SINGAPORE: When trading platform Octa wanted to run a marketing campaign in Singapore in 2024, it approached social media influencers to offer sponsored content.
Some finance-focused content creators, or finfluencers, ignored or turned down the opportunity because they knew the platform was unregulated and on the Monetary Authority of Singapore’s (MAS) investor alert list – it has been since late 2020.
But a few influencers with no specialty or expertise in finance were among those who wound up promoting Octa.
Then in June 2025, the broker was blocked in Singapore after police investigations revealed it had offered and marketed services to customers in Singapore without licences, breaching the Securities and Futures Act.
And a few months later, MAS announced new guidelines for creating responsible financial content – a move that finfluencers CNA spoke to said would encourage all content creators to adopt better practices.
The finfluencers themselves said they planned to be more careful with their posts, though they were confident their current approach would not fall foul of the guidelines, which come into effect on Mar 25, 2026.
“To be honest, I think it wouldn’t really change much of my content,” said Mr Seth Wee, 37, the content creator behind financial blog Sethisfy.
The guide developed by MAS and the Advertising Standards Authority of Singapore (ASAS) includes points on ensuring content is balanced and avoids personalised advice or information, he noted.
“Not just myself; most of my colleagues in the space, we do this kind of self-monitoring and self-censorship already. If we are very one-sided in our content, the readers or viewers also wouldn’t trust it.”
Still, founder of the HoneyMoneySG platform and SoloBizSG firm Chris Chong said the new guidelines would make him more mindful about how he presents financial information.
“I have always framed my content as education and sharing, not advice. Moving forward, I will be even more deliberate in reminding viewers that everyone’s financial situation is different, and what I share should not be taken as personalised recommendations,” he told CNA.
He also wants to avoid giving the impression that one-size-fits-all solutions exist. Instead of telling viewers that they should buy a certain product, he will explain how the product works; the pros and cons; and who it may or may not suit.
“That way, the audience has the facts to decide for themselves.”
Earlier in 2025, finfluencers also made the news during the Chocolate Finance saga. When the fintech firm stopped allowing customers to earn miles from AXS payments, finance influencers including Mr Wee caught on and announced they were withdrawing their funds from the platform.
This prompted more customers to do the same, and shortly after Chocolate Finance suspended instant withdrawals citing “high demand”.
In earlier videos about Chocolate Finance, Mr Wee had included regular referral links for viewers to sign up for the platform’s offerings. On two occasions, the firm also gave him and other content creators additional incentives for the signups they brought in. But he said he was never directly sponsored by Chocolate Finance.
About a week after the suspension, Mr Wee posted a video apologising for causing “any undue uneasiness”, and added that he could have communicated better.
He told CNA he knew people were pointing fingers at him and other fininfluencers for the fallout.
“But in my mind, that’s part of being a responsible finfluencer. If I withdraw my own money and I don't tell you about it, wouldn't that be very hypocritical?” he added. “But then when I did it people said I spread panic; (that) I tried to bring them down. Damned if you do, and damned if you don’t.”
Mr Kelvin Tan, who runs a YouTube channel with about 121,000 subscribers, was also one of the finfluencers caught up in the Chocolate Finance episode.
He said such incidents were partly why he has now toned his content down “a lot more, making it less sensational”.
Before that, he acknowledged to have used clickbait tactics such as dramatic video thumbnail designs or video titles written up as urgent warnings.
Now, Mr Tan also avoids talking about riskier topics like cryptocurrency, and instead concentrates more on personal finance.
“I also realised that I have reach, so when people watch my content some will think that it is safe to invest since I’m talking about it. So some will just put their money into it without any research,” he added.
The new guidelines include safeguards that financial institutions are expected to adopt to manage risks associated with digital advertising, and will also apply to appointed third parties like online content creators, said MAS.
The regulator added that the financial institutions are responsible for all content they and their digital marketers repost or share, including third-party endorsements.
As for the content creators on the other side of these advertisement deals, the MAS and ASAS guide also reminds them to be mindful of their impact and avoid exploiting their viewers’ fear of missing out or inducing panic.
It also reminds content creators that a “this is not financial advice” disclaimer does not absolve them from legal liabilities.
In 2019, MAS published guidelines on the provision of financial advisory services.
These spell out a two-stage test. The first determines if the activity amounts to providing financial advice: Is factual information presented with intention to induce the recipient to buy, sell or hold an investment product? Is there a statement of opinion on an investment product?
If the answer to these questions is yes, next to consider is whether the person who receives the advice can reasonably expect that the communication – oral, electronic or print – is financial advice that they can rely on in making an investment decision.
Some key considerations include:
The second stage looks at whether the person who published the content is making a business of providing financial advice. For example, this could be the case if the financial advice is provided systematically and with continuity, or the person is paid for providing the advice.
If the answer here is also yes, then the person is likely to be providing financial advisory services, and should ensure that they comply with licensing and business conduct requirements.
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Finfluencers CNA spoke to said they expected financial institutions to become more rigorous in selecting who to work with.
On their part, they said they would typically only promote products or platforms they believe in. Clearly declaring that content is sponsored, or that they would get money if their viewers signed up for things through affiliated links, is also par for the course.
Mr Aaron Wong, founder of travel website The MileLion, said he has advocated for clearer and more transparent disclosures for sponsored content for years.
In 2017, one of his first articles to go viral highlighted problems with UOB's campaign for the launch of its KrisFlyer frequent flyer programme account. Lifestyle influencers were engaged but most of their posts were not tagged as sponsored even though the content was clearly paid for, said the 37-year-old, who runs The MileLion full time.
“Even today … disclosure is still the exception rather than the norm. Sometimes people just insert one very inconspicuous line like ‘this post was brought to you by so and so’, buried in a wall of text so that you won’t see it if you’re just scanning the article,” said Mr Wong.
The content creator SG Budget Babe, or Dawn Cher, said responsible advertisements for financial products should always include both the pros and the cons, since how good a product is depends heavily on an individual’s goals.
Some financial institutions can be “very aggressive” about trying to get content creators to promote their products, and not all of them would agree to a post that highlights the downsides of their product, said Ms Cher, who has been running her personal finance blog for the last 11 years.
She cited how “buy now, pay later” marketing campaigns in Singapore were promoted by influencers, who highlighted ways to save money using vouchers that were up for grabs.
“No one talked about the debts, the interest, what happens if you miss your payments … To be fair, some of those things were also not as transparent, and for people who don’t really bother to read the product properly, they may not understand,” said Ms Cher.
In 2022, regulators in Singapore stepped in with a buy now, pay later code of conduct to mitigate the risk of debt accumulation and protect the interests of users. But by then, the damage had been done, she added.
For creators not in the financial content space, the new framework gives them more to think about before they accept paid collaborations, said Ms Cher.
For example, lifestyle influencers might not even have known that they could check MAS’ investor alert list.
“The advertisers may not always offer this information to them. The brief will always talk about the pros and the benefits, but no one’s going to tell you things like … it’s not MAS-licensed.”
The unregulated Octa trading platform - which was eventually blocked - was featured in one episode of the popular Daily Ketchup podcast.
The episode was sponsored by Octa, but Mr Johnathan Chua, CEO of GRVTY Media, which manages the Daily Ketchup, said they “were careful not to endorse or provide investment advice".
"For our show, our team maintains full independence, and sponsorships don’t influence the topics or opinions discussed on the show," he said. "When it comes to financial services, we apply extra caution and ensure that what goes out is explicitly presented as an ad."
Mr Chua said the Daily Ketchup no longer works with companies on the MAS investor alert list.
With the new guidelines, he said the show will refine its approach to sponsorships by conducting mandatory checks against the MAS list; adding stricter disclaimers and disclosures so listeners know the difference between editorial and ad content; and providing extra training to commercial teams to better understand the regulatory environment.
The guide by MAS and ASAS also includes seven “must-knows” for sharing financial information online, and part of the checklist encourages content creators to consider when they might need a licence.
In the same September announcement, MAS said it would issue advisory letters to five content creators who may have provided financial advice without a licence.
The five, whose identities were not disclosed, have been advised to adjust their content and practices to be in line with regulatory requirements, the authority said, adding that individuals who continue to provide financial advice without a licence will face enforcement action.
Several finfluencers CNA spoke to instead mooted the idea of a separate licensing scheme for finance-focused content creators.
Ms Cher said she had previously consulted MAS on whether she would need a financial adviser licence to continue creating her content, and was told that she would not.
“I think if you ask some of us, we don’t mind if we need to go and study and take an exam … because I don’t think it will be anything that we don’t already know,” she added.
A separate licensing scheme would be useful because currently, someone who holds a financial adviser licence has to work under a company – their job is to sell financial products and make money on commissions, said Sethisfy’s Mr Wee, who was himself a licensed financial adviser from 2009 to February this year, when he quit his job.
“The issue is that to be considered someone that can give financial advice, you need to be tagged to a firm … and most firms will say you need to sell a certain amount every year,” he added. “That licensing is more for people who want to sell financial products. But if I just want to provide commentary, there should be a separate licence.”
Nonetheless, the finfluencers interviewed by CNA welcomed the new guidelines as they stand, with MileLion’s Mr Wong describing them as “well overdue”.
He said he still gets worked up when he sees influencers who “have no idea what they are talking about” promoting products that are not even licensed in Singapore.
“The kind of decisions that lifestyle influencers normally advocate for – dining at one restaurant over another, picking one brand or cosmetics over another – is of a different order of magnitude or significance compared to ‘where should I park my CPF’; ‘where do I invest my rainy day fund’,” he added.
If the new guidelines make them more cautious, this can only be a good thing, said Mr Wong. “In any case, I don't believe you should be making your financial decisions based on an Instagram post in the first place.”
Continue reading...
Some finance-focused content creators, or finfluencers, ignored or turned down the opportunity because they knew the platform was unregulated and on the Monetary Authority of Singapore’s (MAS) investor alert list – it has been since late 2020.
But a few influencers with no specialty or expertise in finance were among those who wound up promoting Octa.
Then in June 2025, the broker was blocked in Singapore after police investigations revealed it had offered and marketed services to customers in Singapore without licences, breaching the Securities and Futures Act.
And a few months later, MAS announced new guidelines for creating responsible financial content – a move that finfluencers CNA spoke to said would encourage all content creators to adopt better practices.
The finfluencers themselves said they planned to be more careful with their posts, though they were confident their current approach would not fall foul of the guidelines, which come into effect on Mar 25, 2026.
“To be honest, I think it wouldn’t really change much of my content,” said Mr Seth Wee, 37, the content creator behind financial blog Sethisfy.
The guide developed by MAS and the Advertising Standards Authority of Singapore (ASAS) includes points on ensuring content is balanced and avoids personalised advice or information, he noted.
“Not just myself; most of my colleagues in the space, we do this kind of self-monitoring and self-censorship already. If we are very one-sided in our content, the readers or viewers also wouldn’t trust it.”
Still, founder of the HoneyMoneySG platform and SoloBizSG firm Chris Chong said the new guidelines would make him more mindful about how he presents financial information.
“I have always framed my content as education and sharing, not advice. Moving forward, I will be even more deliberate in reminding viewers that everyone’s financial situation is different, and what I share should not be taken as personalised recommendations,” he told CNA.
He also wants to avoid giving the impression that one-size-fits-all solutions exist. Instead of telling viewers that they should buy a certain product, he will explain how the product works; the pros and cons; and who it may or may not suit.
“That way, the audience has the facts to decide for themselves.”
Related:
TONING IT DOWN
Earlier in 2025, finfluencers also made the news during the Chocolate Finance saga. When the fintech firm stopped allowing customers to earn miles from AXS payments, finance influencers including Mr Wee caught on and announced they were withdrawing their funds from the platform.
This prompted more customers to do the same, and shortly after Chocolate Finance suspended instant withdrawals citing “high demand”.
In earlier videos about Chocolate Finance, Mr Wee had included regular referral links for viewers to sign up for the platform’s offerings. On two occasions, the firm also gave him and other content creators additional incentives for the signups they brought in. But he said he was never directly sponsored by Chocolate Finance.
About a week after the suspension, Mr Wee posted a video apologising for causing “any undue uneasiness”, and added that he could have communicated better.
He told CNA he knew people were pointing fingers at him and other fininfluencers for the fallout.
“But in my mind, that’s part of being a responsible finfluencer. If I withdraw my own money and I don't tell you about it, wouldn't that be very hypocritical?” he added. “But then when I did it people said I spread panic; (that) I tried to bring them down. Damned if you do, and damned if you don’t.”
Mr Kelvin Tan, who runs a YouTube channel with about 121,000 subscribers, was also one of the finfluencers caught up in the Chocolate Finance episode.
He said such incidents were partly why he has now toned his content down “a lot more, making it less sensational”.
Before that, he acknowledged to have used clickbait tactics such as dramatic video thumbnail designs or video titles written up as urgent warnings.
Now, Mr Tan also avoids talking about riskier topics like cryptocurrency, and instead concentrates more on personal finance.
“I also realised that I have reach, so when people watch my content some will think that it is safe to invest since I’m talking about it. So some will just put their money into it without any research,” he added.
GREEN FLAGS, RED FLAGS
The new guidelines include safeguards that financial institutions are expected to adopt to manage risks associated with digital advertising, and will also apply to appointed third parties like online content creators, said MAS.
The regulator added that the financial institutions are responsible for all content they and their digital marketers repost or share, including third-party endorsements.
As for the content creators on the other side of these advertisement deals, the MAS and ASAS guide also reminds them to be mindful of their impact and avoid exploiting their viewers’ fear of missing out or inducing panic.
It also reminds content creators that a “this is not financial advice” disclaimer does not absolve them from legal liabilities.
What constitutes "financial advice"?
In 2019, MAS published guidelines on the provision of financial advisory services.
These spell out a two-stage test. The first determines if the activity amounts to providing financial advice: Is factual information presented with intention to induce the recipient to buy, sell or hold an investment product? Is there a statement of opinion on an investment product?
If the answer to these questions is yes, next to consider is whether the person who receives the advice can reasonably expect that the communication – oral, electronic or print – is financial advice that they can rely on in making an investment decision.
Some key considerations include:
- Is it tailored to the particular circumstances of the recipient?
- Does it recommend that the recipient take a specific action with respect to an investment product?
- Does the communication provider purport to be in the business of providing financial advice?
The second stage looks at whether the person who published the content is making a business of providing financial advice. For example, this could be the case if the financial advice is provided systematically and with continuity, or the person is paid for providing the advice.
If the answer here is also yes, then the person is likely to be providing financial advisory services, and should ensure that they comply with licensing and business conduct requirements.
Collapse Expand
Finfluencers CNA spoke to said they expected financial institutions to become more rigorous in selecting who to work with.
On their part, they said they would typically only promote products or platforms they believe in. Clearly declaring that content is sponsored, or that they would get money if their viewers signed up for things through affiliated links, is also par for the course.
Mr Aaron Wong, founder of travel website The MileLion, said he has advocated for clearer and more transparent disclosures for sponsored content for years.
In 2017, one of his first articles to go viral highlighted problems with UOB's campaign for the launch of its KrisFlyer frequent flyer programme account. Lifestyle influencers were engaged but most of their posts were not tagged as sponsored even though the content was clearly paid for, said the 37-year-old, who runs The MileLion full time.
“Even today … disclosure is still the exception rather than the norm. Sometimes people just insert one very inconspicuous line like ‘this post was brought to you by so and so’, buried in a wall of text so that you won’t see it if you’re just scanning the article,” said Mr Wong.
The content creator SG Budget Babe, or Dawn Cher, said responsible advertisements for financial products should always include both the pros and the cons, since how good a product is depends heavily on an individual’s goals.
Some financial institutions can be “very aggressive” about trying to get content creators to promote their products, and not all of them would agree to a post that highlights the downsides of their product, said Ms Cher, who has been running her personal finance blog for the last 11 years.
She cited how “buy now, pay later” marketing campaigns in Singapore were promoted by influencers, who highlighted ways to save money using vouchers that were up for grabs.
“No one talked about the debts, the interest, what happens if you miss your payments … To be fair, some of those things were also not as transparent, and for people who don’t really bother to read the product properly, they may not understand,” said Ms Cher.
In 2022, regulators in Singapore stepped in with a buy now, pay later code of conduct to mitigate the risk of debt accumulation and protect the interests of users. But by then, the damage had been done, she added.
For creators not in the financial content space, the new framework gives them more to think about before they accept paid collaborations, said Ms Cher.
For example, lifestyle influencers might not even have known that they could check MAS’ investor alert list.
“The advertisers may not always offer this information to them. The brief will always talk about the pros and the benefits, but no one’s going to tell you things like … it’s not MAS-licensed.”
The unregulated Octa trading platform - which was eventually blocked - was featured in one episode of the popular Daily Ketchup podcast.
The episode was sponsored by Octa, but Mr Johnathan Chua, CEO of GRVTY Media, which manages the Daily Ketchup, said they “were careful not to endorse or provide investment advice".
"For our show, our team maintains full independence, and sponsorships don’t influence the topics or opinions discussed on the show," he said. "When it comes to financial services, we apply extra caution and ensure that what goes out is explicitly presented as an ad."
Mr Chua said the Daily Ketchup no longer works with companies on the MAS investor alert list.
With the new guidelines, he said the show will refine its approach to sponsorships by conducting mandatory checks against the MAS list; adding stricter disclaimers and disclosures so listeners know the difference between editorial and ad content; and providing extra training to commercial teams to better understand the regulatory environment.
Related:
INSTAGRAM DECISIONS
The guide by MAS and ASAS also includes seven “must-knows” for sharing financial information online, and part of the checklist encourages content creators to consider when they might need a licence.
In the same September announcement, MAS said it would issue advisory letters to five content creators who may have provided financial advice without a licence.
The five, whose identities were not disclosed, have been advised to adjust their content and practices to be in line with regulatory requirements, the authority said, adding that individuals who continue to provide financial advice without a licence will face enforcement action.
Several finfluencers CNA spoke to instead mooted the idea of a separate licensing scheme for finance-focused content creators.
Ms Cher said she had previously consulted MAS on whether she would need a financial adviser licence to continue creating her content, and was told that she would not.
“I think if you ask some of us, we don’t mind if we need to go and study and take an exam … because I don’t think it will be anything that we don’t already know,” she added.
A separate licensing scheme would be useful because currently, someone who holds a financial adviser licence has to work under a company – their job is to sell financial products and make money on commissions, said Sethisfy’s Mr Wee, who was himself a licensed financial adviser from 2009 to February this year, when he quit his job.
“The issue is that to be considered someone that can give financial advice, you need to be tagged to a firm … and most firms will say you need to sell a certain amount every year,” he added. “That licensing is more for people who want to sell financial products. But if I just want to provide commentary, there should be a separate licence.”
Nonetheless, the finfluencers interviewed by CNA welcomed the new guidelines as they stand, with MileLion’s Mr Wong describing them as “well overdue”.
He said he still gets worked up when he sees influencers who “have no idea what they are talking about” promoting products that are not even licensed in Singapore.
“The kind of decisions that lifestyle influencers normally advocate for – dining at one restaurant over another, picking one brand or cosmetics over another – is of a different order of magnitude or significance compared to ‘where should I park my CPF’; ‘where do I invest my rainy day fund’,” he added.
If the new guidelines make them more cautious, this can only be a good thing, said Mr Wong. “In any case, I don't believe you should be making your financial decisions based on an Instagram post in the first place.”
Continue reading...