The Role of Financial Influencers Under Scrutiny as Issues with Instant Withdrawals Emerge
The recent issues surrounding Chocolate Finance’s delayed withdrawals have led to a growing debate about the influence and accountability of financial influencers, or “finfluencers”, in the investment landscape.
One high-profile case involves financial blogger Seth Wee, who posted a video on March 9, 2025, discussing Chocolate Finance’s decision to withdraw from the AXS payment platform. Wee, a licensed financial adviser with a significant following, including 15,300 YouTube subscribers and around 27,600 Telegram followers, advised his audience to remove their funds from the platform. The video has already garnered over 55,000 views by March 14, 2025.
This incident highlights concerns about the responsibility of finfluencers, particularly when many of them may not be qualified or licensed to offer specific financial advice. The Monetary Authority of Singapore (MAS) has a two-step process to determine what constitutes official financial advice. As such, individuals like Wee, despite their popularity, may not be authorised to make recommendations on financial products, which could pose risks for investors who may be following their advice.
Observers have called for caution when engaging with finfluencers, urging consumers to verify the credentials of those they turn to for financial guidance. The Chocolate Finance saga underscores the importance of exercising due diligence and seeking professional advice from licensed experts rather than relying on influencers who may not have the necessary qualifications.
