Omg tried to withdraw money from chocolate finance cannot immediate withdrawal. Say need up to 10 working days to withdraw

[carey]

Cadbury is cheap chocolate leh . Give something better can?

Lindt is supposed to be "premium" chocolate but now getting sued in the US for faking its quality hahah

 

[Yowe55 mini]

haha
MAS can't even work on those that they issue licence to
wanna cull influencers....
tickle my toes

Dear AndroidComa,

I trust our scholars in MAS know what are the low hanging fruits, effective and impactful changes needed.

The priority is to rid off influencers with the like of jhk Kelvin.

Confidence for the future. More good years ahead... Let us take Singapore forward together.
Thank you.

 

[PaprikaSG]

 

[Bumperbee88]

anticipating large scale withdrawals not part of their risk assessment?

btw nvr heard abt chocolate until today
guess im too old school

You have never heard of chocolate. Today we just know that chocolate eat you. Not the other way .

 

[Acetone]

How come their official linkdin page states they only have 2-10 employees.

 

[mynickname]

How come their official linkdin page states they only have 2-10 employees.

Everyone else is a subcon

 

[Bumperbee88]

Dear AndroidComa,

I trust our scholars in MAS know what are the low hanging fruits, effective and impactful changes needed.

The priority is to rid off influencers with the like of jhk Kelvin.

Confidence for the future. More good years ahead... Let us take Singapore forward together.
Thank you.

Dear IB

Agreed. Just can't tahan these people. The more that Goofy talk , the more sheeps lost $$$.

Let us take SinkieLand forward together

 

[Belle69]

How about those 'discount brokers' ?

Safe?

 

[bladez87]

exactly...

I just topped up 1 cent... still they need to verify...

I topped up $1... Stuckkkk

 

[Bumperbee88]

How come their official linkdin page states they only have 2-10 employees.

With that number of employess to manage all that $$$?

 

[Visor9999]

I cant even login now....anyone has the same problem?

Seems that’s it’s the end of the finance company

 

[Visor9999]

How come their official linkdin page states they only have 2-10 employees.

Did they run road with the billion of dollars?

 

[Bumperbee88]

How about those 'discount brokers' ?

Safe?

Just beware. There is always a reason to be almost free or very low cost. Beware counter part risk. 2008 was once shown us the risk are real. Your stocks are no held by SGX. Low cost does not mean low risk.

I never use them. Coz I don't trade often. Just be safe. Cannot afford to risk multi million portfolio.

 

[Smtsai]

yalor, actually i aslo very scare, what maribank, trust bank..etc... all these name doesnt instill confidence... hahaha

Bank don’t worry all secured by government trust bank is ntuc owned leh how to Toh… all these non secured one hard to say la this time never next time might happen..

 

[jwzkss]

Time to say bye bye to the money...

 

[sgggid]

wow this not normal leh....10 days sound scary ....

 

[Bumperbee88]

I topped up $1... Stuckkkk

Less one kopi

 

[Visor9999]

Not sure

I have questions too

what idea did they sold in the first place?

what’s their selling point?

what marketing statement that were sold to the public?

did they mention instant withdrawal in their marketing?

what was the key reason people place their funds in this platform? is it instant withdrawal?

In the end it’s all about greed, they want the 3.3% when they should just put in local banks for 2.4%. The idea is always using new people money to pay withdrawals. Like this what’s the difference between this and Ponzi scheme?

 

[mynickname]

wow this not normal leh....10 days sound scary ....

10 days just to be safe. Reality is most fund house can return in 3 working days

 

[win_man]

CNA just posted

https://www.channelnewsasia.com/sin...-high-demand-fintech-sgd-usd-deposits-4990026

SINGAPORE: Chocolate Finance has temporarily suspended instant fund withdrawals due to "high demand", it said in a notice to customers on Monday (Mar 10).

The financial services platform said that withdrawals will now take three to 10 working days before they are reflected in users' bank accounts. Such withdrawal requests also cannot be cancelled once confirmed.
The suspension comes after personal finance influencer Seth Wee, better known as Sethisfy, uploaded a YouTube video on Sunday explaining his decision to withdraw all his money from Chocolate Finance. One reason he gave was the company's removal of support for AXS payments.

The founder of travel website The MileLion, Aaron Wong, had also flagged the removal on Mar 5, with both posts making the rounds on Reddit and HardwareZone forum.
Chocolate Finance started working with AXS on Feb 11 and removed its card from the payment platform on Mar 5.

Finance blogger Dawn Cher, also known as SG Budget Babe, also shared in an Instagram story post that she had received a separate letter from Chocolate Finance, which attributed the increase in withdrawals to being "partly driven by social media".

In their website FAQs, Chocolate Finance previously allowed up to S$20,000 in instant withdrawals per day due to its "Chocolate Liquidity Programme".

It said that any money that is deposited into its account is invested in a portfolio of fixed-income funds designed to optimise returns.

But as the platform recognises the importance of liquidity, the programme is an "awesome incentive", giving its customers instant access to their money.

WHAT IS CHOCOLATE FINANCE?​

Chocolate Finance was founded last year by Walter de Oude, the founder of insurer Singlife. It is a brand under Chocfin, a capital market services licence holder regulated by the Monetary Authority of Singapore.
According to its website, funds with Chocolate Finance are held separately by custodians, including HSBC, and are not covered by the Singapore Deposit Insurance Corporation as it is not a bank. It also offers a Visa credit card which has zero foreign exchange (FX) market fees.

When it launched, its higher than average cash returns - 3.3 per cent per annum on the first S$20,000 deposited, 3 per cent per annum on the next S$30,000 and a target of 3 per cent per annum above that - created some buzz among investors.

"We take no fee and make no money until we deliver the target returns," Chocolate Finance said.
It also promised to offer even better cash returns for those parking United States dollars - a future offering promised 4.6 per cent per annum on the first US$20,000 deposited.

These targets are, however, subjected to change based on market conditions, according to Chocolate Finance.

CNA has contacted Chocolate Finance for more information on its decision to temporarily suspend instant withdrawals.

Source: CNA/dy(sn)