The rise of financial and investment influencers—known as finfluencers—and their implications for investor protection were the focus of a panel at the 38th Annual Conference of the International Investment Funds Association (IIFA), held September 8–10 in Kuala Lumpur, Malaysia. In the panel titled “Digital Influence Meets Investor Protection: Global Perspectives and Regulatory Trends,” Anbima CEO José Carlos Doherty shared Brazil’s experience with the growing reach of finfluencers in recent years and the country’s efforts to address the phenomenon.

“We saw a sharp increase in the number of financial influencers, especially during the pandemic, which led Anbima to begin monitoring their activity on social media. In 2020, we identified more than 260 finfluencers. Today, that number has exceeded 740, according to our latest monitoring report,” he said.

Doherty noted that content produced by these influencers now reaches an estimated 250 million followers, though this figure includes duplicates, as the same person may follow multiple accounts. These are individuals who rely on influencer posts to learn about finance and make investment decisions, which is why monitoring by self-regulatory organizations like Anbima plays such a vital role.

Speaking alongside representatives from the capital markets of India and China—who discussed the finfluencer landscape in their respective countries—Doherty emphasized the importance of self-regulation in addressing this trend. “Anbima chose to take a proactive approach, which began with the creation of tools to monitor influencers on social media around the clock,” he said.

Self-regulatory guidelines

In a second phase, Doherty explained, Anbima launched discussions with the market to develop self-regulatory guidelines for influencer activity. In line with recommendations from IOSCO (the International Organization of Securities Commissions), Anbima issued rules for members and firms adhering to its self-regulation codes who hire influencers for partnerships. The association also encouraged content creators to obtain relevant certifications and produced educational guides in accessible language tailored to this audience.

“We’ve always prioritized engagement with finfluencers over simply imposing rules,” Doherty said. “We aim to maintain an open and ongoing dialogue with these influencers. Anbima believes regulation must reflect market dynamics and investor behavior. As audiences get younger and more digitally engaged, regulation must be flexible enough to foster innovation while remaining strong enough to protect investors. That’s the balance we strive for,” he added.

In India—a market where the number of fund investors surged from 20 million to 55 million in just five years—the approach differed from Brazil’s, according to Venkat Nageswar Chalasani, chief executive of the Association of Mutual Funds in India (AMFI). There, regulators implemented strict rules, including clear distinctions between financial education and investment advice, and transparency requirements regarding conflicts of interest. In India, artificial intelligence supports regulators in monitoring what finfluencers post on social media, Chalasani said.

Yanbin Zhang, vice president of the Asset Management Association of China (AMAC), noted that China also opted for tighter rules, including minimum qualification requirements for finfluencers, strict content moderation, and obligations for platforms to vet and control finance- and investment-related posts.

Anbima’s chief of Regulatory Policy and Business Development, Tatiana Itikawa, also took part in the IIFA conference discussions in Malaysia.

IIFA Board Meeting

The event also included a meeting of the IIFA board, of which Anbima is a member. During the meeting, the board approved the addition of a new member organization: the Middle East Investment Management Association (Meima). The board also reviewed the schedule for upcoming IIFA events, which will take place in Canada, Chile, and Luxembourg.