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

[carey]

Lesson learned. Next time don't offer instant withdrawals. Even the bigger players don't offer such facilities

If not, there's nothing to differentiate them from other providers mah

But such a "run" wasn't within their expectations

Even for a normal bank, they don't keep a lot of liquid cash lying around - idle money doesn't earn money

 

[DragonFire]

Hard to say ..

If they can make good all the withdrawals they will survive this most likely as the less faithful edge cases will see their faith restored. It would actually go miles to prove to people who haven't put money in yet that they are managed well enough to weather considerable turmoil.

 

[carey]

Bail your lp, nothing to do with MAS or should MAS bail out when people put in money without finding out the risk.

This is just a another hyflux and there will not be a bailout

The whole of SG should not be held to a random cos of these kumgong kia think chocolate finance is a bank

But this saga happening now can affect their erection

 

[carey]

I just unable to comprehend, why those sheep follows a non professional moves? These are their hard earned money, and yet they take it so lightly. As if is free money from the sky.

Greater fool effect

Even the compliance head from TH was fooled into investing in that nickel scam hor

 

[tmkedmw]

Bail your lp, nothing to do with MAS or should MAS bail out when people put in money without finding out the risk.

This is just a another hyflux and there will not be a bailout

The whole of SG should not be held to a random cos of these kumgong kia think chocolate finance is a bank

Hyflux is like wat... 4-5 years already.
Gov got money to fund kopitiam owner toilet, but no care many who lost retirement money.

 

[carey]

Which part?

For me, the entire thing was marketed as a high yield deposit account and yet they are investing in money market funds. There's already an outright liquidity/maturity/risk mismatch. Still got debit card somemore.

They are pretending to be a bank when they are just a fund house - very loose term - if you will.

I rather just invest in a money market fund myself.

I hope the authorities really scrutinize what they are doing

 

[sanzhu]

Youtrip cancelled transaction but no refund

 

[AndroidComa]

If not, there's nothing to differentiate them from other providers mah

But such a "run" wasn't within their expectations

Even for a normal bank, they don't keep a lot of liquid cash lying around - idle money doesn't earn money

they are not a bank
why go and issue debit cards
and then why still go and offer 2mpd
really stupid

 

[sanzhu]

I hope the authorities really scrutinize what they are doing

Lehmann brother
Digital ass set crypto

De dollrozation

 

[huihong]

they are not a bank
why go and issue debit cards
and then why still go and offer 2mpd
really stupid

gian png sinkie see 2pmd, ji tao use for every thing.

 

[huihong]

Youtrip cancelled transaction but no refund

duno why people still using youtrip

moi using trust bank, can earn many linkpoints use at fairprice hoot groceries

buy stuff overseas use apply pay got zero conversion fees

 

[Spirax]

Should have rename as cocowealth finance, at least more altas name
Why name chocolate?

 

[carey]

Exactly....The longer they drag and the fire get bigger...
Perhaps the fire already grow too big for them to control ....

Start ups usually don't have very good damage control teams

 

[angkukuehboy]

Quite happy to see amdks running big companies while sinkies enjoy hdbs

 

[Forever84]

Quite happy to see amdks running big companies while sinkies enjoy hdbs

You want u can setup a shop called durian finance

Like this also can link back to sinkie staying hdb.

 

[Smtsai]

Youtrip cancelled transaction but no refund

What happen

 

[AndroidComa]

"Technically 2mpd is capped at first 1k spent, after that it’s an uncapped 0.4mpd for anything > $1k."

recalled there were T&Cs that were imposed..... the above from some posters in reddit sg....
unlimited at 0.4mpd can make chocolate bankrupt ma?



this one also very true and i quote
"using it as Chocolate Finance advertised?
The sheer reason why many people sign up in the first place?
If you don't want people to use it on AXS then don't advertise so.
Thats like DBS offering a fuel rebate card and getting mad that people are using it at petrol stations."

 

[carey]

Founder is ex Singlife so what? Means everything he touch turn to gold?

2 types of folks I have little trust in - used car salesmen and insurance agents

 

[tmster]

What's clear now is this company is a small outfit with very little buffer to handle unexpected events. Not a good look on them.

 

[sacredrays]

"Technically 2mpd is capped at first 1k spent, after that it’s an uncapped 0.4mpd for anything > $1k."

recalled there were T&Cs that were imposed..... the above from some posters in reddit sg....

unlimited at 0.4mpd can make chocolate bankrupt ma?

ppl pay income tax 1 time enough for a round trip economy to tokyo liao leh.. imagine what other bills they pay to earn even more miles.