In brief

On 25 September 2025, the Monetary Authority of Singapore (MAS) introduced initiatives aimed at promoting responsible advertising and sharing of financial content online.

The MAS has issued the following guidance:

1. Guidelines on Standards of Conduct for Digital Advertising Activities (“Digital Advertising Guidelines“), which come into effect on 25 March 2026
2. Guide on Responsible Financial Content Creation (“Financial Content Creation Guide“), which was developed by MAS in collaboration with the Advertising Standards of Authority of Singapore (ASAS)

By establishing expectations for both financial institutions (FIs) and online content creators to conduct digital advertising in a responsible and professional manner, the guidance above aims to prevent the spread of misleading financial content which could lead to consumer harm.

Additionally, the MAS has signalled its intent to actively enforce these standards by announcing that it will issue advisory letters to five content creators who may have provided financial advice without a licence.

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Recommended actions

FIs are encouraged to review their current digital advertising practices and implement appropriate safeguards in accordance with the Digital Advertising Guidelines ahead of the effective date of 25 March 2026.

Similarly, online content creators should ensure that their financial content is aligned with the seven “must-knows” outlined in the Financial Content Creation Guide.

In more detail

1. Digital Advertising Guidelines

The Digital Advertising Guidelines apply to all FIs and persons acting on behalf of FIs in respect of digital advertising activities involving financial projects and services promoted via digital media. The guidelines emphasise that the Board and Senior Management remain accountable for ensuring that their FI’s digital advertising practices comply with the expectations set out in the Digital Advertising Guidelines.

The key market conduct safeguards set out by the Digital Advertising Guidelines are as follows:

1. Selection of appropriate digital media: FIs should assess the suitability of each digital platform before advertising financial products and services on it, taking into account factors such as market conduct or reputational risks associated with the platform, the platform’s advertising policies, and whether effective control can be exercised over the content disseminated through the platform.
2. Prominent and appropriate disclosures: FIs should ensure that each advertisement is not misleading when viewed independently, by assessing and addressing the risks arising from the limitations of digital media (e.g., format constraints). Clear and legible disclosures on salient risks should be displayed.
3. Appropriate selection of digital marketers: FIs should develop a framework for selecting digital marketers and managing potential conflicts of interest arising from such engagements. FIs should also ensure that these digital marketers are apprised of the FI’s digital advertising practices and regulatory requirements, which may be communicated through formal agreements or regular training.
4. Effective oversight of digital marketers: FIs should establish mechanisms to monitor all digital advertising activities, including those carried out by external digital marketers.
5. Implementation of disciplinary action: FIs should take appropriate disciplinary measures against digital marketers who engage in misconduct. The severity of the disciplinary action should be commensurate with the circumstances of the situation, with stricter penalties for repeat offenders.

The Digital Advertising Guidelines are principles-based, and each FI should consider how best to apply each safeguard in the context of its business model, customer base, and in a manner commensurate with the associated risks of the digital media used.

2. Financial Content Creation Guide

The Financial Content Creation Guide provides online content creators with a checklist of seven practical “must-knows” when sharing financial information online:

1. Responsible sharing of information: Content creators should present accurate information, explain risks and rewards clearly, and consider the financial interests and well-being of their followers.
2. Types of financial tips that can be shared: Content creators may share tips that encourage informed decision-making, promote independent research, and emphasise fundamentals like understanding personal risk tolerance and reading the fine print.
3. When a licence is required for providing financial advice: A licence is required when the content creator provides recommendations on buying, selling or holding specific investment products, or tailors the advice to an individual’s circumstances.
4. When a licence is required for dealing in capital markets products: A licence is required when the content creator helps investors submit their buy or sell orders for capital markets products to another person, or solicits or induces investors to buy or sell capital markets products from/to another person.
5. How to check the legitimacy of an FI: Content creators should verify that the FI is listed in MAS’ Financial Institutions Directory and exercise caution when asked to promote for entities flagged on MAS’ Investor Alert List.
6. How to keep promotional content professional and compliant: Content creators should comply with the Singapore Code of Advertising Practice and verify such compliance with the MAS-licensed FI when promoting for them.
7. Disclosure of sponsored content: Content creators should be transparent about any form of compensation received.

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