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

Asphodeli

Asphodeli

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Acetone said:
Different leh, that one is invested into funds, which typically needs clearing… this one is a deposit account. By right, it should behave like one…
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you're the one who didn't read the T&C brooo, seriously :spin:
 
Asphodeli

Asphodeli

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LAI LIAO ON BT LIAO!!!

https://www.businesstimes.com.sg/co...-suspends-instant-withdrawals-due-high-demand

[SINGAPORE] Financial services firm Chocolate Finance has temporarily suspended instant withdrawals due to “high demand”.

According to a notice on the Chocolate Finance mobile app on Monday (Mar 10), the platform is currently experiencing an unusually high volume of withdrawal requests.

For withdrawals made during this period, it will take three to 10 days to reach users’ accounts. Once confirmed, the withdrawal requests cannot be cancelled.


The Singapore-based company was set up last July, and boasts close to S$1 billion in assets under management as at February.

Its founder, Walter de Oude, also started Singlife in 2014.

The company said it specialises in providing investment opportunities that cater to Singaporeans’ appetite for better returns.

Chocolate Finance is licensed as a fund management service provider by the Monetary Authority of Singapore.

The Business Times has reached out to Chocolate Finance for comments.
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AndroidComa

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xXxMURDERxXx said:
she is right what. money market funds subjected to 2-3 days of processing for withdrawals...empty vessel shouldn't make so much noise if dunno anything
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they want to quick liquidate means the price the buyers wanna buy at will be lower too

plus their fat bonus and parking charges aside I think get back 100% is steal laugh Liao
 
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testart

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Walter-de-Oude-Launches-Chocolate-Finance-for-Simplified-Cash-Management.jpg


AMDK is Walter, Founder of Singlife
Who is the guy on the right?
 
Travis_Touchdown

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fwahz... hengz moi haben applied for this... ish waiting for others' reviews before applying it... nao might wanna wait and see howl riaoz... :s22::frown:
 
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Emperor_Hippo

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Acetone said:
Different leh, that one is invested into funds, which typically needs clearing… this one is a deposit account. By right, it should behave like one…
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deposit account but invested in funds combo leh?

then like that your "by right it should behave like one" argument instantly evaporate liao.
 
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testart

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Walter de Oude, Founder and CEO of Chocolate Finance, said,

“Our belief is this—when your money is happy, you’re happy too. We’re simply reinventing how to make your money work harder. We want to remove the friction and barriers traditionally prevalent in the personal finance space, such as complicated criteria, long lock-in periods or low liquidity, and high fees. Instead, we’ve built a simple, seamless place where you and your money can be happy. All the while, being in compliance with the Singapore financial services regulatory framework. ”


https://fintechnews.sg/100303/wealthtech/chocolate-finance-launch/
 
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Emperor_Hippo

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act333 said:
I saw this on tele - MAS will bail chocolate finance out… too many users will lose money. They are too big to fail

so dont worry
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MAS will tell telegram siaolangs go jiak sai.

simi all MAS bailout, 当金管局是印钱的啊？！
 
Asphodeli

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Equivocal2011 said:
Now it's a matter of whether they did this arrangement properly.
If done well, they should at least pay back some money. But maybe not 100%.
Bank runs are never a nice thing to go through or handle.

Let's hope for the best.
Keep one another updated on any developments.
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in theory should be pretty close since it is MMF, 99%...but who knows, since this has never been tested in the real world before
 
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