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

[cpuer]

The account holders should gather together tomorrow and discuss the next course of action.

I second it. I like to suggest the few influencers lead the team, being the influencers, they have the moral obligation to do it.

 

[sango65]

damage control from CEO?

https://www.channelnewsasia.com/sin...e-withdrawal-walter-de-oude-axs-miles-4990846

 

[sacredrays]

https://www.channelnewsasia.com/sin...e-withdrawal-walter-de-oude-axs-miles-4990846

the product team sure kena jialat jialat for never think through well

 

[AndroidComa]

damage control from CEO?

https://www.channelnewsasia.com/sin...e-withdrawal-walter-de-oude-axs-miles-4990846

all are history, all facts are known before the start of the business day
but can only damage control after office hours
entire day what he doing? using his excel?
or contacting those gin na pi to push out a very very sus 'official chocolate statement'?

 

[AndroidComa]

https://www.channelnewsasia.com/sin...e-withdrawal-walter-de-oude-axs-miles-4990846

the product team sure kena jialat jialat for never think through well

who knows the persons who game this the most are the product team members or their spouse

 

[sacredrays]

who knows the persons who game this the most are the product team members or their spouse

duno. prev page got ppl say they saw ss of others paying iras and earn like 5 digits worth of miles in one shot.

 

[SimpleToo]

all are history, all facts are known before the start of the business day
but can only damage control after office hours
entire day what he doing? using his excel?
or contacting those gin na pi to push out a very very sus 'official chocolate statement'?

i also quite surprise they decide to give sub-official statement to influencer first…. This kind of thing need discuss properly through official channel… and customer is left confused for the entire day…

 

[sacredrays]

damage control from CEO?

https://www.channelnewsasia.com/sin...e-withdrawal-walter-de-oude-axs-miles-4990846

not dmg control. he just repeating the facts which many ppl are still refusing to believe.

but yea, a bit too slow to do this tbh.

 

[Acetone]

Good that MAS is now questioning their “instant withdrawal”

damage control from CEO?

https://www.channelnewsasia.com/sin...e-withdrawal-walter-de-oude-axs-miles-4990846

 

[Laguna123]

Actually the CEO nv thought that sinkie very gian png can make so much claims on AXS miles.

 

[AndroidComa]

i also quite surprise they decide to give sub-official statement to influencer first…. This kind of thing need discuss properly through official channel… and customer is left confused for the entire day…

they seems to always go the unconventional, a.k.a stupid route since the debit card is launched...
they need a better PR team
anyways i continue to press withdraw today, press all in batches in case they chut stun

 

[AndroidComa]

Actually the CEO nv thought that sinkie very gian png can make so much claims on AXS miles.

he can just target this small group of people and issue warning, or put a cap on earnings
but no, they press emergency stop button, then say hey! it is the button which pressed itself!

 

[sg-united]

This whole saga is due to the poor PR by the company. It took the company too long to calm the market. They failed to realise that they are servicing retail investors. Retail investors' mindsets are totally different for accredited or institutional investors. The company marketing/PR/Legal & Compliance need to learn from this saga. Time is essence in any publicity crisis.

It has nothing to do with the financial standing of the company. Under the MAS' regulations, the company is required to segregate its assets/monies from clients' assets/monies. Furthermore, there is no solvency issue given that MAS tracks all regulated FIs finances on a quarterly/yearly basis. Unless the company produced fraudulent reports, there are no tell-tale signs that the company is facing any credit issues. What those Youtubers citing were the low returns as the major catalyst of their fund withdrawals coupled with lack of integrity of the management in handling the AXS issue. They did not state that the company is facing credit crunches.

The real risk to investors is the counterparty risk of the company that it invests. For example, the company takes your money and invests in a MMF managed by a ABC fund manager, and this manager mismanaged or defaulted for whatever reasons. Even in such scenarios, you may not lose all your investments.

Due to fear instilled by people over the social media, it created a massive withdrawals of funds. This causes liquidity issue in the short-term. Bear in mind that most companies do not keep too much cash as idle cash is a cost to companies. It will take time to call back funds via redemption of investments, etc.

 

[SimpleToo]

who knows the persons who game this the most are the product team members or their spouse

duno. prev page got ppl say they saw ss of others paying iras and earn like 5 digits worth of miles in one shot.

ya I am the one who said that… idk what that guy is doing as well… paying 60-70k through axs for insurance and taxes… I do suspect he paying his business related expenses…
also don’t look down on siao on mile/ cashback chaser…. I remember last time got a technique like transfer from Amex to grabpay card to a debit card for maid (can’t rmb name) to EZ-Link wallet den to revolt wallet to withdraw out… and earn cashback on the way…
in the end the maid card company close shop, which I suspect to be due to the loss from this…

 

[AndroidComa]

damage control from CEO?

https://www.channelnewsasia.com/sin...e-withdrawal-walter-de-oude-axs-miles-4990846

i think even karang guni company can afford a better quality company uniform than that

 

[sacredrays]

This whole saga is due to the poor PR by the company. It took the company too long to calm the market. They failed to realise that they are servicing retail investors. Retail investors' mindsets are totally different for accredited or institutional investors. The company marketing/PR/Legal & Compliance need to learn from this saga. Time is essence in any publicity crisis.

It has nothing to do with the financial standing of the company. Under the MAS' regulations, the company is required to segregate its assets/monies from clients' assets/monies. Furthermore, there is no solvency issue given that MAS tracks all regulated FIs finances on a quarterly/yearly basis. Unless the company produced fraudulent reports, there are no tell-tale signs that the company is facing any credit issues. What those Youtubers citing were the low returns as the major catalyst of their fund withdrawals coupled with lack of integrity of the management in handling AXS issue. They did not state that the company is facing credit crunches.

The real risk to investors is the counterparty risk of the company that it invests. For example, the company takes your money and invests in a MMF managed by a ABC fund manager, and this manager mismanaged or defaulted for whatever reasons. Even in such scenarios, you may not lose all your investments.

Due to fear instilled by people over the social media, it created a massive withdrawals of funds. This causes liquidity issue in the short-term. Bear in mind that most companies do not keep too much cash as idle cash is a cost to companies. It will take time to call back funds via redemption of investments, etc.

u think how many people actually watched their videos? so many read title and start to panic

 

[SimpleToo]

Yeah, somehow I feel he is a bit like an edmwer, big canon fairy… saying withdrawals are only a small amount….

if small amount, then how come they can’t fulfil their instant withdrawals for these “small amounts” ?

Confirm the withdrawal exceeds 10 to 20 percent minimally, resulting their liquidity run dry even their debit card liquidity run out also from those withdraw using grabpay

 

[AndroidComa]

This whole saga is due to the poor PR by the company. It took the company too long to calm the market. They failed to realise that they are servicing retail investors. Retail investors' mindsets are totally different for accredited or institutional investors. The company marketing/PR/Legal & Compliance need to learn from this saga. Time is essence in any publicity crisis.

It has nothing to do with the financial standing of the company. Under the MAS' regulations, the company is required to segregate its assets/monies from clients' assets/monies. Furthermore, there is no solvency issue given that MAS tracks all regulated FIs finances on a quarterly/yearly basis. Unless the company produced fraudulent reports, there are no tell-tale signs that the company is facing any credit issues. What those Youtubers citing were the low returns as the major catalyst of their fund withdrawals coupled with lack of integrity of the management in handling the AXS issue. They did not state that the company is facing credit crunches.

The real risk to investors is the counterparty risk of the company that it invests. For example, the company takes your money and invests in a MMF managed by a ABC fund manager, and this manager mismanaged or defaulted for whatever reasons. Even in such scenarios, you may not lose all your investments.

Due to fear instilled by people over the social media, it created a massive withdrawals of funds. This causes liquidity issue in the short-term. Bear in mind that most companies do not keep too much cash as idle cash is a cost to companies. It will take time to call back funds via redemption of investments, etc.

they have an app
they have a page
but calm the market, they wait till at night before going to CNA for a video
after all MSM picked up and pushed out an article liao then they move their backside
damn stupid

but fact is there can be bad publicity but it still is a way of marketing
marketing their poor PR skills

 

[AndroidComa]

u think how many people actually watched their videos? so many read title and start to panic

if it came out at 10am in the morning, it will be more effective than it coming out at 9pm

 

[Rosanjinz]

Actually all this can be prevented if all the influencers that were not paid by them didn't promote them so aggressively

Not as if they were paid by them