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Business Times
6 days 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:
Straits Times
09-05-2025
- Politics
- Straits Times
GE2025: WP wins in Sengkang GRC with 56.31%, improving on 2020 showing
The WP's Sengkang GRC candidates (from left) Louis Chua, He Ting Ru, Jamus Lim and Abdul Muhaimin addressing supporters at Serangoon Stadium on May 3. ST PHOTO: SARAH STANLEY Follow our live coverage here. SINGAPORE - The WP has strengthened its hold over Sengkang GRC, winning 56.31 per cent of the vote share against the PAP – a wider margin than that during the 2020 election. Its comfortable victory entrenches the opposition party's grasp over north-east Singapore, with Sengkang GRC looking likely to become a WP stronghold alongside neighbouring Aljunied GRC and Hougang SMC. Incumbent MPs He Ting Ru, 41; Jamus Lim, 49; and Louis Chua, 37; and new candidate Abdul Muhaimin, 36, took 66,383 of the 117,888 valid ballots cast on May 3. They beat a refreshed PAP slate – led by eye doctor Lam Pin Min, 55 – which scored 43.69 per cent, or 51,505 votes. Its other members are political newcomers Elmie Nekmat, 43; Bernadette Giam, 38, and Theodora Lai, 39. The 2025 election was deemed by political observers to have been the ruling party's best chance of reclaiming the four-member constituency, given that it had been in WP hands for just a term following 2020's electoral upset when the team in blue won with 52.12 per cent. Instead, the WP improved its vote share in Sengkang GRC by four points. This is set against a nationwide vote swing towards the PAP, though WP-held constituencies remained constant or improved on their margins. At Bedok Stadium, where teams of PAP candidates and supporters gathered, the mood among the Sengkang contingent was one of resignation – a sharp contrast to the rest of the crowd armed with banners, LED signs and air horns. Dr Lam pledged: 'To Sengkang residents – the PAP team will never abandon you, we will be back stronger and we will want to win Sengkang back the next time!' The triumphant WP delegation at Serangoon Stadium, meanwhile, exchanged ebullient hugs and took photos. Asked what he thought contributed to the WP team's improved showing, Associate Professor Lim told The Straits Times that it boiled down to a mix of factors, including consistent interactions with residents and meeting their needs. 'Ultimately, it's what democracy is about – being responsive to the people who put their faith in us to want to work for them, and so perhaps that helped with our performance.' The 2025 outcome suggests that Sengkang residents were little affected by the scandal that rocked the WP when former Sengkang GRC MP Raeesah Khan resigned from her party and her post in November 2021, after admitting to lying in Parliament. It also will be fodder for any review of the PAP's strategy for how it can win back GRCs – Sengkang was the second GRC that the ruling party lost to the WP, after Aljunied in 2011. The PAP team in Sengkang was considered to have had an outside chance of wresting the constituency back, given how Dr Lam – a former senior minister of state and a familiar face to residents after 14 years as an MP and five as a grassroots adviser – had stayed on to fight the battle. He was bolstered by a team of young professionals who mirrored the constituents' profile and have mainly been on the ground since 2021. Sengkang has a higher-than-average share of younger voters aged 21 to 45. A key PAP argument during the nine-day hustings that the constituency – where nearly 85 per cent of residents live in Housing Board flats – was suffering from slipping standards of cleanliness and upkeep also failed to gain traction. At its only rally on May 1, the candidates cited residents' frustrations with unreliable lifts, multi-storey carparks in poor condition and pest infestations in the neighbourhood. The incumbent WP MPs defended their track record, noting, for instance, that Sengkang Town Council had achieved the top banding for estate cleanliness and maintenance in the Ministry of National Development's town council management report. During the hustings, they also touted their contributions in Parliament, with Ms He, Prof Lim and Mr Chua among the top 10 most active backbenchers during the 14th term. 'We have spoken up on matters that ring close to the hearts of the people of Sengkang,' Prof Lim said at an April 24 rally held in his ward of Anchorvale. First-time voter and NUS undergraduate Wesley Tan, 25, who showed up in support of the team at Serangoon Stadium after polling closed, said: 'I'm proud of the Sengkang residents for this result.' He added that he has a good impression of the team, especially Prof Lim, as they are active on the ground. On the campaign trail, the WP MPs pledged to be sensitive to the needs of young families, saying they will push for educational reform such as smaller class sizes and more childcare leave if re-elected. The PAP had similarly focused on courting them, with Prime Minister Lawrence Wong promising when he visited the constituency on March 17 that the Government would do everything it can to support young parents. He later returned to Sengkang to deliver a speech at the May 1 rally, urging voters to give the PAP team a second chance and to judge them on their character. PAP's Dr Lam reiterated during the hustings that the PAP's candidates this time were younger and gender-balanced, with two working mothers in Mrs Giam and Ms Lai on the team. The new line-up was the result of a post-mortem conducted after the defeat in 2020, when the party fielded an all-male slate led by labour chief and former Cabinet minister Ng Chee Meng. Join ST's WhatsApp Channel and get the latest news and must-reads.
Independent Singapore
03-05-2025
- Politics
- Independent Singapore
GE2025: WP keeps Sengkang, winning 56% votes
SINGAPORE: The Workers' Party (WP) slate at Sengkang GRC, composed of incumbent MPs He Ting Ru, 41; Louis Chua, 37; and Jamus Lim, 49; together with new candidate Abdul Muhaimin, 36, has won with 56.31 per cent of the votes. Ms He, a lawyer, has headed the Sengkang Town Council, which received top marks under the WP. Mr Chua is a research analyst, and Assoc Prof Lim teaches at ESSEC Business School. MP-elect Mr Muhaimin is a senior property manager for the Aljunied-Hougang Town Council. Prior to his stint at AHTC, he was a platoon commander with the Singapore Civil Defence Force (SCDF). The team defeated candidates from the ruling People's Action Party (PAP) led by physician Lam Pin Min, 55, food and beverage company director Bernadette Giam, 38, venture capital firm co-founder Theodora Lai, 39, and Elmie Nekmat, 43, an Associate Professor at the National University of Singapore. In the General Election of 2020, the then newly created constituency of Sengkang was narrowly won by the slate from WP, which received 52.12 per cent of the votes, which means the party has gained over 4 percentage points this time around. The victory in 2020 gave the opposition party its second group representation constituency (GRC) and came as a shock to many, as the newbie WP slate won against a heavily stacked People's Action Party (PAP) team, which had National Trades Union Congress (NTUC) Secretary-General Ng Chee Meng, Senior Minister of State Lam Pin Min, and Senior Parliamentary Secretary Amrin Amin. The WP's win also meant that there would be 10 elected opposition Members of Parliament (MPs), and WP chief Pritam Singh was formally designated as Leader of the Opposition after the party's historic win. Since then, however, the WP suffered a blow with the resignation of former Sengkang MP Raeesah Khan amid a scandal, although the remaining WP MPs, He Ting Ru, Jamus Lim, and Louis Chua, have been popular on the ground and are perceived to be doing good work . Read related: WP's master plan for Sengkang plan 'sets the stage for the next lap' Among the PAP candidates, only Dr Lam, who has been active on the ground in Sengkang over the past few years, returned to contest in the area. Mr Ng, however, is contesting at Jalan Kayu SMC against the WP's Andre Low. Although the PAP will continue to remain in power in the coming five years, this year's General Election has largely been perceived to be a test of how much ground the opposition will gain. It has also been seen as a test for Prime Minister Lawrence Wong, who was sworn into office on May 15, 2024. The increased cost of living in one of the most expensive cities in the world was widely reported to be the issue that was foremost in voters' minds in the run-up to this year's polls, and support for the opposition appeared to be on the rise, at least among commenters online. /TISG Read also: Residents tell WP's Jamus Lim that 'the electric atmosphere at rallies gets them excited about voting'
Straits Times
03-05-2025
- Politics
- Straits Times
GE2025: WP wins Sengkang GRC with 56.31%, a wider margin than in 2020
The WP's Sengkang GRC candidates (from left) Louis Chua, He Ting Ru, Jamus Lim and Abdul Muhaimin addressing supporters at Serangoon Stadium on May 3. ST PHOTO: SARAH STANLEY Follow our live coverage here. SINGAPORE - The Workers' Party has strengthened its hold over Sengkang GRC, winning 56.31 per cent of the vote share against the People's Action Party - a wider margin than that during the 2020 election. Its comfortable victory entrenches the opposition party's grasp over north-east Singapore, with Sengkang GRC looking likely to become a WP stronghold alongside neighbouring Aljunied GRC and Hougang SMC. Incumbent MPs He Ting Ru, 41, Jamus Lim, 49, and Louis Chua, 37, and new candidate Abdul Muhaimin, 36, took 66,383 of the valid ballots cast on May 3. They beat a refreshed PAP slate led by eye doctor Lam Pin Min, 55, which got 43.69 per cent, or 51,505 votes. The other members are political newcomers Elmie Nekmat, 43; Bernadette Giam, 38, and Theodora Lai, 39. The 2025 election was deemed by political observers to have been the ruling party's best chance of reclaiming the four-member constituency, given that it had been in WP hands for just a term following 2020's electoral upset when the team in blue won with 52.12 per cent. Instead, the WP improved its vote share in Sengkang GRC by four points. This is set against what appears to be a nation-wide vote swing towards the PAP, though WP-held constituencies held constant or even improved on their margins. At Bedok Stadium where teams of PAP candidates and supporters gathered, the mood among the Sengkang contingent was one of resignation - a sharp contrast to the rest of the crowd armed with banners, LED signs and air horns. The candidates declined to speak to the media ahead of the announcement of the official results, while one party volunteer told The Straits Times: 'We tried our best. The voters have spoken.' The triumphant WP delegation meanwhile at Serangoon Stadium exchanged ebullient hugs and took photos. Among the supporters was first-time voter and NUS undergraduate Wesley Tan, 25, who said: 'I'm proud of the Sengkang residents for this result.' He added that he has a good impression of the team, especially Prof Lim, as they are active on the ground. The outcome suggests that Sengkang residents were little affected by the scandal that rocked the WP, when former Sengkang GRC MP Raeesah Khan resigned from her party and her post in November 2021 after admitting to lying in Parliament. It also will be fodder for any review of the PAP's strategy for how it can win back GRCs; Sengkang was the second GRC that the ruling party lost to the WP, after Aljunied in 2011. The PAP team in Sengkang was considered to have had an outside chance of wresting the constituency back, given how Dr Lam - a former senior minister of state and a familiar face to residents after 14 years as an MP and five as a grassroots adviser - had stayed on to fight the battle. He was bolstered by a team of young professionals that mirror the constituents' profile and who have mainly been on the ground since 2021. Sengkang has a higher-than-average share of younger voters aged 21 to 45. A key PAP argument during the nine-day campaign - that the constituency, where nearly 85 per cent of residents live in HDB flats, was suffering from slipping standards of cleanliness and upkeep - also failed to gain traction. At its only rally on May 1, the candidates cited residents' frustrations with unreliable lifts, multi-storey carparks in poor condition, and pest infestations in the neighbourhood. The incumbent WP MPs defended their track record at multiple rallies, noting, for instance, that Sengkang Town Council had achieved the top banding for estate cleanliness and maintenance in the Ministry of National Development's town council management report since the WP took over. During the hustings, they also touted their contributions in Parliament, with Ms He, Prof Lim and Mr Chua among the top 10 most active backbenchers during the 14th term. 'We have spoken up on matters that ring close to the hearts of the people of Sengkang,' Prof Lim said at an April 24 rally held in his ward of Anchorvale. On the campaign trail, the WP MPs pledged to be sensitive to the needs of the many young families in Sengkang, saying they will push for educational reform such as smaller class sizes and more childcare leave if re-elected. The PAP had similarly focused on courting them, with Prime Minister Lawrence Wong promising that the Government would do everything it can to support young parents when he visited the constituency on March 17, after the electoral boundaries were drawn. He later returned to Sengkang to deliver a speech at the May 1 rally, urging voters to give the PAP team a second chance and to judge them on their character. PAP's Dr Lam reiterated during the hustings that the PAP's candidates this time were younger and gender-balanced, with two working mothers in Mrs Giam and Ms Lai on the team. The new line-up was the result of a post-mortem conducted after the defeat in 2020, when the party fielded an all-male slate led by labour chief and former Cabinet minister Ng Chee Meng. Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Times
03-05-2025
- Politics
- Business Times
Singapore election 2025: WP maintains grip on Sengkang, defeats PAP with 56.31% of votes
[SINGAPORE] The Workers' Party (WP) has retained Sengkang GRC against the ruling People's Action Party (PAP), with 56.31 per cent of the votes. This is a more than four percentage-point improvement over the party's vote share in the last election, when the team won with a narrower margin of 52.12 per cent of the votes against the PAP. The WP team comprises incumbents He Ting Ru, Jamus Lim and Louis Chua, as well as Abdul Muhaimin Abdul Malik, who replaced former MP Raeesah Khan. They were up against a PAP team comprising former office-holder Lam Pin Min and newcomers Bernadette Giam, Theodora Lai and Elmie Nekmat. In the 2020 General Election, the WP team of first-time candidates triumphed over a PAP team including two officeholders – Lam and labour chief Ng Chee Meng – in the newly created Group Representation Constituency. Khan resigned from the party in 2021, after it was discovered that she lied in Parliament regarding allegations that the police mishandled a sexual assault case. The incident led to a Committee of Privileges investigation, and the committee later found her guilty of abuse of parliamentary privilege. Khan's lie in Parliament, however, did not feature in the earlier nine-day campaign period. Instead, both the WP and PAP candidates focused on municipal issues and what they can bring to refresh the estates. For more election coverage, visit our GE2025 microsite
