Financial influencers ("finfluencers"), personal finance content creators, online personalities with money niche — they go by many names.

If you've been around since the OG Malaysian personal finance blog era (yes, I can feel you cringing at that phrase), shoutout to names like Dividend Magic (Leigh), Mr-Stingy (Aaron Tang), Ringgit Oh Ringgit (Suraya) and the ultimate credit card guru genxgenygenz probably ring a bell. Let’s not forget the old-school gem that is Lowyat Forum for deep dives and actually useful financial tips, even before the concept of "FIRE" (financial independence, retire early) was a thing.

Then came the social media wave. Enter a new niche: financial influencers.

The emergence of Malaysian finfluencers

Some names you might’ve seen served up by the algorithm on different platforms:

  • @TheFuturizts (Shinji Ong)
  • Ziets Invest (Fong Wei Ziet)
  • DoitDuit (HY Tan)
  • Yi Xuan of No Money Lah
  • MrMoneyTV (Peter Yong), FAQ Show (Frankie Lim) of FinLit Media
  • The Millennial Finance (Emir)
  • FIRL (Finance In Real Life) — MJ Gan and Jonathan San

Across different language segments, you'll find creators like Financial Faiz, Dr Azam Zubir (aka Doktor Kewangan), Aznah Abas, DausDKOfficial, Sembang Finance, and Afham Yusof doing their thing.

…And then there are the cryptobros. Let’s not go there today.

Each finfluencer tends to own a particular niche — like Yi Xuan in dividend investing, FIRL in stock investing (Bursa stocks), and  Aznah Abas for all things credit card-related. While they show up across platforms like Twitter, YouTube, Instagram/Threads, and TikTok, their reach and resonance can vary depending on where you find them.

As someone who follows many of them, I find their insightful information and coverage of relevant topics highly valuable, particularly their comparative guides, such as how to choose a brokerage, which credit card offers the best value, or why they might pick one fund over another. You get the drill. Given their significant followings, it's natural that financial institutions or brands are now collaborating with them to promote various financial products. This often means these influencers are among the first to share information about product updates and developments in the market, and that's something I really appreciate as well.

Regulatory Scrutiny: The Securities Commission Malaysia Steps In (2024-2025)

Then came July 2024, the Securities Commission (SC) Malaysia dropped a bombshell (well, in infographic form) alongside an official media statement: SC Guidance Note.

The TL;DR? If you're promoting capital market products — like stocks, ETFs, REITs — and getting compensated (even indirectly), you may require a licence.

"In particular, the Guidance Note clarifies that promotion of a capital market product on social media platforms may require a licence from the SC in certain circumstances. For example, the sharing of financial insights or recommendations that promote certain capital market products to followers with expectation of commissions or other rewards will require a licence. Finfluencers should take note that engaging in unlicensed regulated activities is an offence which is punishable under the Capital Markets and Services Act 2007 (CMSA). Any person found guilty may be liable to a fine not exceeding RM10 million or imprisonment not exceeding ten years or both."

This sparked debate in the community. Where's the line between education and advice? This was discussed in depth by Fong Wei Ziet (Ziets Invest) and HY Tan (DoItDuit) in this video. Do watch it for some perspective.

Fast forward to March 2025. A new update from the SC revised its guidelines again, this time reclassifying finfluencers as advertisers.

“The Guidelines was revised to update certain requirements and guidance, taking into account advertising and promotional trends globally and domestically — including the growing prominence of financial influencers,” the SC stated.

Starting 1 November 2025, any finfluencer voluntarily promoting capital market products or services will be held accountable as an advertiser. This means stricter scrutiny and legal obligations, particularly around disclosures and the behaviour of any third parties they work with.

One FAQ stood out to me:

Q: Assuming an advertiser engages a third party such as a celebrity to advertise its products or services, what are the obligations of the advertiser and the third party under the Guidelines? 
A: Under the Guidelines, the advertiser is accountable for the conduct of the third party e.g. the celebrity. This is why it is in the interest of the advertiser to have effective oversight over the third party’s advertising activity to ensure that the activity is in compliance with the Guidelines. The third party e.g. celebrity is also required to disclose in the advertisement any direct or indirect benefits he or she may receive or has received in relation to the advertisement. 

See here for the full summary of revised guidelines - March 2025 here and the list of FAQ. 

This isn’t unique to Malaysia. Regulators globally are tightening the reins, and with good reason. A recent study by the Ontario Securities Commission (OSC) in Canada revealed that social media finfluencers significantly influence retail investors' decision-making.


"Financial advice on social media is appealing because retail investors perceive it to be accessible, free, and informative." 

Indonesia's Financial Services Authority (OJK), Malaysia’s Southeast Asian neighbour, has also stated its intention to finalise regulations for financial influencers in the second half of 2025.

Meanwhile in Singapore, most recently, the Chocolate Finance fiasco brought local finfluencers into the spotlight. The robo-advisory platform sparked alarm when it temporarily suspended instant fund withdrawals, citing “high demand.” The mass withdrawal was said to have been amplified by the public sharing of reasons for leaving the platform by prominent content creators Seth Wee and Kelvin Tan (Kelvin Learns Investing).

Their content quickly went viral across platforms like Reddit and Singapore's popular forum, HardwareZone. The incident was extensively covered by mainstream media, highlighting just how powerful finfluencers can be in shaping public sentiment. This growing influence is a double-edged sword: they have the power to make or break a company, and their potential for spreading misinformation could also have serious consequences for consumers. 

The Quantum Metal controversy

Coming back to Malaysia, perhaps the most infamous case involving financial influencers centres around the promotion of Quantum Metal Sdn. Bhd. (QMSB) — a gold trading firm that came under serious regulatory scrutiny. Even before official statements from authorities, rumours and suspicions had already begun circulating regarding its investment schemes.

As early as July 2022, Financial Faiz publicly clarified his position on the Quantum Metal issue. He stated that while a previous viral video of his had been used to promote Quantum Metal products, it was solely a paid review he had done for an agent. He added that he was not an agent, did not sell any of their products, and reminded his audience to always do their own research before making any investment decisions.

In January 2024, Bank Negara Malaysia (BNM) issued a public statement saying, "Any claims that QMSB’s activities are approved and licensed by BNM, directly or indirectly, are false."

Three months later, in March 2024, the SC followed up with a cease and desist directive against Quantum Metal Exchange Inc. for offering shares to the public without authorisation.

It's worth noting that prior to these official warnings, several Malaysian finfluencers had previously published content about the company that seemed to be in favour of it — some of which were later taken down. However, as we all know, the internet never forgets, and receipts were kept.

The growing influence and risks

Financial literacy has never been more accessible — but at the same time, never more overwhelming. The rise of finfluencers reflects a broader shift: from expert-led advice to bite-sized content served in just a few minutes. 

At the same time, it’s not just creators offering content — it's audiences actively seeking it out. Look at the surge in online communities like r/MalaysianPF and r/SingaporeFI, where thousands of users exchange tips, share experiences, and crowdsource financial advice. People — myself very much included — are hungry for guidance, and social media offers an endless stream of voices ready to fill that need, for better or worse. And often, we'll find and follow voices that resonate with us.

But this new-ish landscape is not without risks. Scammers have capitalised on it too, with many finfluencers themselves reporting that their faces have been misused in fraudulent advertisements. And with the rise of deepfake technology and generative AI, it's getting even harder to tell what's real and what's fabricated, making it easier than ever for bad actors to deceive audiences at scale.

Final thoughts

It's crucial to remember that this issue extends far beyond just financial influencers. In essence, whenever any influencer across any niche endorses a product or service, consumers should exercise due diligence. For instance, a fitness influencer might promote supplements or products that are later discovered to contain banned substances. Similarly, a health and beauty influencer could promote a product that yielded positive results for them personally but may not be suitable or safe for everyone.

At the end of the day, the responsibility doesn’t rest solely on creators, regulators, or platforms. It rests with us, too. The idea of financial freedom will always be appealing. We’re swimming in an ocean of ideas — some of it gold, some of it garbage — and often, it’s hard to tell the difference until it’s too late.

So pause. Research. Ask questions. Your future self will thank you.