Monetary Authority of Singapore Chairman Gan Kim Yong
Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more



2024 / 2025 Summits in Hong Kong & Singapore
Institutional Investor Summit / Roundtable - March / Oct / Nov
Investment / Alternatives Summit - March / Oct / Nov
Investment Day - March / July / Sept / Oct / Nov
Private Wealth Summit - April / Oct / Nov
Family Office Summit - April / Oct / Nov
View Events | Register


This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $30 billion.











Singapore Minister of State Alvin Tan Reply for MAS Chairman Gan Kim Yong: 5 Complaints Yearly Against Finfluencers, Enforcement Actions Taken Agains 6 Individuals Over 3 Years for Providing Financial Advice Without Licence, MAS Expects Financial Institutions to Ensure Hired Finfluencers Present Information in Clear & Balanced Format Highlighting Key Features & Risks

13th November 2024 | Hong Kong

Singapore Minister of State and Monetary Authority of Singapore (MAS) Board Member Alvin Tan reply for Singapore Deputy Prime Minister & Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong to Singapore Parliamentary question (13/11/24): 1) Average of 5 complaints yearly against finfluencers, 2) Enforcement actions taken agains 6 individuals over 3 years for providing financial advice without licence, 3) MAS expects financial institutions to ensure hired finfluencers present information in clear & balanced format highlighting key features & risks.   Alvin Tan (13/11/24): “Finfluencers use social media to share tips and insights on finance-related topics, such as investing, saving, and budgeting. MAS expects financial institutions who employ finfluencers to advertise their products or services, to ensure that the finfluencers present information in a clear and balanced format that highlights key features and risks … … ”  See below for full statement:

“ Singapore Minister of State Alvin Tan Reply for MAS Chairman Gan Kim Yong: 5 Complaints Yearly Against Finfluencers, Enforcement Actions Taken Agains 6 Individuals Over 3 Years for Providing Financial Advice Without Licence, MAS Expects Financial Institutions to Ensure Hired Finfluencers Present Information in Clear & Balanced Format Highlighting Key Features & Risks “

 



- Article continues below -



Sign Up
Basic Member: $5 Monthly | $60 Yearly
Newsletter Daily 2 pm (Promo): $20 Monthly | $180 Yearly (FP: $680)


The 2024 Investment Day
17th Oct Hong Kong | 7th Nov Singapore

Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Join 20+ CIOs & Senior investment team, with > 60% single family offices with $300 million AUM. Taking place on 17th Oct 2024 in Hong Kong, 7th Nov 2024 in Singapore. Every March, July, Sept, Oct & Nov.
Visit | Register here


The 2024 Family Office Summit
17th Oct Hong Kong St Regis | 7th Nov Singapore Amara Sanctuary Resort

Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2024 Family Office Summit | Register here


2024/2025 Institutional Investor Summit / Roundtable
March / Oct / Nov in Hong Kong & Singapore

Join CEOs, CIOs, Senior investment team from Sovereign Wealth Funds, Pension Funds, Endowments, Foundations & Charities in Hong Kong, Singapore & Asia-Pacific at the 2024 Institutional Investor Summit / Roundtable.   Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here


2024/2025 Investment / Alternatives Summit
March / Oct / Nov in Hong Kong & Singapore

Join leading asset managers, hedge funds, boutique funds, private equity, venture capital & real estate firms in Hong Kong, Singapore & Asia-Pacific at the Investment / Alternatives Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here


2024/2025 Private Wealth Summit
April / Oct / Nov in Hong Kong & Singapore

Join CEOs, CIOs, Head of Private Banking, Head of Family Offices & Product Heads at The Private Wealth Summit.  Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here





 

 

Singapore Minister of State Alvin Tan Reply for MAS Chairman Gan Kim Yong: 5 Complaints Yearly Against Finfluencers, Enforcement Actions Taken Agains 6 Individuals Over 3 Years for Providing Financial Advice Without Licence, MAS Expects Financial Institutions to Ensure Hired Finfluencers Present Information in Clear & Balanced Format Highlighting Key Features & Riskss

Monetary Authority of Singapore Chairman Gan Kim Yong

 

Date: For Parliament Sitting on 13 November 2024 

Name and Constituency of Member of Parliament

Mr Melvin Yong Yik Chye, MP, Radin Mas SMC

Question:

To ask the Prime Minister and Minister for Finance (a) in the past five years, whether MAS has received complaints against online “finfluencers” who discuss financial content; (b) if so, how many; and (c) whether the Ministry will review the Financial Advisers Act 2001 to regulate the “finfluencer” sector.

Answer by Mr Alvin Tan, Minister of State, Ministry of Trade and Industry and Ministry of Culture, Community and Youth, and Board member of MAS, on behalf of Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:

1.         Finfluencers use social media to share tips and insights on finance-related topics, such as investing, saving, and budgeting. MAS expects financial institutions who employ finfluencers to advertise their products or services, to ensure that the finfluencers present information in a clear and balanced format that highlights key features and risks.

2.         If finfluencers provide financial advice, they must be licensed and regulated under the Financial Advisers Act (FAA). MAS has issued guidelines to clarify 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. Even if he or she is not remunerated, he will be considered to have provided financial advice if he makes such recommendations or expressions regularly. Posting of general educational content is not financial advice.

3.         Over the past 5 years, MAS received an average of less than 5 complaints per year against finfluencers. Most of these complaints relate to remarks made by finfluencers who were not providing any financial advice, and hence were not subject to regulation by MAS.

4.         MAS and CAD will take enforcement action against individuals providing financial advice without a licence. Over the past 3 years, enforcement action has been taken against 6 individuals, none of whom were finfluencers.




Managing $20 million to $3 billion. Investing $3 million to $300 million.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.

Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more.  List hard-to-find financial & private wealth services.

Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at [email protected] or [email protected]

Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?



Quick Links


2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM


For Investors | Professionals | Executives
Latest data, reports, insights, news, events & programs
Everyday at 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success

Register Below

For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors

Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.

Sign Up / Register


    Investment ProfessionalAdvisorProfessional InvestorFinancial ProfessionalManagementOthers


    $20 million to $100 million AUM$100 million to $300 million AUM$300 million to $1 billion AUM$1 billion to $10 billion AUM$10 billion to $100 billion AUMMore than $100 billion AUM


    Mailing List / Free TrialMonthly SubscriptionYearly SubscriptionMembershipEvents


    2024 Investment Day Hong Kong 17th Oct2024 Investment Day Singapore 7th Nov2024 Family Office Summit Hong Kong 17th Oct2024 Family Office Summit Singapore 7th Nov2025 Events












    Web links may be disabled on mobile for security.
    Please click on desktop.










    Caproasia Users

    • Manage $20 million to $3 billion of assets
    • Invest $3 million to $300 million
    • Advise institutions, billionaires, UHNWs & HNWs

    Caproasia Platforms | 11,000 Investors & Advisors

    Monthly Roundtable & Networking

    Family Office Programs

    The 2024 Investment Day

    • March 2024 - Hong Kong
    • March 2024 - Singapore
    • July 2024 - Hong Kong
    • July 2024 - Singapore
    • Sept 2024 - Hong Kong
    • Sept 2024 - Singapore
    • Oct 2024 - Hong Kong
    • Nov 2024 - Singapore
    • Visit: The Investment Day | Register: Click here

    Caproasia Summits

    Contact Us

    For Enquiries, Membership
    [email protected], [email protected]

    For Listing, Subscription
    [email protected], [email protected]

    For Press Release, send to:
    [email protected]

    For Events & Webinars
    [email protected]

    For Media Kit, Advertising, Sponsorships, Partnerships
    [email protected]

    For Research, Data, Surveys, Reports
    [email protected]

    For General Enquiries
    [email protected]





    Caproasia | Driving the future of Asia
    a financial information technology co.
    since 2014