Financial influencers who offer advice have to be licensed, regulated

Financial influencers who provide financial advice must be licensed and regulated, said Monetary Authority of Singapore (MAS) board member Alvin Tan in Parliament on Nov 13.

- Prisca Ang

Also known as "finfluencers", these influencers use social media to share tips and insights on finance-related topics, such as investing, saving and budgeting.

MAS expects financial institutions that employ finfluencers to advertise their products or services to ensure that these individuals present information in a clear and balanced way that highlights key features and risks, said Mr Tan.

The regulator has issued guidelines to make it clear that any individual who is remunerated for making a recommendation or expressing an opinion on the buying, selling or holding of investment products will be considered as providing financial advice.