The Monetary Authority of Singapore (MAS) has received an average of five complaints annually over the past five years against financial influencers, or “finfluencers”, who share finance-related content online. Most complaints involve remarks by finfluencers not giving formal financial advice, thus falling outside MAS regulation, according to Minister of State Alvin Tan. The Financial Advisers Act (FAA) requires finfluencers who offer paid or regular investment recommendations to be licensed. Tan noted that enforcement action has been taken against six individuals over three years, though none were finfluencers. He emphasised that only licensed advisors can provide investment advice, and MAS advises the public to engage only with regulated entities.