On 25 September 2025, the Monetary Authority of Singapore (MAS) issued new guidance on digital advertising by financial institutions (FIs): the Guidelines on Standards of Conduct for Digital Advertising Activities (Digital Advertising Guidelines) and the Guide on Responsible Financial Content Creation (Content Creators Guide).  Such guidance is timely, given the growing complaints about unlicensed financial advice shared via digital channels, including by financial influencers (finfluencers) on social media.  

Guidelines on Standards of Conduct for Digital Advertising Activities

The Digital Advertising Guidelines, which take effect on 25 March 2026, set out five safeguards that FIs, including finfluencers and advertising agencies they engage, should implement when conducting digital advertising.  They complement existing legislation and other MAS issuances, in addition to standards by the Advertising Standards Authority of Singapore (ASAS), such as the Singapore Code of Advertising Practice (Advertising Code).  

• Choosing appropriate digital platforms: FIs should consider any reputational risks of using a particular digital medium to advertise financial products and services and exercise effective control over such advertisements.  

• Ensuring accuracy and clarity: FIs must ensure that advertisements are not misleading in themselves and contain key risk disclosures.  FIs also remain fully responsible for all content created by their digital marketers, including those which include personal opinions, re-posted material or customer testimonials.  

• Selecting and managing digital marketers: FIs should apply robust selection criteria when selecting digital marketers, educate their chosen marketers regarding their advertising policies and applicable regulations and impose requirements through formal agreements.  

• Ongoing digital advertising monitoring: FIs should regularly monitor their digital marketers’ activities to guard against misconduct and request removal of non-compliant content.  

• Taking appropriate disciplinary action: FIs should take appropriate disciplinary action against digital marketers who commit misconduct.  

Ultimately, an FI’s board and senior management remain accountable for all digital advertisements by the FI, including those produced by its foreign head office. Compliance with the Digital Advertising Guidelines will form part of MAS’s assessment of the FI’s business conduct and its fitness and propriety to provide financial services.

Guide for Online Content Creators

The Content Creators Guide, developed with the ASAS, provides a checklist for digital marketers to assess the impact of their content.  This includes assessing whether a licence is required for certain types of content, such as where content includes recommendations to buy, sell or hold specific investment products, or solicits or induces investors to buy or sell capital markets products.  Digital marketers are also encouraged to check FIs against MAS’s Investor Alert List, follow the Advertising Code and clearly disclose sponsored content.  

Conclusion

Digital marketing has become a dominant channel for financial services, but it also introduces risks of misinformation and unlicensed advice.  MAS’s new guidance reinforces accountability for FIs and sets clear expectations for finfluencers. By implementing these safeguards, institutions can reduce compliance risks and better protect consumers, while content creators gain greater clarity on their regulatory obligations.  

For More Information

OrionW regularly advises clients on FinTech and financial services matters.  For more information about FinTech and financial services regulatory compliance or if you have questions about this article, please contact us at fintech@orionw.com.

Disclaimer: This article is for general information only and does not constitute legal advice.