Also known as "finfluencers", these influencers use social media to share tips and insights on finance-related topics, such as investing, saving and budgeting.
MAS expects financial institutions that employ finfluencers to advertise their products or services to ensure that these individuals present information in a clear and balanced way that highlights key features and risks, said Mr Tan.
The regulator has issued guidelines to make it clear 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.
This story is from the November 14, 2024 edition of The Straits Times.
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This story is from the November 14, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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