On 25 September 2025, the Monetary Authority of Singapore (“MAS“) published:
- The Guidelines on Standards of Conduct for Digital Advertising Activities (“Advertising Guidelines“); and
- A joint guide with the Advertising Standards Authority of Singapore titled “7 Must-Knows When Sharing Financial Information Online” (“Content Guide“).
These initiatives aim to promote responsible financial content creation, especially on digital platforms like social media, and to protect consumers from misleading or harmful financial information.
Advertising Guidelines
The Advertising Guidelines set out MAS’s expectations for financial institutions (“FIs“) and their digital marketers to conduct digital advertising activities in a responsible and professional manner. The key features of the Advertising Guidelines include:
- Scope & Applicability
- Applies to all FIs and their appointed third parties, including online content creators.
- Covers advertising on digital media, including websites, blogs, forums, social media, and video platforms.
- Key Risks Identified
- Misleading or unbalanced advertisements due to format constraints (e.g. character limits).
- Inappropriate use of social media, including deceptive practices like catfishing.
- Unauthorised advertising by representatives without institutional oversight.
- Principles-Based Approach
- FIs and relevant parties must tailor safeguards based on their business model, customer base, and risk profile of the digital media used.
- Five Key Safeguards
- Appropriate use of digital media: (i) Assess platforms for reputational and conduct risks; (ii) maintain approved or exclusion lists of platforms; and (iii) ensure control over content (e.g. ability to remove misleading ads).
- Clear and prominent disclosures: (i) Avoid truncation or omission of key information; (ii) ensure each post is self-contained and not misleading; and (iii) disclose conditions for returns, historical performance caveats, sponsorships and licensing status of influencers, and risks and caveats clearly, even in short-form content.
- Selection and training of digital marketers: (i) Use formal agreements with compliance obligations; (ii) provide training and reference materials; and (iii) assess marketers for qualifications, communication style, and track record.
- Monitoring and surveillance: (i) Track all digital advertising activities; (ii) use tools like web crawlers, social media listening, and mystery shopping; and (iii) maintain a register of campaigns and social media accounts used.
- Disciplinary action: (i) Take proportionate action against misconduct; (ii) escalate penalties for repeat offenders; and (iii) consider termination or suspension of engagements.
Content Guide
The Content Guide covers key considerations for content creators when creating responsible financial content. It sets out the following checklist items for content creators:
- Licence Requirements: Know when MAS licensing is needed.
- Capital Markets Activities: Avoid unlicensed solicitation.
- Promoting Financial Institutions: Verify legitimacy and avoid blacklisted entities.
- Professionalism: Follow advertising codes and check with MAS-licensed entities.
- Disclosure of Sponsorships: Be transparent about compensation.
- Content Quality: Ensure accuracy, balance, and avoid hype.
- Financial Literacy: Promote informed decision-making.
Click on the following links for more information (available on the MAS website at www.mas.gov.sg):
Disclaimer
Rajah & Tann Asia is a network of member firms with local legal practices in Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Our Asian network also includes our regional office in China as well as regional desks focused on Brunei, Japan and South Asia. Member firms are independently constituted and regulated in accordance with relevant local requirements.
The contents of this publication are owned by Rajah & Tann Asia together with each of its member firms and are subject to all relevant protection (including but not limited to copyright protection) under the laws of each of the countries where the member firm operates and, through international treaties, other countries. No part of this publication may be reproduced, licensed, sold, published, transmitted, modified, adapted, publicly displayed, broadcast (including storage in any medium by electronic means whether or not transiently for any purpose save as permitted herein) without the prior written permission of Rajah & Tann Asia or its respective member firms.
Please note also that whilst the information in this publication is correct to the best of our knowledge and belief at the time of writing, it is only intended to provide a general guide to the subject matter and should not be treated as legal advice or a substitute for specific professional advice for any particular course of action as such information may not suit your specific business and operational requirements. You should seek legal advice for your specific situation. In addition, the information in this publication does not create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on the information in this publication.
