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Business Times
a day ago
- Business
- Business Times
Clicks and credibility
FINANCIAL influencers (or 'finfluencers') made the news here recently when two of them posted comments that sparked a flurry of withdrawals from financial platform Chocolate Finance, leading the company to halt instant withdrawals. The incident was highlighted in Parliament in April when Sengkang GRC Member of Parliament He Ting Ru filed a question on the matter. The Workers' Party MP asked about safeguards for the public against financial advice from non-licensed individuals, and whether there has been a rise in complaints against finfluencers. In response, Alvin Tan, Minister of State (Trade and Industry) clarified that finfluencers providing advice 'must be regulated under the Financial Advisers Act and must first be appointed as a representative by a licensed financial advisory firm'. Even if finfluencers are not providing financial advice, they may be liable for an offence under the Securities and Futures Act if they make false or misleading statements on any capital markets products, said Tan, who is also a member of the Monetary Authority of Singapore (MAS) board. He noted that there have been eight complaints against finfluencers so far this year, up from an average of five complaints a year in the last five years. Most of the complaints this year relate to the Chocolate Finance episode, he said. To the average person, five or eight complaints a year may seem relatively low for now. But given the relentless rise of social media in tandem with rapid changes in how people consume news and advice, the power of finfluencers is likely to grow. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up How can investors better navigate these trends and make better, more informed investment decisions? For regulators, what are some areas to note to help them better understand retail investors' preferences and behaviours, and to manage finfluencers? In this regard, CFA Institute published a report, Clicks and Credibility: Understanding Finfluencers' Role in Investment Decisions in March 2025. While the report was based largely on data from India, there are some interesting and important lessons relevant to the Singapore market and useful for retail investors here. The report, which included a survey of 1,615 investors and content analysis of 51 influencers in India, reveals critical insights into retail investor behaviour, content practices of finfluencers, and actionable recommendations. India's capital markets regulator SEBI (Securities & Exchange Board of India) defines finfluencers as individuals who provide information on financial topics such as stock investment, personal finance, banking, insurance, and real estate through social media platforms such as Instagram, Facebook, YouTube, LinkedIn, and X. While the exact number of finfluencers in India is difficult to gauge, estimates indicate that there are over 3.5 million social media influencers, with a significant portion focusing on financial content. Like MAS, SEBI too recognises the role that influencers play in promoting financial literacy. However, the Indian regulator is also keenly aware of the misinformation and misleading advice that often accompanies this rising trend. Over the past year, SEBI has been particularly active in enforcement, issuing orders for content removal, imposing bans, and levying hefty penalties in cases involving misconduct. Significant impact of finfluencers More than eight in 10 (82 per cent) followers of Indian finfluencers reported making investments based on their advice, with seven in 10 among them claiming to have notched profits. However, the CFA Institute report cautions that such a rosy result could have been achieved on the back of positive Indian stock market performance over the last few years, where broader market indices have performed well, and trends such as the superior performance of small and mid-cap stocks compared to large caps. In addition, followers who have been duped could have been unwilling to admit that they have been cheated. Lack of disclosures and risk warnings According to the study, more than 6 in 10 (63 per cent) finfluencers fail to adequately disclose sponsorships or financial affiliations. This is a concern and reflects poorly on whether sufficient disclosure is made regarding conflicts of interest. In addition, while only 2 per cent of finfluencers are SEBI-registered, 33 per cent provide explicit stock recommendations, according to the report. So how can retail investors better protect themselves amid the proliferation of online advice? The CFA Institute report recommends the following: Verify licensing status: Always seek financial advice only from influencers registered with your local regulator. Verify their representative number and credentials to ensure they are authorised to provide investment recommendations. This step helps maintain regulatory accountability and adherence to ethical and professional standards. Assess risk disclosures: Licensed professionals must disclose the risks associated with investments and provide accurate, unbiased information. Avoid influencers who fail to provide proper risk warnings or disclaimers. Independently verify claims and carefully assess the suitability of recommendations based on your financial goals – especially when dealing with high-risk financial products. Differentiate between educational and promotional content: Investors must distinguish between educational material, general market awareness, and direct investment recommendations. If an influencer is engaged solely in financial education, they must not give direct or indirect investment advice unless they are a registered adviser. Be particularly cautious of influencers presenting investment recommendations under the guise of educational content or financial awareness. For instance, SEBI has recently mandated that individuals engaged purely in education cannot use past three-month market price data to imply future stock performance or make investment recommendations. Scrutinise promotional content: Be wary of promotional content that lacks transparency regarding financial incentives, sponsorships, or affiliations. In Singapore, MAS expects financial institutions which employ finfluencers to advertise their products or services, to ensure that the finfluencers present information in a clear and balanced format that highlights key features and risks. Do more homework: Before acting on any stock recommendations from finfluencers, retail investors should still independently conduct thorough due diligence. Keep in mind that licensed finfluencers are required to disclose any conflicts of interest and promote transparency. Stay vigilant against unverified stock tips and be cautious of manipulative practices such 'pump and dump' schemes. In a 'pump and dump' scheme, fraudsters typically spread false or misleading information to create a buying frenzy that will 'pump' up the price of a stock, allowing them to then 'dump' shares of the stock at the inflated price. Too good to be true? Probably: Finally, be wary of unrealistic claims. Exercise caution with finfluencers who promise guaranteed or exaggerated returns. Ensure that the information you rely on is accurate, credible and aligned with your financial goals and risk appetite. Always prioritise licensed entities and approach online financial content with prudence and scepticism. The full report by CFA Institute can be found here:
The Sun
23-05-2025
- Business
- The Sun
FPAM celebrates Silver Jubilee with Industry-Leading Symposium
KUALA LUMPUR: The Financial Planning Association of Malaysia (FPAM) hosted its flagship Annual Financial Planning Symposium 2025 today themed 'Shaping Financial Foundations, Securing Wealth for Tomorrow'. Coinciding with FPAM's 25th anniversary celebration, the symposium brought together industry leaders, professionals and thought leaders to discuss current trends and innovations in financial planning. 'This year marks a significant milestone in FPAM's journey. For 25 years, we have served as Malaysia's premier body for financial planning professionals, upholding the highest standards of expertise, ethics and service,' said FPAM president Alvin Tan, in his opening address. 'When seeking financial advice, consumers should ensure their financial planner is a certified financial planner professional. CFP professionals adhere to rigorous standards of competence, ethics, and client-centered practice.' The symposium attracted over 800 financial planners attending both physically and virtually. A highlight of the event was the launch of FPAM's 25th Anniversary Commemorative Book, documenting the association's journey and contributions to Malaysia's financial planning profession since its inception. Tan emphasised that this milestone symposium represented more than just an anniversary celebration—it served as a strategic gathering that strengthened Malaysia's financial planning ecosystem. 'This event connected the industry's brightest minds with practitioners seeking excellence, creating a powerful synergy that will ultimately benefit Malaysian consumers through enhanced financial advice.' The symposium addressed key areas vital for the public, including innovations in insurance, wealth preservation strategies for families, behavioural finance principles and emerging technological applications in the financial sector. This knowledge empowers individuals to make informed financial decisions and achieve their financial goals in an increasingly complex and digitised financial landscape. Looking ahead, FPAM remains committed to fostering a vibrant financial planning community in Malaysia and empowering Malaysians to achieve financial wellbeing. Through continued professional development, public education initiatives and advocacy for high industry standards, the association seeks to strengthen the financial resilience of individuals and families across the nation.
The Sun
23-05-2025
- Business
- The Sun
FPAM
KUALA LUMPUR: The Financial Planning Association of Malaysia (FPAM) hosted its flagship Annual Financial Planning Symposium 2025 today themed 'Shaping Financial Foundations, Securing Wealth for Tomorrow'. Coinciding with FPAM's 25th anniversary celebration, the symposium brought together industry leaders, professionals and thought leaders to discuss current trends and innovations in financial planning. 'This year marks a significant milestone in FPAM's journey. For 25 years, we have served as Malaysia's premier body for financial planning professionals, upholding the highest standards of expertise, ethics and service,' said FPAM president Alvin Tan, in his opening address. 'When seeking financial advice, consumers should ensure their financial planner is a certified financial planner professional. CFP professionals adhere to rigorous standards of competence, ethics, and client-centered practice.' The symposium attracted over 800 financial planners attending both physically and virtually. A highlight of the event was the launch of FPAM's 25th Anniversary Commemorative Book, documenting the association's journey and contributions to Malaysia's financial planning profession since its inception. Tan emphasised that this milestone symposium represented more than just an anniversary celebration—it served as a strategic gathering that strengthened Malaysia's financial planning ecosystem. 'This event connected the industry's brightest minds with practitioners seeking excellence, creating a powerful synergy that will ultimately benefit Malaysian consumers through enhanced financial advice.' The symposium addressed key areas vital for the public, including innovations in insurance, wealth preservation strategies for families, behavioural finance principles and emerging technological applications in the financial sector. This knowledge empowers individuals to make informed financial decisions and achieve their financial goals in an increasingly complex and digitised financial landscape. Looking ahead, FPAM remains committed to fostering a vibrant financial planning community in Malaysia and empowering Malaysians to achieve financial wellbeing. Through continued professional development, public education initiatives and advocacy for high industry standards, the association seeks to strengthen the financial resilience of individuals and families across the nation. FPAM hosts its flagship Annual Financial Planning Symposium 2025 and celebrates its 25th anniversary
Straits Times
18-05-2025
- Business
- Straits Times
60,000 meals distributed to migrant workers to celebrate Labour Day and SG60
(From left) Minister for Manpower Tan See Leng, Minister of State for Culture, Community and Youth Alvin Tan, and volunteers distributing meals to migrant workers in Serangoon Road. PHOTO: LIANHE ZAOBAO SINGAPORE – More than 60 Indian restaurants came together on May 18 to give out 60,000 meals to migrant workers across the island, in recognition of their contributions to Singapore's development, as part of SG60 and Labour Day celebrations. Organised by the Indian Restaurants Association with support from the Ministry of Manpower, the initiative was Singapore's largest single-day food distribution drive for migrant workers, the ministry said. Vegetarian, non-vegetarian and oriental cuisine packets of food were distributed at Birch Road in Little India, 28 dormitories, five recreation centres and several places of worship. More than 160 volunteers from Millenia Institute and Peirce Secondary School, government agencies and community partners helped with the distribution. Some 15,000 meals were given out at the Birch Road distribution centre, which was set up as a vibrant community space with interactive activity stations and cultural performances. Minister for Manpower Tan See Leng, who was the guest of honour at this venue, joined the migrant workers and volunteers for a meal at about 7pm. Speaking at the event, Dr Tan acknowledged the efforts of the 60 restaurants involved in the initiative, which the organisers had been planning since February. 'From as early as 4am this morning, our dedicated restaurant partners started their food preparation and have been serving fresh meals for our migrant friends throughout the day. 'It is a tall order – but one that has been delivered with a generous helping of heart and a dash of delicious purpose.' He added: 'Labour Day is a day to honour the spirit of hard work, commitment, and perseverance shown by workers across different sectors in Singapore. As we celebrate SG60 this year, it is fitting that we also remember the sacrifices and contributions of our migrant friends in the Singapore success story. 'Your contributions to building our homes, maintaining our infrastructure and keeping our city running smoothly have been invaluable. This celebration is our small way of saying 'thank you'.' Join ST's WhatsApp Channel and get the latest news and must-reads.
Straits Times
13-05-2025
- Business
- Straits Times
Walk through 1950s history at the newly reopened Chinatown Heritage Centre
CHC's executive director Cai Yinzhou (far left) and Minister of State for Culture, Community and Youth Alvin Tan (third from left) at the formal reopening ceremony of Chinatown Heritage Centre on May 13. PHOTO: WOOPA TRAVELS SINGAPORE – Step back into the sights and sounds of Chinatown's bustling 1950s marketplace at the newly reopened Chinatown Heritage Centre (CHC). After closing its doors in March 2021, the centre in Pagoda Street reopened in January 2025, following a major revamp under a new operator Woopa Travels. It had closed due to difficulties arising from the Covid-19 pandemic and international travel restrictions. A depiction of Chinatown's marketplace in the 1950s. PHOTO: WOOPA TRAVELS Now fully restored, the centre offers a mix of original features like displays of a traditional tailor's shop and wooden cubicle homes, along with new ones like the 1950s marketplace with street food vendors and letter writers. A dedicated gallery showcases eight heritage brands like Eu Yan Sang, a household name in traditional Chinese medicine, and traditional Cantonese pastry shop Tong Heng, complete with original artefacts from the businesses in their early days. The centre had a formal reopening ceremony on May 13, which was attended by Mr Alvin Tan, Minister of State for Culture, Community and Youth. Mr Suen Tat Yam, 39, chief executive of Woopa Travels, said the centre has had about 31,000 visitors since its soft launch in January. The aim is to increase its footfall to 100,000 visitors per year by the end of 2025. Mr Suen Tat Yam, chief executive of Woopa Travels which is CHC's operator, said the centre has had about 31,000 visitors since its soft launch in January. PHOTO: WOOPA TRAVELS Tickets are priced at $15 for Singapore residents and $12 for local children and seniors. In conjunction with the nation's 60th birthday, Singaporeans can look forward to promotions until Aug 31. These include a one-for-one free admission for Singapore resident seniors from Tuesdays to Thursdays and a 20 per cent discount on a tour, Under One Roof, that takes place every Friday and Saturday at 5.30pm. The centre will also have interactive features including QR codes which visitors can scan to access more information and quizzes. A museum guide acting as a trishaw rider during the formal reopening ceremony of CHC on May 13. ST PHOTO: AZMI ATHNI Visitors can sign up for guided tours such as an immersive theatrical experience – called Under One Roof – aimed at bringing displays to life through character-led tours. Speaking to the media, CHC's executive director, Mr Cai Yinzhou, 35, said: 'Many international brands might have bigger marketing budgets that smaller brands lack (due to resource constraints). 'We really hope the visibility heritage brands can get from being showcased in our centre and retail space can direct visitors to their shops which are located in the vicinity.' CHC's executive director Cai Yinzhou, speaking on May 13 at its formal reopening ceremony, which was attended by Minister of State for Culture, Community and Youth Alvin Tan (seated, front left), said the centre aims to be a community space. PHOTO: WOOPA TRAVELS Mr Cai, who is also a newly elected MP for Bishan-Toa Payoh GRC, pointed to the centre's promotional campaigns which include exclusive perks and discounts from businesses around Chinatown for CHC ticket holders. These include Killiney Singapore, Gelato Garden and Elegance of Nanyang, all located along Smith Street. Mr Cai also said the centre aims to be a community space and work with other groups in the precinct, and support local festivals such as Chinese New Year and Moon Cake Festival celebrations. 'These are ways we hope to bring the community to our centre, and use our centre as a platform for (local businesses) to enjoy the spillover effects of the crowds,' he added. One heritage brand being showcased at the centre is Tin Sing Goldsmiths, which was founded in 1937. Mr Wan Shung Ming, its executive director, said 'We have been here (in Chinatown) for 90 years. When CHC wants to promote Chinatown's heritage, fundamentally, we must support them.' Tong Heng, the bakery behind the iconic diamond-shaped egg tarts, being featured in the new heritage brand showcase in CHC. PHOTO: CHINATOWN HERITAGE CENTRE Ms Ana Fong, 60, a fourth-generation staff member of Tong Heng, the bakery behind the iconic diamond-shaped egg tarts, said: 'My great-grandfather started the business in Smith Street. We have been here for close to 90 years, so to me, Chinatown is our home. 'To choose us to represent on behalf of (other businesses in Chinatown), I think it's a privilege to be featured inside.' Ms Fong said Tong Heng's goal is to be an 'old brand, but not so old school', to appeal to customers across generations. The business has made efforts in innovation by working with traditional and newer brands, and has come up with trendy creations like a truffle egg tart. Having volunteered in the Chinatown precinct in his youth, Minister of State Alvin Tan said that stories he had heard from the local immigrant community in the area are now encapsulated in CHC. ST PHOTO: AZMI ATHNI Mr Tan, who is also the Minister of State for Trade and Industry, said in his opening address: 'In order to make sure that our tourism sector continues to be very vibrant, we need to make sure that all of our different parts of the tourism sector start to grow, and we must inject new and fresh ideas, like Chinatown Heritage Centre. 'This is one of our new jewels in our whole tourism suite that we can offer to our tourists as well as Singaporeans alike.' Having volunteered in the Chinatown precinct in his youth, Mr Tan said that stories he had heard from the local immigrant community in the area are now encapsulated in the CHC. The se stories are a reminder of the past, going beyond the 60 years of nationhood to the years when pioneers had 'toiled during the British colonial era, up until 1965 and up until today', he said. The CHC is a bridge between the past and present, said Mr Tan. 'It is a reminder to all of us who are much younger, what the past was and what we must treasure, because if we forget the past, then we aren't able to remember what we need to have to steward the future for Singapore.' Join ST's WhatsApp Channel and get the latest news and must-reads.
