Financial influencers say they fill gap in knowledge about money matters

MAS points out that factual and broad educational content on finance is not considered financial advice

- Rosalind Ang

When financial influencer Sethisfy posted a YouTube video on March 9 about why he wanted to take his money out of financial services firm Chocolate Finance, it caused a panic among some social media users almost immediately.

Sethisfy, whose real name is Seth Wee, said his decision was partly due to Chocolate Finance's uncompetitive interest rates compared with traditional bank accounts and other saving instruments.

Subsequently, on social media platforms Reddit and Hardware Zone forums, there were screenshots of Chocolate Finance's app, where it stated it was pausing instant withdrawals from March 10. Chocolate Finance has not yet given a date as to when it would resume instant withdrawals.

Users and the public were alarmed at the paused instant withdrawals and that it would take about three to six days to get their money back, even though that time period is the industry norm.

Many also wrongly said it would cause a bank run, when Chocolate Finance has said it is not a bank but more like a fund manager.

While Mr Wee clarified on his website that he is no longer a financial adviser, having left his job early in 2025, and that he does not give financial advice, it is clear that he has had some influence over the financial decisions of about 50,000 followers across his different social media platforms. He launched his website officially in January 2020.

He now runs a tuition centre while also continuing to produce content online.

He is one of many on social media giving tips on how to manage your money.

Financial influencers, or "finfluencers", typically range in age from their early 20s to late 40s. While some have formal qualifications in finance, economics or accounting, others have built their followings based on their own experience, self-taught knowledge or success in investing and budgeting.