital advertising activities are conducted in accordance with the Guidelines. We can read this as a stern warning to financial institutions on the importance of proactive engagement with the Guidelines by all financial institutions.

2. Guide on Responsible Financial Content Creation

To guide content creators on responsible financial content creation, MAS has collaborated with the ASAS to develop the Guide on Responsible Financial Content Creation. This guide provides a list of seven “must-knows” when sharing financial information online – such as when a licence from MAS may be required, steps to take before promoting an entity's products or services, and the disclosure of compensation received. 

3. Advisory Letters to Content Creators

In a media release, MAS also announced that it will be issuing advisory letters to five content creators who may have provided financial advice without a licence. They have been advised to adjust their content and practices to be in line with MAS' regulatory requirements. Persons who continue to provide financial advice without a licence will face enforcement action. 

Next Steps

Financial institutions should assess their current digital advertising practices and implement appropriate measures to comply with the new Guidelines before the effective date of 25 March 2026.