30 September 2025
On 25 September 2025, the Monetary Authority of Singapore (“MAS”) published new Guidelines on Standards of Conduct for Digital Advertising Activities (“Guidelines”) to establish expectations for financial institutions on responsible and professional digital advertising practices, and a Guide on Responsible Financial Content Creation for online content creators. These initiatives are aimed at promoting responsible online financial content sharing and advertising.
Digital platforms, including social media, have increasingly become sources of financial information for consumers. With their broad reach, these platforms can reach the retail public to facilitate financial education and enhance understanding of financial concepts. However, such platforms can also amplify misleading or inappropriate content that can lead to consumer harm. Content creators who are unfamiliar with legal requirements may be inadvertently conducting regulated activity and infringing regulatory requirements.
Guidelines on Standards of Conduct for Digital Advertising Activities
The Guidelines, which take effect on 25 March 2026, emphasise MAS’ expectations for financial institutions and their digital marketers to conduct digital advertising activities in a responsible and professional manner. The Guidelines apply to all financial institutions and their digital marketers who advertise financial products and services to customers via digital media.
To address conduct risks and issues related to the use of digital media, especially social media platforms, the Guidelines set out the following safeguards that financial institutions should put in place and adhere to when conducting digital advertising activities:
- Safeguard 1: Financial institutions should assess and ensure that their choice of digital media is appropriate for advertising financial products and services to customers.
- Safeguard 2: Financial institutions should assess the characteristics and limitations of digital media, address the associated risks, and ensure that important and meaningful disclosures are presented prominently and clearly.
- Safeguard 3: Financial institutions should assess and select appropriate digital marketers, and ensure these digital marketers are adequately apprised and comply with the institutions’ digital advertising practices and regulatory requirements.
- Safeguard 4: Financial institutions should monitor digital advertising activities conducted by their digital marketers to ensure effective oversight of these activities.
- Safeguard 5: Financial institutions should take appropriate disciplinary action against digital marketers to deter malpractices and errant conduct related to digital advertising.
The Guidelines also set out MAS’ expectations that the board and senior management of financial institutions are accountable and responsible for their institutions’ digital advertising activities.
MAS had sought feedback on a draft version of the Guidelines in a consultation paper published on 25 April 2023. In its response, published on 25 September 2025, MAS said that the Guidelines incorporated feedback received where feasible.
MAS and ASAS Guide on Responsible Financial Content Creation
MAS has collaborated with the Advertising Standards Authority of Singapore (ASAS) to publish a Guide on Responsible Financial Content Creation. It provides a checklist of seven “must-knows” when sharing financial information online, such as when a licence from MAS may be required, steps to take before promoting an entity’s products or services, and the disclosure of compensation received.
Advisory letters
MAS announced that it will also issue advisory letters to five content creators who may have provided financial advice without a licence. They have been advised to adjust their content and practices to be in line with MAS’ regulatory requirements. Persons who continue to provide financial advice without a licence will face enforcement action.
Reference materials
The following materials are available from the MAS website www.mas.gov.sg: