Singapore Minister of State Alvin Tan Reply for MAS Chairman Gan Kim Yong on Non-Licensed Individuals & Finfluencers Providing Financial Advice & Influencing Public: 1) 8 Complaints Against Finfluencers in 2025 YTD, Average of 5 Complaints Per Year in Last 5 Years, 2) Finfluencers Help Create Awareness of Products & Services But Must Not Veer into Providing Financial Advice, 3) Individual Providing Financial Advice if Remunerated for Recommendation or Providing Opinion on Buy, Sell or Hold Investment Products, 4) Non-Remunerated Finfluencers Considered to Provided Financial Advice if Recommendations or Expressions are Made Regularly on Buy, Sell or Hold Investment Products, 5) Finfluencers Must Not Make False or Misleading Statements on Capital Markets Products Which is an Offence, 6) Finfluencers are Subject to Principles of Singapore Code of Advertising Practice Requiring Advertisement to be Prepared Responsibly & Statements to be Legal, Decent, Honest & Truthful
11th April 2025 | 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 (8/4/25) on non-licensed individuals & finfluencers providing financial advice & influencing public – 1) 8 complaints against finfluencers in 2025 YTD, average of 5 complaints per year in last 5 years, 2) Finfluencers help create awareness of products & services but must not veer into providing financial advice, 3) Individual providing financial advice if remunerated for recommendation or providing opinion on buy, sell or hold investment products, 4) Non-remunerated finfluencers considered to provided financial advice if recommendations or expressions are made regularly on buy, sell or hold investment products, 5) Finfluencers must not make false or misleading statements on capital markets products which is an offence, 6) Finfluencers are subject to principles of Singapore Code of Advertising Practice requiring advertisement to be prepared responsibly & statements to be legal, decent, honest & truthful. Alvin Tan (8/4/25): “AS has received eight complaints against finfluencers in 2025, with the majority attributable to comments made recently by two finfluencers who shared their reasons for liquidating their investments from an investment platform. The number of complaints in 2025 is an increase from the average of five complaints per year in the last five years and MAS is monitoring this closely. By and large, finfluencers help create awareness of products and services offered by financial institutions and some play a role in promoting financial literacy. However, they must do so responsibly and must not veer into providing financial advice, which is a regulated activity. MAS considers an individual as providing financial advice if he is remunerated for making a recommendation or expressing an opinion on the buying, selling, or holding of investment products. Even if he is not remunerated, MAS considers a finfluencer to have provided financial advice if he makes such recommendations or expressions regularly. A finfluencer providing advice must be regulated under the Financial Advisers Act and must first be appointed as a representative by a licensed financial advisory firm. Even if finfluencers are not providing financial advice, they must not make false or misleading statements on any capital markets products, or they may be liable for an offence under the Securities and Futures Act. For example, finfluencers cannot make false or misleading statements to induce others to deal in capital market products such as shares or units in collective investment schemes. This includes any statement made on social media. Finfluencers are also subject to the principles of the Singapore Code of Advertising Practice overseen by the Advertising Standards Authority of Singapore (ASAS). This requires advertisements to be prepared responsibly, and for statements made to be “legal, decent, honest and truthful”.”
“ Singapore Minister of State Alvin Tan Reply for MAS Chairman Gan Kim Yong on Non-Licensed Individuals & Finfluencers Providing Financial Advice & Influencing Public: 1) 8 Complaints Against Finfluencers in 2025 YTD, Average of 5 Complaints Per Year in Last 5 Years, 2) Finfluencers Help Create Awareness of Products & Services But Must Not Veer into Providing Financial Advice, 3) Individual Providing Financial Advice if Remunerated for Recommendation or Providing Opinion on Buy, Sell or Hold Investment Products, 4) Non-Remunerated Finfluencers Considered to Provided Financial Advice if Recommendations or Expressions are Made Regularly on Buy, Sell or Hold Investment Products, 5) Finfluencers Must Not Make False or Misleading Statements on Capital Markets Products Which is an Offence, 6) Finfluencers are Subject to Principles of Singapore Code of Advertising Practice Requiring Advertisement to be Prepared Responsibly & Statements to be Legal, Decent, Honest & Truthful “
In 2025 March – Chocolate Finance
In 2025 March, Singapore finance investment startup & fund manager Chocolate Finance reported nearly $373 million (S$500 million) outflow representing 40% of assets. Earlier in 2025 March, Chocolate Finance temporarily stopped instant withdrawal & card transaction services due to increased transaction volume, issuing a statement of fund redemption typically taking 3 to 10 business days to settle. Chocolate Finance provides SGD deposits with interest rate of 3.3% p.a. on the first SGD 20,000, 3% p.a. on next SGD 30,000 & target 3% p.a. thereafter. USD deposits with interest rate of 4.8% p.a. on first USD 20,000, 4.3% p.a. on next USD 30,000 & target 4.3% p.a. thereafter. Chocolate Finance was founded in 2024 by Singapore insurer Singlife founder & ex-HSBC Insurance Singapore CEO Walter de Oude. On 12th March 2025, the Monetary Authority of Singapore (MAS) has released a statement (12/3/25) on Chocolate Finance temporarily stopping instant withdrawal & card transaction services – 1) Online robo advisory Chocolate Finance (operated by Chocfin) & independent fund custodian Allfunds had issued a joint statement on security of fund holdings & orderly processing of withdrawals, with both companies confirming customers’ monies are intact and not used to meet company liabilities. In 2025 February, Chocolate Managed Account was reported to be reaching S$1 billion ($750 million) AUM. Chocolate Finance – Founded by Walter de Oude, the founder of Singapore Life (Singlife), Chocolate Finance is a happy place for your spare cash where you can enjoy 3.3% p.a. on your first S$20k, 3% p.a. on your next S$30k, and a target 3% p.a. on any amount thereafter. No lock-in periods. No hoops or complex criteria. No minimum or maximum balance requirements. See your returns in the app every, single, day. Withdraw anytime. What’s more? If we don’t make the target returns for your first S$50k, the difference will be topped up during the qualifying period. Does it get any better than that? Chocolate Finance is a brand under Chocfin Pte Ltd, regulated by the Monetary Authority of Singapore (CMS101452) with a Capital Market Services license. We invest in a carefully selected portfolio of fixed-income funds, optimising risk-adjusted returns by analyzing factors like duration, yield, credit quality, and currency. It only takes a few minutes to get started – download the app, sign up with your mobile OTP, and verify your identity via Singpass. Once you’ve added money, you’ll see your daily returns the very next day!
Singapore Minister of State Alvin Tan Reply for MAS Chairman Gan Kim Yong on Non-Licensed Individuals & Finfluencers Providing Financial Advice & Influencing Public: 1) 8 Complaints Against Finfluencers in 2025 YTD, Average of 5 Complaints Per Year in Last 5 Years, 2) Finfluencers Help Create Awareness of Products & Services But Must Not Veer into Providing Financial Advice, 3) Individual Providing Financial Advice if Remunerated for Recommendation or Providing Opinion on Buy, Sell or Hold Investment Products, 4) Non-Remunerated Finfluencers Considered to Provided Financial Advice if Recommendations or Expressions are Made Regularly on Buy, Sell or Hold Investment Products, 5) Finfluencers Must Not Make False or Misleading Statements on Capital Markets Products Which is an Offence, 6) Finfluencers are Subject to Principles of Singapore Code of Advertising Practice Requiring Advertisement to be Prepared Responsibly & Statements to be Legal, Decent, Honest & Truthful
Date: For Parliament Sitting on 8 April 2025
Name and Constituency of Member of Parliament
Ms Ng Ling Ling, MP, Ang Mo Kio GRC
Question:
To ask the Prime Minister and Minister for Finance (a) how does MAS ensure that bank employees with access to clients’ credit card and Card Verification Value numbers, do not abuse the clients’ trust and sell such data to scammers or cause scammers to gain access to them; (b) what is the punishment for employees who commit such offences; and (c) what are MAS’ requirements on banks to conduct audits to uncover potential risks and offences.
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