SINGAPORE: When news broke of Chocolate Finance’s suspension of their instant withdrawal service, personal finance blogger Dawn Cher – who runs the SG Budget Babe blog – was inundated with messages from anxious followers.
At the time, Ms Cher, who has a corporate job, was out of the country on a work trip.
Recalling the situation, she said her phone kept buzzing with Instagram notifications as she received many messages from followers asking what they should do next – some asked if they should withdraw their money.
When financial services firm Chocolate Finance launched in 2024, it advertised higher-than-average cash returns – 3.3 per cent per annum on the first S$20,000 (US$15,000) deposited, 3 per cent per annum on the next S$30,000 and a target of 3 per cent per annum above that.
Several financial influencers – or finfluencers – including Ms Cher had posted content in favour of these offerings.
But when the saga broke, she sensed her readers growing anxiety and knew she had to act quickly.
“To me, it's about accountability because … when I wrote about Chocolate Finance - and I had two to three articles at that point about them - I had been very clear about how exactly the product works and the risks involved, but yet, I can understand that some people just don't read.
“So when this happened, I felt like I just had to calm them down, and that also my brand was at stake.
“Some of the messages (that I received) were quite jialat (Hokkien for bad) like ‘I put my money in Chocolate Finance because I read it on your blog and now this whole thing is happening, and I lost my money because of you’.
“I actually excused myself from a very important, very crucial work meeting. I had no choice, I explained to (my team) … that my readers needed me now, and I really just needed to handle this,” she said, adding that her team and business partners were understanding.
She scrambled to put together a few explainer posts as well as stories on her Instagram to allay her followers’ fears and address their concerns.
Later, she posted an interview she had arranged with Chocolate Finance CEO Walter de Oude, where he explained how the instant withdrawals worked and how customers could get their money back should the financial services firm close down.
Personal finance blogger Dawn Cher speaking at a community event on Nov 7, 2024. (Photo: Dawn Cher)
According to a letter by Chocolate Finance that was sent to Ms Cher, who later posted it in an Instagram story, the surge in instant withdrawals was “partially driven by social media”.
Financial influencer Sethisfy, whose real name is Seth Wee, had posted a YouTube video on Mar 9 - a day before the suspension - about why he wanted to take his money out of Chocolate Finance, sparking concern among some social media users.
In his video, he explained that his decision was partly due to Chocolate Finance’s interest rates no longer being competitive compared to traditional bank accounts and saving instruments.
On Mar 16, Mr Wee posted a video addressing the incident and apologised for causing “any undue uneasiness”, adding that he could have communicated better.
In the wake of the Chocolate Finance saga, financial influencers have been in the spotlight, with some netizens questioning how informed their financial advice is and their motivations for sharing tips.
There has been a surge in the popularity of finfluencers around the world in recent years – some amassing millions of followers – posting content on spending, saving, and investing.
Ms Cher, who started her blog a decade ago, now has over 41,000 followers across five platforms and posts about budgeting, saving, investing, and achieving financial goals, with a focus on personal experiences and practical advice.
She says the landscape of finfluencers has changed dramatically over the past few years.
“If you see and you dig up on all the finfluencers in Singapore, a lot of them started with the objective of wanting to be a finfluencer. But I didn’t,” said Ms Cher, who is in her 30s.
“A lot of them started out much later during the COVID wave, especially when it was more certain that there is … money to be made here.
“I started at a time when there was no money to be made in this space and the only ad dollars and sponsorships were going to lifestyle, beauty, travel, and food bloggers; there was no such thing as finance.
“Now what I see is … others, who are not financial influencers, who are doing a lot of finance advertising because now, they start to see and think that being a finfluencer pays good money.
“And I have an issue with that, because I've seen some of the content on finance that is being put out by non-financial influencers, and it's very debatable,” she said.
Similarly, Mr Aaron Wong started a miles credit card website The MileLion in 2015 as a hobby. He did not set out to become an influencer.
At the time, he had been working as a management consultant for about two years.
“I had never thought, at any point, that this was going to be a full-time pursuit for me.
“For the first couple of years, the site didn't even make any money at all, I didn't even know how to put advertisements on the side ... I was just doing something because I really enjoyed doing it,” said the 35-year-old.
In October 2018, Mr Wong decided to quit his job to become a full-time blogger, writing about travel and finance matters. He remains the sole writer for The MileLion.
“Even now, it's a bit cringy to tell people I blog for a living, because that comes with a certain connotation, I feel … ranging from ‘oh, that's interesting’ to ‘oh, you don't really have a real job’,” he said.
“I still think that my parents have difficulty explaining to their friends what exactly I do for a living, but they say, ‘he takes us on nice vacations’, so I think that's probably the best employment that a child can have,” he added with a laugh.
Aaron Wong launched his website The MileLion in 2015. (Photo: Aaron Wong)
A recent study by financial website MoneySmart, conducted in October last year, revealed that social media has become a source of financial advice in Singapore.
Of the 1,000 Singaporeans aged 18 and above who were polled, more than half the respondents said they relied on platforms like YouTube, Instagram, Facebook, and TikTok for financial advice, preferring them over traditional sources such as family, friends, and financial advisers.
About 21 per cent check social media daily for financial advice and tips, and about 44 per cent follow specific influencers on social media for advice.
Cyber security professional Matthias Chia, who actively chases miles on credit cards, said he follows finfluencers more for updates or alerts related to finance matters, rather than for advice.
“I generally don’t follow finfluencers for saving or investing tips because I have a habit and system of my own already,” said the 32-year-old.
“The main reason I follow them … is that they sometimes break news early or alert me to something I may not have heard of, so it’s very news-based rather than investment advice.”
Even if he is interested in a new product that an influencer is promoting, Mr Chia said he would do his research to make sure it works for him.
“Finfluencers sometimes get paid to break certain new offers and updates, so having that source of information is another data point that I use to get information,” he said.
It’s a similar case for banker Aaron Chan, who says he reads through the terms and conditions of new products before signing up for them.
The 33-year-old follows several finfluencers, including The MileLion, for tips on chasing miles. He also follows personal finance accounts such as thewokesalaryman and SGFireCouple.
“I’m more sceptical with personal finance finfluencers because many of such influencers are either remunerated by companies for their views or paid through ads which only comes through increasing viewership, so there’s a fundamental clash between what’s best for me and what’s best for them,” he said.
But with one of the main sources of income for finfluencers being the promotion of financial products, this has raised concerns about the risk of hefty losses for consumers who follow such content online.
Currently, there are various avenues for influencers to earn money including sponsored content, ad revenue, as well as affiliate marketing.
Affiliate marketing is a strategy where individuals earn a commission by promoting another company’s products or services. This can be done through unique referral links.
Recognising the impact of his influence and the importance of being responsible, The MileLion’s Mr Wong said he holds himself to a “very high standard of ethics”.
In addition to reviewing credit cards and loyalty programmes, he has also been openly vocal about unfair policies enacted by banks or financial institutions, including those who change the terms and conditions without providing notice or doing it quietly.
“If I see a company doing something that is anti-consumer, (I would) call it out to draw attention to it, and hopefully to get them to reverse the policy or to address it, at the very least.
“So we’re holding companies accountable using the audience, which we have, to make sure that they don't try and pull a fast one on consumers.”
While he declined to share how much he earns as a full-time blogger, Mr Wong revealed that revenue from affiliate marketing makes up the majority of the site’s income.
Out of the 702 posts he did last year, eight were sponsored, he said.
“Sponsored content, for me, tends to be a relatively minor part of the business.
“I think there can be a potential conflict of interest there so that has to be very, very carefully managed,” he said, adding that there needs to be proper guard rails such as clear disclosure and mentioning upfront that the post is sponsored.
Mr Wong added that “99 per cent” of his hotel stays and flights are paid by himself.
“I’m quite strict about that. I have done a couple of media stays over the years with various hotels, but again, if you look at the overall mixture, most of the stays and all of the airline flights (were) self-paid with my miles and points.
“And again, I think that's important, because it helps to avoid a conflict of interest.”
A woman checking a price chart on her phone and computer. (Photo: iStock)
There is a need for a high standard of ethics because, unlike a big business where there are clearly defined rules about accepting favours or gifts, that “doesn’t quite work” in a one-man business.
“There can very easily be a temptation to compromise on things like editorial integrity. It's not so explicit as taking a bribe, but it can be very subtle, like feeling that maybe because this company is important to me in terms of referrals and advertising, that therefore I cannot criticise them too harshly as well.
“I don't want to pretend that there has never been a temptation. I think it would be dishonest to say that I’ve never even thought about that, but at the end of the day, I think blogs live and die based on their reputation.
“From day one, my philosophy has been that if I come to a point in time where I feel that I can't afford to get a company mad at me, that is probably when I should stop writing because if I feel that a company has become so important to the business side of the blog that it hampers my ability to write objectively about it, and then we're in a very bad place.
“I would like to think - and I hope the audience community believes as well - that we've been able to stick to that.”
Similarly, SG Budget Babe’s Ms Cher said she has rejected sponsorships for products she would not recommend to others due to their high risk, such as Forex trading.
“You need to have a certain knowledge to be able to see what the problem with the brief is, and not just regurgitate what the client wants you to say in the sponsored message,” she said.
“When I work on sponsored gigs, I dig up a lot more than what is in the brief, and sometimes to the point where the client says ‘can we not say that?’ and then I'm having a discussion with them to say that this is really important and that I don't think it is right to hide the risk or the cons.”
She added that she has walked away from deals, even though the final product was “almost ready”.
Ms Cher estimates that 30 per cent of her content is sponsored, adding that she declares to her followers if she was paid to put out a product.
“Sometimes I cover things because it is really just good or it's bad and I’m trying to warn people, and I don't get paid for any of them.”
She did not want to disclose how much she earns, saying it’s “very hard and sensitive” and it would make it difficult for future negotiations.
“The second reason is because I realised that as a finfluencer, when I watch my friends who disclose their income, I think the comments are really quite uncalled for and I don't want to deal with that.”
Ms Cher added: “If today, I no longer have any sponsorships, I will continue running my blog and social media. I will still continue posting finance content because that's what I care about.
“But if there are no sponsorships, then I wouldn't be writing as much sponsored stuff … why should I promote this product when they are paying other people? I'm not their free mouthpiece and free labour.”
OCBC's head of group brand and communications Koh Ching Ching said social media is an important channel for engaging stakeholders.
"In addition to creating our own content, we collaborate with social media influencers as part of our branding, marketing, and public education efforts. We value their ability to create relatable content and their extensive reach," she added.
The bank takes a "thorough and discerning approach" and works with influencers "whose values align with ours and who practise responsible branding and marketing".
"We ensure that any content created with influencers is balanced and factually accurate. Key features and risks of our products and services must be communicated clearly, and all sponsored content must be clearly labelled," Ms Koh told CNA.
Last year, a question was raised in parliament about whether such financial influencers should be regulated under the Financial Advisers Act (FAA).
In a parliamentary reply on Nov 13, Minister of State for Trade and Industry Alvin Tan said influencers must be licensed and regulated under the FAA if they provide financial advice.
According to the Monetary Authority of Singapore’s (MAS) guidelines, in general, factual and broad educational content on finance is not considered financial advice.
For instance, providing information on financial terminology and basic features of insurance or investment products is not considered financial advice.
In addition, general and non-personalised considerations on financial planning that are not tailored to an individual’s specific circumstances or objectives do not constitute financial advice.
This includes providing tips for saving, spending wisely, as well as things to look out for before purchasing financial products.
Mr Tan, who is also a MAS board member, revealed that over the past five years, the central bank had received an average of fewer than five complaints every year against finfluencers.
Most of these complaints were about remarks made by individuals who were not giving financial advice and were not subject to MAS regulation.
Over the past three years, enforcement action was taken against six people for providing financial advice without a licence – but none of them were finfluencers.
In response to queries from CNA, MAS said it does not differentiate between influencers and finfluencers but instead, looks at the activity conducted by the individual.
“Any individual who provides financial advisory services must first be appointed as a representative by a licensed financial adviser. Promotion of information regarding credit card offers is not financial advice,” said a spokesperson.
It strongly encouraged consumers to deal only with persons and entities regulated by MAS.
“Consumers who deal with unregulated persons or trade in unregulated products will not be protected by MAS-administered legislations,” said the spokesperson.
People can check whether an institution is regulated and whether an individual is an appointed representative using the MAS’ financial institutions directory and register of representatives.
The authority added that consumers should also be alert to the risks of trading based on recommendations or claims in online discussion forums and social media chat groups.
Any individual who makes false or misleading statements such as on social media platforms, chat groups, or online discussion forums, in relation to financial products may also be liable for an offence under the Securities and Futures Act.
Finance content creator Chris Chong runs a YouTube channel called Honey Money SG. (Photo: Chris Chong)
Finance content creator Chris Chong, who runs the Honey Money SG YouTube channel and focuses on topics such as retirement planning and investment, said “some form of regulation” is necessary.
This is given the “recent controversies” surrounding finfluencers. “If licensing is required, we will take the necessary exams and comply,” he said.
He added that he holds a degree in accountancy and was previously a chartered accountant in Singapore, but rarely brings this up as it is not particularly relevant to the content he creates.
“Our role is to provide insights from our perspective, but the final decision always lies with the audience. At the end of the day, no one shares their winnings or losses,” he added.
Agreeing, Ms Cher said that it would be better for the industry if finfluencers like herself were regulated.
“I always remind (my followers) that I'm not licensed, I'm not your personal financial advisor, and I only can give you my opinion, but I cannot advise you on what to do, and I don't have time to sit down with everyone individually.”
Despite the recent Chocolate Finance saga, Ms Cher and Mr Wong argue that there is value in what they do.
“I tell my friends that I do the work that I do, and all the things that I do, because when I’m gone, I want my kids to be proud of me and to be able to say that their mother’s work changed lives, transformed lives,” said Ms Cher.
“At my funeral, I want people to go there and say ‘I got out of debt because I read Dawn's article’ or ‘Dawn really pushed me to clear my credit card debt and stop spending so frivolously and because of that, I was able to change my family's lives around’.
“I want to have that impact and I don't need money to get that kind of impact. And that's why I do a lot of free things, like reply to my readers’ Aunt Agony messages.
“I do feel burnt out from time to time…But what is keeping me going? It is still meaningful, that's why I still do it.”
For Mr Wong, it comes back to his passion for writing and analysing ways to get maximum value with minimum spend.
“There could be a whole lot of things that could happen that would make this no longer a viable career to pursue and if that happens, I will cross the bridge when it happens.
“I feel that as long as I'm able to write content that people find useful, as long as I'm able to sleep well at night knowing that I am being objective, impartial, that’s how I know I can continue to do this line of work.”
When he first started writing, he thought it would be something that he did for a couple of months before losing interest.
“But I feel that I have been blessed with a very unique vocation, something that I'm passionate about, really enjoy doing, and I feel that I can use the gifts that I've been given to inform people, to advocate for consumers in important matters as well as to entertain to some degree.”
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At the time, Ms Cher, who has a corporate job, was out of the country on a work trip.
Recalling the situation, she said her phone kept buzzing with Instagram notifications as she received many messages from followers asking what they should do next – some asked if they should withdraw their money.
When financial services firm Chocolate Finance launched in 2024, it advertised higher-than-average cash returns – 3.3 per cent per annum on the first S$20,000 (US$15,000) deposited, 3 per cent per annum on the next S$30,000 and a target of 3 per cent per annum above that.
Several financial influencers – or finfluencers – including Ms Cher had posted content in favour of these offerings.
But when the saga broke, she sensed her readers growing anxiety and knew she had to act quickly.
“To me, it's about accountability because … when I wrote about Chocolate Finance - and I had two to three articles at that point about them - I had been very clear about how exactly the product works and the risks involved, but yet, I can understand that some people just don't read.
“So when this happened, I felt like I just had to calm them down, and that also my brand was at stake.
“Some of the messages (that I received) were quite jialat (Hokkien for bad) like ‘I put my money in Chocolate Finance because I read it on your blog and now this whole thing is happening, and I lost my money because of you’.
“I actually excused myself from a very important, very crucial work meeting. I had no choice, I explained to (my team) … that my readers needed me now, and I really just needed to handle this,” she said, adding that her team and business partners were understanding.
She scrambled to put together a few explainer posts as well as stories on her Instagram to allay her followers’ fears and address their concerns.
Later, she posted an interview she had arranged with Chocolate Finance CEO Walter de Oude, where he explained how the instant withdrawals worked and how customers could get their money back should the financial services firm close down.
Personal finance blogger Dawn Cher speaking at a community event on Nov 7, 2024. (Photo: Dawn Cher)
According to a letter by Chocolate Finance that was sent to Ms Cher, who later posted it in an Instagram story, the surge in instant withdrawals was “partially driven by social media”.
Financial influencer Sethisfy, whose real name is Seth Wee, had posted a YouTube video on Mar 9 - a day before the suspension - about why he wanted to take his money out of Chocolate Finance, sparking concern among some social media users.
In his video, he explained that his decision was partly due to Chocolate Finance’s interest rates no longer being competitive compared to traditional bank accounts and saving instruments.
On Mar 16, Mr Wee posted a video addressing the incident and apologised for causing “any undue uneasiness”, adding that he could have communicated better.
RISE AND RISE OF FINFLUENCERS
In the wake of the Chocolate Finance saga, financial influencers have been in the spotlight, with some netizens questioning how informed their financial advice is and their motivations for sharing tips.
There has been a surge in the popularity of finfluencers around the world in recent years – some amassing millions of followers – posting content on spending, saving, and investing.
Ms Cher, who started her blog a decade ago, now has over 41,000 followers across five platforms and posts about budgeting, saving, investing, and achieving financial goals, with a focus on personal experiences and practical advice.
She says the landscape of finfluencers has changed dramatically over the past few years.
“If you see and you dig up on all the finfluencers in Singapore, a lot of them started with the objective of wanting to be a finfluencer. But I didn’t,” said Ms Cher, who is in her 30s.
“A lot of them started out much later during the COVID wave, especially when it was more certain that there is … money to be made here.
“I started at a time when there was no money to be made in this space and the only ad dollars and sponsorships were going to lifestyle, beauty, travel, and food bloggers; there was no such thing as finance.
“Now what I see is … others, who are not financial influencers, who are doing a lot of finance advertising because now, they start to see and think that being a finfluencer pays good money.
“And I have an issue with that, because I've seen some of the content on finance that is being put out by non-financial influencers, and it's very debatable,” she said.
Related:
Similarly, Mr Aaron Wong started a miles credit card website The MileLion in 2015 as a hobby. He did not set out to become an influencer.
At the time, he had been working as a management consultant for about two years.
“I had never thought, at any point, that this was going to be a full-time pursuit for me.
“For the first couple of years, the site didn't even make any money at all, I didn't even know how to put advertisements on the side ... I was just doing something because I really enjoyed doing it,” said the 35-year-old.
In October 2018, Mr Wong decided to quit his job to become a full-time blogger, writing about travel and finance matters. He remains the sole writer for The MileLion.
“Even now, it's a bit cringy to tell people I blog for a living, because that comes with a certain connotation, I feel … ranging from ‘oh, that's interesting’ to ‘oh, you don't really have a real job’,” he said.
“I still think that my parents have difficulty explaining to their friends what exactly I do for a living, but they say, ‘he takes us on nice vacations’, so I think that's probably the best employment that a child can have,” he added with a laugh.
Aaron Wong launched his website The MileLion in 2015. (Photo: Aaron Wong)
A recent study by financial website MoneySmart, conducted in October last year, revealed that social media has become a source of financial advice in Singapore.
Of the 1,000 Singaporeans aged 18 and above who were polled, more than half the respondents said they relied on platforms like YouTube, Instagram, Facebook, and TikTok for financial advice, preferring them over traditional sources such as family, friends, and financial advisers.
About 21 per cent check social media daily for financial advice and tips, and about 44 per cent follow specific influencers on social media for advice.
Cyber security professional Matthias Chia, who actively chases miles on credit cards, said he follows finfluencers more for updates or alerts related to finance matters, rather than for advice.
“I generally don’t follow finfluencers for saving or investing tips because I have a habit and system of my own already,” said the 32-year-old.
“The main reason I follow them … is that they sometimes break news early or alert me to something I may not have heard of, so it’s very news-based rather than investment advice.”
Even if he is interested in a new product that an influencer is promoting, Mr Chia said he would do his research to make sure it works for him.
“Finfluencers sometimes get paid to break certain new offers and updates, so having that source of information is another data point that I use to get information,” he said.
It’s a similar case for banker Aaron Chan, who says he reads through the terms and conditions of new products before signing up for them.
The 33-year-old follows several finfluencers, including The MileLion, for tips on chasing miles. He also follows personal finance accounts such as thewokesalaryman and SGFireCouple.
“I’m more sceptical with personal finance finfluencers because many of such influencers are either remunerated by companies for their views or paid through ads which only comes through increasing viewership, so there’s a fundamental clash between what’s best for me and what’s best for them,” he said.
Related:
"HIGH STANDARDS OF ETHICS"
But with one of the main sources of income for finfluencers being the promotion of financial products, this has raised concerns about the risk of hefty losses for consumers who follow such content online.
Currently, there are various avenues for influencers to earn money including sponsored content, ad revenue, as well as affiliate marketing.
Affiliate marketing is a strategy where individuals earn a commission by promoting another company’s products or services. This can be done through unique referral links.
Recognising the impact of his influence and the importance of being responsible, The MileLion’s Mr Wong said he holds himself to a “very high standard of ethics”.
In addition to reviewing credit cards and loyalty programmes, he has also been openly vocal about unfair policies enacted by banks or financial institutions, including those who change the terms and conditions without providing notice or doing it quietly.
“If I see a company doing something that is anti-consumer, (I would) call it out to draw attention to it, and hopefully to get them to reverse the policy or to address it, at the very least.
“So we’re holding companies accountable using the audience, which we have, to make sure that they don't try and pull a fast one on consumers.”
While he declined to share how much he earns as a full-time blogger, Mr Wong revealed that revenue from affiliate marketing makes up the majority of the site’s income.
Out of the 702 posts he did last year, eight were sponsored, he said.
“Sponsored content, for me, tends to be a relatively minor part of the business.
“I think there can be a potential conflict of interest there so that has to be very, very carefully managed,” he said, adding that there needs to be proper guard rails such as clear disclosure and mentioning upfront that the post is sponsored.
Mr Wong added that “99 per cent” of his hotel stays and flights are paid by himself.
“I’m quite strict about that. I have done a couple of media stays over the years with various hotels, but again, if you look at the overall mixture, most of the stays and all of the airline flights (were) self-paid with my miles and points.
“And again, I think that's important, because it helps to avoid a conflict of interest.”
A woman checking a price chart on her phone and computer. (Photo: iStock)
There is a need for a high standard of ethics because, unlike a big business where there are clearly defined rules about accepting favours or gifts, that “doesn’t quite work” in a one-man business.
“There can very easily be a temptation to compromise on things like editorial integrity. It's not so explicit as taking a bribe, but it can be very subtle, like feeling that maybe because this company is important to me in terms of referrals and advertising, that therefore I cannot criticise them too harshly as well.
“I don't want to pretend that there has never been a temptation. I think it would be dishonest to say that I’ve never even thought about that, but at the end of the day, I think blogs live and die based on their reputation.
“From day one, my philosophy has been that if I come to a point in time where I feel that I can't afford to get a company mad at me, that is probably when I should stop writing because if I feel that a company has become so important to the business side of the blog that it hampers my ability to write objectively about it, and then we're in a very bad place.
“I would like to think - and I hope the audience community believes as well - that we've been able to stick to that.”
Similarly, SG Budget Babe’s Ms Cher said she has rejected sponsorships for products she would not recommend to others due to their high risk, such as Forex trading.
“You need to have a certain knowledge to be able to see what the problem with the brief is, and not just regurgitate what the client wants you to say in the sponsored message,” she said.
“When I work on sponsored gigs, I dig up a lot more than what is in the brief, and sometimes to the point where the client says ‘can we not say that?’ and then I'm having a discussion with them to say that this is really important and that I don't think it is right to hide the risk or the cons.”
She added that she has walked away from deals, even though the final product was “almost ready”.
Ms Cher estimates that 30 per cent of her content is sponsored, adding that she declares to her followers if she was paid to put out a product.
“Sometimes I cover things because it is really just good or it's bad and I’m trying to warn people, and I don't get paid for any of them.”
She did not want to disclose how much she earns, saying it’s “very hard and sensitive” and it would make it difficult for future negotiations.
“The second reason is because I realised that as a finfluencer, when I watch my friends who disclose their income, I think the comments are really quite uncalled for and I don't want to deal with that.”
Ms Cher added: “If today, I no longer have any sponsorships, I will continue running my blog and social media. I will still continue posting finance content because that's what I care about.
“But if there are no sponsorships, then I wouldn't be writing as much sponsored stuff … why should I promote this product when they are paying other people? I'm not their free mouthpiece and free labour.”
OCBC's head of group brand and communications Koh Ching Ching said social media is an important channel for engaging stakeholders.
"In addition to creating our own content, we collaborate with social media influencers as part of our branding, marketing, and public education efforts. We value their ability to create relatable content and their extensive reach," she added.
The bank takes a "thorough and discerning approach" and works with influencers "whose values align with ours and who practise responsible branding and marketing".
"We ensure that any content created with influencers is balanced and factually accurate. Key features and risks of our products and services must be communicated clearly, and all sponsored content must be clearly labelled," Ms Koh told CNA.
LICENSING INFLUENCERS
Last year, a question was raised in parliament about whether such financial influencers should be regulated under the Financial Advisers Act (FAA).
In a parliamentary reply on Nov 13, Minister of State for Trade and Industry Alvin Tan said influencers must be licensed and regulated under the FAA if they provide financial advice.
According to the Monetary Authority of Singapore’s (MAS) guidelines, in general, factual and broad educational content on finance is not considered financial advice.
For instance, providing information on financial terminology and basic features of insurance or investment products is not considered financial advice.
In addition, general and non-personalised considerations on financial planning that are not tailored to an individual’s specific circumstances or objectives do not constitute financial advice.
This includes providing tips for saving, spending wisely, as well as things to look out for before purchasing financial products.
Mr Tan, who is also a MAS board member, revealed that over the past five years, the central bank had received an average of fewer than five complaints every year against finfluencers.
Most of these complaints were about remarks made by individuals who were not giving financial advice and were not subject to MAS regulation.
Over the past three years, enforcement action was taken against six people for providing financial advice without a licence – but none of them were finfluencers.
In response to queries from CNA, MAS said it does not differentiate between influencers and finfluencers but instead, looks at the activity conducted by the individual.
“Any individual who provides financial advisory services must first be appointed as a representative by a licensed financial adviser. Promotion of information regarding credit card offers is not financial advice,” said a spokesperson.
It strongly encouraged consumers to deal only with persons and entities regulated by MAS.
“Consumers who deal with unregulated persons or trade in unregulated products will not be protected by MAS-administered legislations,” said the spokesperson.
People can check whether an institution is regulated and whether an individual is an appointed representative using the MAS’ financial institutions directory and register of representatives.
The authority added that consumers should also be alert to the risks of trading based on recommendations or claims in online discussion forums and social media chat groups.
Any individual who makes false or misleading statements such as on social media platforms, chat groups, or online discussion forums, in relation to financial products may also be liable for an offence under the Securities and Futures Act.
Finance content creator Chris Chong runs a YouTube channel called Honey Money SG. (Photo: Chris Chong)
Finance content creator Chris Chong, who runs the Honey Money SG YouTube channel and focuses on topics such as retirement planning and investment, said “some form of regulation” is necessary.
This is given the “recent controversies” surrounding finfluencers. “If licensing is required, we will take the necessary exams and comply,” he said.
He added that he holds a degree in accountancy and was previously a chartered accountant in Singapore, but rarely brings this up as it is not particularly relevant to the content he creates.
“Our role is to provide insights from our perspective, but the final decision always lies with the audience. At the end of the day, no one shares their winnings or losses,” he added.
Agreeing, Ms Cher said that it would be better for the industry if finfluencers like herself were regulated.
“I always remind (my followers) that I'm not licensed, I'm not your personal financial advisor, and I only can give you my opinion, but I cannot advise you on what to do, and I don't have time to sit down with everyone individually.”
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FUTURE OF FINFLUENCERS
Despite the recent Chocolate Finance saga, Ms Cher and Mr Wong argue that there is value in what they do.
“I tell my friends that I do the work that I do, and all the things that I do, because when I’m gone, I want my kids to be proud of me and to be able to say that their mother’s work changed lives, transformed lives,” said Ms Cher.
“At my funeral, I want people to go there and say ‘I got out of debt because I read Dawn's article’ or ‘Dawn really pushed me to clear my credit card debt and stop spending so frivolously and because of that, I was able to change my family's lives around’.
“I want to have that impact and I don't need money to get that kind of impact. And that's why I do a lot of free things, like reply to my readers’ Aunt Agony messages.
“I do feel burnt out from time to time…But what is keeping me going? It is still meaningful, that's why I still do it.”
For Mr Wong, it comes back to his passion for writing and analysing ways to get maximum value with minimum spend.
“There could be a whole lot of things that could happen that would make this no longer a viable career to pursue and if that happens, I will cross the bridge when it happens.
“I feel that as long as I'm able to write content that people find useful, as long as I'm able to sleep well at night knowing that I am being objective, impartial, that’s how I know I can continue to do this line of work.”
When he first started writing, he thought it would be something that he did for a couple of months before losing interest.
“But I feel that I have been blessed with a very unique vocation, something that I'm passionate about, really enjoy doing, and I feel that I can use the gifts that I've been given to inform people, to advocate for consumers in important matters as well as to entertain to some degree.”
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