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

[SpicyBird]

No wor
The lesson learnt ish dun put money wif non-SDIC insured institutions no matter how gd the returns are.

no risk no gain ma. u want sdic insured, then it's either low interests or there's alot criteria to meet (e.g. credit salary/credit card spend) if not everyone also wanna go for it liao. where got risk-free investment 1? free money drop from sky meh

 

[speedsonic]

Does MAS help to vet this statement; no need to sugarcoat, or fire coat?

"This does not affect Chocolate’s financial stability at all.
If customers withdraw, we sell the equivalent investments and return the proceeds - sometimes instantly, sometimes after settlement. At no point is customer money at risk."

can't do anything really; and how long is this going to be, above linkedin.

 

[artncraft]

No wor
The lesson learnt ish dun put money wif non-SDIC insured institutions no matter how gd the returns are.

I have a great difficulty with this guarantee.

If the bank shuts down and destroys its records, how do you prove that you have some holdings in it?

 

[EdenHazard]

I believe seth video somewhat triggered the bank run

In the first place no one said it was a bank

 

[LAMtopia]

Post from a Partner at Saison Capital. Saison Capital is a VC firm that invested in Chocolate Finance.

https://www.linkedin.com/posts/looi...s&rcm=ACoAAAJKQOEBxLKJy3Qxt6Wz2H05gPCO6MhYHhQ

 

[Smtsai]

I have a great difficulty with this guarantee.

If the bank shuts down and destroys its records, how do you prove that you have some holdings in it?

Only banks are insured by sdic . SDIC is a government-backed entity that provides deposit insurance for banks and finance companies in Singapore.

 

[addict951]

I have a great difficulty with this guarantee.

If the bank shuts down and destroys its records, how do you prove that you have some holdings in it?

You should just withdraw all your money and keep inside milo tin if you persist with that kind of thought.
The banking system did not just evolve yesterday.

 

[Equivocal2011]

Choco lat didnt shoot that Seth Wee for fake news ah?

I believe all would be handled closed doors first.
Until it requires the matter of court letter, then will be published online.

No one wants to go court... so much time/money wasted.
How much fees could Chocolate recover from Seth... to do all these...

 

[AndroidComa]

https://www.linkedin.com/posts/walt...s&rcm=ACoAAAJKQOEBxLKJy3Qxt6Wz2H05gPCO6MhYHhQ

What worked: Our HeyMax Miles partnership was designed to be groundbreaking, offering 2 miles per dollar on all spending (even typically excluded categories) —rewarding customers while deepening engagement. It worked brilliantly for customer acquisition. However, bill payments, especially through AXS, surged far beyond expectations, making the programme unsustainable.

i dun understand, what make this unsustainable? too many ppl use debit card to pay? or what?
maybe he can come out to explain why this is unsustainable?



To keep the programme going, we worked with AXS to disable Chocolate Card acceptance instead of blocking all bill payments entirely. This ensured the programme's goal of balanced rewards while keeping 2 miles per dollar on all other spend.

also this, tell AXS to disable chocolate card instead of blocking all bill payments?
seriously? AXS entire biz is pay bills Chocolate can ask them block all bill payments?

 

[Acetone]

CEO says funds are safu, need to wait for 2 days to see if after the settlement date can receive the money or not.

 

[Evil_Boss]

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

 

[CrunchTime]

I believe all would be handled closed doors first.
Until it requires the matter of court letter, then will be published online.

No one wants to go court... so much time/money wasted.
How much fees could Chocolate recover from Seth... to do all these...

It’s not about recovery of fees, it’s about restoring its reputation if that is even possible now. And to also set an example to finfluencers that what they post carries consequences and it be better be backed properly and adequately

 

[coyote]

Does MAS help to vet this statement; no need to sugarcoat, or fire coat?

"This does not affect Chocolate’s financial stability at all.
If customers withdraw, we sell the equivalent investments and return the proceeds - sometimes instantly, sometimes after settlement. At no point is customer money at risk."

can't do anything really; and how long is this going to be, above linkedin.

Make money time disregard any warning or directive.. ? Now then ask mas?

 

[Kunkka]

https://www.linkedin.com/posts/walt...p&rcm=ACoAAAGBYf8BNzRukAemLyGxZDhJGQVFUXmX-Gc

What worked: Our HeyMax Miles partnership was designed to be groundbreaking, offering 2 miles per dollar on all spending (even typically excluded categories) —rewarding customers while deepening engagement. It worked brilliantly for customer acquisition. However, bill payments, especially through AXS, surged far beyond expectations, making the programme unsustainable

Churners huats

 

[AndroidComa]

https://www.linkedin.com/posts/walt...p&rcm=ACoAAAGBYf8BNzRukAemLyGxZDhJGQVFUXmX-Gc

he also talk cock say what timing is impt
things were brewing the entire day he only posted at 5pm and on his personal linkedin page?
did he lose control over his CF webpage?

 

[LAMtopia]

What worked: Our HeyMax Miles partnership was designed to be groundbreaking, offering 2 miles per dollar on all spending (even typically excluded categories) —rewarding customers while deepening engagement. It worked brilliantly for customer acquisition. However, bill payments, especially through AXS, surged far beyond expectations, making the programme unsustainable.

i dun understand, what make this unsustainable? too many ppl use debit card to pay? or what?
maybe he can come out to explain why this is unsustainable?

Credit cards earn money from interchange fees, which are the transaction fees that merchants pay to the customer's bank (the issuing bank) for accepting card payments. My understanding is that AXS pays very little interchange fees because they have an agreement with the credit card companies to do so since they are a service provider and not really a merchant.

When CF created the product with HeyMax, they didn’t think that AXS transactions would form a large part of the overall volume. So they had been subsidising AXS transactions to give clients the 2mpd rebate. They hope to make money from other non-AXS transactions. But the reality is that because nearly all credit cards don’t give rebates/miles for AXS, all the people who signed up were using the CF cards mainly for AXS transactions. This was exacerbated by finfluencers. This is probably why CF pulled the plug on AXS transactions.

 

[0218crawford]

the guy already explained everything. jus need to wait for withdrawals to come back nia.

for those afraid to click into links. moi post here:

 

[Acetone]

he also talk cock say what timing is impt
things were brewing the entire day he only posted at 5pm and on his personal linkedin page?
did he lose control over his CF webpage?

Initially they blamed AXS.

 

[speedsonic]

Now then ask mas?

oh man i dont even know what you are talking about? this AXS initiative is not even known to all their customers and they have to be the ones to shoulder the withdrawal pause. Is kidding or what.
seeking further clarifications if this shall be acted upon.

 

[AndroidComa]

Initially they blamed AXS.

he said a lesson learnt
next time cannot blame axs liao
they blamed DBS for outage