Investing Updates : Chocolate Finance to process withdrawals in ‘orderly’ manner; all funds remain ‘protected’

Source:

https://www.straitstimes.com/business/banking/chocolate-finance-to-process-withdrawals-in-orderly-manner-all-funds-remain-protected

Apple Intelligence:

• Withdrawal Processing: Chocolate Finance will process withdrawals within 3-6 business days, in line with normal redemption cycles.

• Customer Fund Security: Customer funds are secure and segregated, ensuring the safety of investments.

• Instant Withdrawal Suspension: Chocolate Finance suspended instant withdrawals on March 10 due to high demand, with a waiting period of 3-10 days for requests made during that period.

• Investment Strategy: Chocolate Finance invests in a variety of funds, including a money market fund, but is not itself a money market fund.

• Regulatory Compliance: Chocolate Finance complies with MAS regulations by segregating customer assets and using independent custodians.

• Withdrawal Concerns: MAS is monitoring Chocolate Finance to ensure orderly customer withdrawals.

Opinion:

It's a sad state of affairs for Chocolate Finance.

Personally, I'm still going to use them but only leaving it with sufficient amount to pay utilities, medical, etc.

In my opinion, what they are doing is innovative. But the PR & customer service damages are too deep. It will take a long time to recover.