SINGAPORE, April 9 — The Monetary Authority of Singapore (MAS) reportedly received eight complaints against financial influencers this year — or “finfluencers” — up from an annual average of five over the past five years.
According to The Straits Times, Minister of State for Trade and Industry Alvin Tan revealed in Singapore’s Parliament yesterday that most of the complaints were linked to two influencers.
The pair had publicly shared their reasons for withdrawing funds from investment platform Chocolate Finance, reportedly sparking a surge in customer withdrawals.
Tan, who also sits on the MAS board, was responding to questions from other lawmakers regarding the recent suspension of withdrawals by the platform.
Chocolate Finance, licensed by MAS under ChocFin, halted instant withdrawals on March 10 and imposed transaction limits due to high demand.
It later announced that all withdrawal requests made between March 10 and 18 had been fully paid.
Tan reportedly said that while financial influencers can support financial literacy, they are not allowed to provide financial advice, which is a regulated activity.
He added that MAS is reviewing whether Chocolate Finance’s disclosures were sufficient and whether it met regulatory standards.
