Singapore Tightens Digital Financial Advertising Rules Amid APAC Marketing Boom
The Monetary Authority of Singapore has issued drastic measures to tighten standards around online financial content and digital advertising, as it seeks to curb misleading practices that could harm consumers.
(Photo: SBR)
SINGAPORE, Sept. 26, 2025 — Singapore is the undisputed leader of the Asia-Pacific’s digital marketing growth story, with global brands foraying into the city-state to cater to some of the most coveted brands for their marketing needs.
Leading digital marketing agencies are expanding their operations into APAC with Singapore as the company headquarters. Top executives of these firms have been upbeat about the new geography, saying, “Singapore is the steering head of APAC.”
This adage has been earned by the South-East Asia hub, with a lot of effort made in terms of good governance and corporate governance rules. In its well-established digital marketing ecosystem, Singapore has proven to be a nerve center from where design and marketing firms cater to brands in neighboring countries such as Indonesia, Thailand, Malaysia, the Philippines, Laos, and Cambodia.
The Singapore Economic Development Board has been proactively encouraging global marketing companies to set up their base in the city-state. While the Covid-19 pandemic adversely impacted growth opportunities, brands have posted a strong recovery.
Having been welcoming to advertising firms and ensuring there is a level playing field, where bigger ad firms don’t indulge in anti-competitive practices, Singapore has now tightened the noose around financial content creators with new guidelines that warn the “finfluencer community.”
The Monetary Authority of Singapore, or MAS, has issued drastic measures to tighten standards around online financial content and digital advertising, as it seeks to curb misleading practices that could harm consumers.
Enforcement that MAS Measures Focus On
Regulatory Measures: The new ‘Guidelines on Standards of Conduct for Digital Advertising Activities,’ effective from March 25, 2026, set a clear goalpost for financial institutions and their digital marketers, including influencers and affiliate partners.
The MAS guidelines expect these stakeholders to ensure that promotions are accurate, balanced, and transparent.
As per the guidelines, firms are expected to assess the suitability of digital platforms, ensure transparency in disclosures, closely track third-party advertising, and pull up errant marketers when necessary.
Checklist for Good Practices: MAS has joined hands with the Advertising Standards Authority of Singapore, or ASAS, to publish a practical checklist for online content creators, titled ‘7 Must-Knows When Sharing Financial Information Online.’
The pro forma is a reminder for creators that disclaimers such as “this is not financial advice” do not shield them from liability if they make recommendations or tailor advice without a licence.
“They must adopt the appropriate safeguards to adhere to regulatory requirements and uphold consumer interests,” said Lim Tuang Lee, assistant managing director for capital markets at MAS.
The ready reckoner highlights the importance of building trust, disclosing sponsorships, and verifying the legitimacy of institutions before promoting them.
Monitoring Finfluencers: In the guidelines, there is repeated focus on Singapore’s firm stance on responsible digital finance communication, as regulators worldwide grapple with the risks posed by the fast-growing “finfluencer” economy.
“In today’s digital age, where there is increasing reliance on digital platforms that transmit information rapidly, financial institutions and content creators must ensure that the sharing of financial information and advertising of products and services are performed responsibly,” Lee added.
Additionally, MAS has stated that it will issue advisory letters to five content creators suspected of giving unlicensed financial advice, warning that repeat offenders could face enforcement action.
How are Financial Services Ads Regulated in Other SEA Countries?
In Southeast Asia, financial services marketing has come under the radar of regulators, which have put financial institutions under pressure to keep agent behavior in check, mitigate misinformation, and maintain brand trust.
In March 2025, the Securities Commission (SC) in Malaysia released a revised version of its Guidelines on Advertising for Capital Market Products and Related Services, taking into account evolving global and domestic trends, including the rise of social media.
In Hong Kong, the Insurance Authority (IA) in 2024 brought in tighter regulations, strengthening ethical conduct from companies across its insurance sector to ensure fairer treatment and strong protection of insurance customers, particularly in the sale of long-term and medical insurance policies.
In 2024, MoneySmart conducted a survey of 2,000 adults in Hong Kong and Singapore, which revealed that 52 per cent relied on social media as their main source of financial advice, ahead of family, friends, financial advisors, and books. Platforms such as YouTube, Instagram, and Facebook emerged as the most popular for accessing financial insights.
MAS has collaborated with the Advertising Standards Authority of Singapore to publish a practical checklist for online content creators, titled ‘7 Must-Knows When Sharing Financial Information Online.’
Inputs from Saqib malik
Editing by David Ryder
