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

[Dilemma6]

They believe in influencers tiktok and youtube beedios la

i cannot tahan all those finance influnecer, especially kelvin learn investing
Feels like my ears are being stabbed non stop everytime he talks

 

[white_prince]

i cannot tahan all those finance influnecer, especially kelvin learn investing
Feels like my ears are being stabbed non stop everytime he talks

Yes haha esp when they lke to talk like dragon n tiger and set wrong footstep

 

[SpicyBird]

i am not surprised… the MAS statement seem to indicate MAS seem to have some concerns of the instant withdrawal CF have initially…

actually i tried many FIs (moomoo, maribank, gxs, cf), most of them take 1 - 2 business day to process buying/selling. I'm not sure what's MAS standard for withdrawal, since FIs need to follow MAS's regulation. CF claimed that the instantly withdrawal is a unique system they have to provide liquidity to their customers by forking out money upfront using their own money first. However there's a limitation la, if all try to withdraw at the same time i think their own money also not enough... I feel that it's instant withdrawal is a goodwill thingy offered by FIs but not a MUST by MAS. However it must be processed by xx business days i think...

 

[thechangedone]

Relax la… cannot wait meh… 10 business working days at most

 

[SpicyBird]

Tried withdraw a few k today is 2nd day still waiting. Don’t tell me also need 3 days. If that’s the case, I am going GXS/trust.
nothing against them but no edge already. Same as Stashaway and Endowus kind

bo bian leh, who ask u follow the crowd... monkey see monkey do without knowing what's happening... i feel that u should find the influencers accountable for your loss of 10days kopi lui interests in CF They triggered an unwanted withdrawal out of nothing... At the end of the day, it's just longer processing time nia but u lost interests for that.

 

[NightGhost]

This kind of virtual bank jin scary.
Later gpt durian or banana bo?

 

[sacredrays]

This kind of virtual bank jin scary.
Later gpt durian or banana bo?

virtual bank? chocolate finance is not a bank.

 

[JivBunny]

This kind of virtual bank jin scary.
Later gpt durian or banana bo?

pls don’t call CF a bank.

they are NOT a bank.

 

[JivBunny]

As a fintech who issue out debit card and have issues allowing transaction of no more than $250 like a visit to a restaurant is very worrying.

I rest my case.

 

[sacredrays]

bo bian leh, who ask u follow the crowd... monkey see monkey do without knowing what's happening... i feel that u should find the influencers accountable for your loss of 10days kopi lui interests in CF They triggered an unwanted withdrawal out of nothing... At the end of the day, it's just longer processing time nia but u lost interests for that.

ya. i think their video titles should not be called clickbait liao since people don't even click to watch. should call it panicbait instead.

 

[ricohflex]

They either have money or they don't have money.
To say must have 10 working days is just a delay tactic.
After the 10 working days, they have new reasons why you cannot withdraw money.

They have in hand 1,000 reasons why you cannot get your money back and why you must WAIT.
Yet another 10 days.
And another 10 days after that.

This is symptomatic of a scam.

In such scams, wild promises are made.
Silly people put in their money.
What do the scammers do with the money?

Say for example, they get SGD $20 Billion this way.

They use this foreign capital to bet big on forex/stocks/crypto/commodities,etc...

Sometimes they actually make money. (Thanks to you for providing the capital)

If they lose big, they abscond. (after a clever delaying trick - like WAIT 10 days)

The formula is simple.
They take a risk.
You lose your life savings if they bet on the wrong things.

 

[impressionimage]

So anyone manage to get their money back After the prompt of 3-10 days?

 

[Bumperbee88]

edmwer dont understand their funds are in Money market fund
it take minimum T+2 days to sell and credit to your account
dont even need to use chocolate finance to achieve 3% on your MMF

Any platform is fine

They just follow those influencers and trust they provide best deal, liao. But not knowing these people could have gotten commissions from those companies they help to promote. Without knowing the risk

 

[pohu]

Not sure about the rest but firstly I never heard of this Chocolate Finance till what happened days ago.

Have seen what happened, I would rather put my monies elsewhere.

 

[EJB]

U got big balls

Won't fold so easily one la.

 

[The_Davis]

Won't fold so easily one la.

Everyone else panic Liao you still haven’t.
Really got guts

 

[EJB]

Everyone else panic Liao you still haven’t.
Really got guts

Scared simi... $20K only, don't overthink things, panic and hysteria is all manmade.

Got daiji MAS already announce liao.

 

[sacredrays]

They just follow those influencers and trust they provide best deal, liao. But not knowing these people could have gotten commissions from those companies they help to promote. Without knowing the risk

tbf, i watched some and can see that they had explained that chocolate finance is not a bank, and what they do with the money (which is in the faq), so i won't say they don't know the risk, more like ignored the risks.

i guess some people couldn't be bothered anyway.

 

[EJB]

tbf, i watched some and can see that they had explained that chocolate finance is not a bank, and what they do with the money (which is in the faq), so i won't say they don't know the risk, more like ignored the risks.

i guess some people couldn't be bothered anyway.

GrabPay, ShopeePay, FavePay etc, are all not banks either, they are riding on banks at the backend as they keep finance and balance. If these *Pay fails, the banks supporting them will take over.

For investments, no banks will support them, they are just either licensed and approved by MAS to operate.

 

[sacredrays]

GrabPay, ShopeePay, FavePay etc, are all not banks either, they are riding on banks at the backend as they keep finance and balance. If these *Pay fails, the banks supporting them will take over.

For investments, no banks will support them, they are just either licensed and approved by MAS to operate.

all using custodians. need see their t&c.

iirc, ewallets need to get payment service license.

investments like chocolate finance got capital markets service license.