UAE Issues First 10 Finfluencer Licenses Under New Regulations, Emphasizing Necessary Authorization

An increasing number of financial influencers (finfluencers) are leveraging social media platforms to share investment insights, provide financial advice, and promote financial products or virtual assets. However, most of them lack formal financial training or regulatory oversight, which can lead to misleading information and wrong investment decisions.

The UAE Securities and Commodities Authority (SCA) has introduced a new regulation requiring finfluencers to obtain a license before providing investment advice on financial products or virtual assets. 

This measure aims to address regulatory gaps arising from the surge in financial content across social and digital platforms, enhancing transparency, trust, and oversight in the sector.

Under the latest regulations issued by the SCA, individuals providing investment advice on regulated financial products or services via social media, blogs, YouTube videos, podcasts, webinars, or live events must obtain an SCA license. This includes advice on the purchase, sale, or holding of financial products or virtual assets, as well as advice related to financial services. 

Additionally, the SCA has waived registration, renewal, and legal advisory fees for this licensing requirement for the next three years.

First 10 Licensed Finfluencers by SCA 

The initial group of finfluencers licensed by the UAE SCA spans various sectors, including banking, investment, fintech, private wealth management, and more. Below is the first batch of licensed finfluencers in the UAE:

1. Saif Yousif Khamis Abdulla Al Naqbi (@Saifsyn): former banker and diplomat, now financial adviser and investor in global financial markets, CEO of Saif Al Naqbi Group, 193,000 Instagram followers.
2. Abdulkareem Mohamed Ahmed Abdulkareem Almansoori (@theabdulkreem): private equity founder and winner of the Sheikh Mohamed bin Zayed Scholars Program (SMSP).

3. Muhannad Hassan Khalfan Hassan Alteneiji (@muhannad.alteneiji): fintech entrepreneur, founder of Matrix (an AI apps developer), 662,000 Instagram followers.

4. Muhammad Omar Alamer: private wealth specialist and investor with 17 years of experience in UAE banking, specializing in serving UHNW clients and developing financial strategies.
5. Mansour Mohammed Alderei (@Trendzpodcast): Entrepreneur, Founder and Host of Madrasat Al Istithmar, Trendz Podcast, the UAE's first podcast focused on entrepreneurship and investing content.
6. Mansour Mohammed Alderei (@3ma7): Director of Media and Corporate Communications at Rees International and an investor in several ventures.
7. Sulaiman Rashid Al Kharusi (@Alkharusi.87): content creator and supporter of Burashid Trading (BR Trading), an online educational platform that offers courses on financial trading.
8. Ziad Qaimari (@ziadaq): an experienced financial analyst and capital markets expert who has worked as an equity capital markets executive and investment fund manager.
9. Mohammad Abdulla Yousuf Al Qemzi: an independent financial analyst specializing in market dynamics and investment trend analysis.
10. Abdallah Almansoori: UAE-based independent financial analyst specializing in analyzing financial markets and investment opportunities.

Backed by their professional expertise and extensive experience, these finfluencers are certified by the SCA, allowing them to legally share financial and investment advice under specific regulations. Their certification enhances the credibility of the content they provide to the public.

Finfluencers should not operate in an 'unregulated' gray area. Given their influence and ability to shape investment decisions, their advice must be subject to professional and legal constraints. The UAE SCA has taken a decisive step by establishing a licensing framework for finfluencers, issuing the first 10 licenses. Additionally, the SCA joined the UK Financial Conduct Authority (FCA)-led ‘Global Week of Action Against Unlawful Finfluencers’, reinforcing the message that finfluencers can no longer operate without proper authorization.

Investors can also Ask a Question on BrokersView for insights into identifying legitimate finfluencers and avoiding misleading or fraudulent investment advice.