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21 March 2025

Chocolate Finance provides update on withdrawals processing

Chocolate Finance (Chocfin Pte. Ltd.) has provided an update on the status of redemption processing following a period of unusually high withdrawal requests. 

Redemption progress:

• ‍Redemption requests received continue to be processed in an orderly fashion in accordance with the standard three to six business days processing time.

• 100% of the redemption requests received between Monday March 10 and Tuesday March 18* have been successfully processed and paid out as of the end of day Friday, March 21.  
• All customers who have received their withdrawals, have received 100% of their capital invested together with all their earned returns.

• Going forward from Monday, March 24, Chocolate Finance will continue to process all withdrawals within the 3-6 business day timeline.

Customer resources:

• For regular updates, follow the Chocolate Finance Instagram channel, featuring updates from CEO Walter De Oude and the Chocolate team.
• For concerns, customers are encouraged to review the FAQs and Terms & Conditions at www.chocolatefinance.com.

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Chocolate Finance appreciates its customers’ patience and remains focused on delivering a secure and rewarding financial experience.

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*Received before the daily cut-off time of 1 pm in accordance with Chocfin’s terms and conditions.

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17 March 2025

Chocolate Finance provides update on withdrawals processing

Chocolate Finance (Chocfin Pte. Ltd.) has provided an update on the progress of redemption processing and operational adjustments following a period of unusually high withdrawal requests. 

Redemption progress:

• Redemption requests received are processed in accordance to the standard three to six business days processing time.‍
• 90% of the redemption requests received on March 10th have been successfully processed and paid out as of the end of day Monday, March 17th*. The remaining March 10th redemptions are scheduled to be completed by the end of day on Tuesday, March 18th.
• 73% of the redemption requests received on March 11th have been successfully processed and paid out as of the end of day Monday, March 17th. The remaining March 11th redemptions are scheduled to be completed over the next two days.  
• Redemption requests received on or after Wednesday 12 March are being processed in an orderly and systematic manner, and will also be completed within three to six business days.

Customer resources:

• For regular updates, follow the Chocolate Finance Instagram channel, featuring updates from CEO Walter De Oude and the Chocolate team.
• For concerns, customers are encouraged to review the FAQs and Terms & Conditions at www.chocolatefinance.com.

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Chocolate Finance appreciates its customers’ patience and remains focused on delivering a secure and rewarding financial experience.

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*Received before the daily cut-off time in accordance with Chocfin’s terms and conditions.

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‍12 March 2025

Chocolate Finance and Allfunds reaffirm customers’ fund holdings security and orderly withdrawal processing

Chocolate Finance and Allfunds, the global fund distribution platform, today jointly reaffirm the security of Chocolate’s customer Investment Funds holdings and the continued orderly processing of withdrawals in line with standard industry practices.

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As a licensed custodian, Allfunds provides fund dealing and custody services to Chocolate, ensuring that Chocolate customers’ investments are securely custodised and safeguarded within Singapore’s regulatory framework. Through these services, Chocolate customers benefit from Allfunds’ global expertise in fund custody, dealing and settlement, reinforcing the safety of their holdings.

Customer investment funds holdings are secure and ringfenced

Chocolate emphasize that all customer investment funds are securely held by Chocolate in segregated, ringfenced accounts with both Chocolate and Allfunds. These fund holdings are custodied separately and managed in accordance with Singapore’s strict regulatory and fiduciary safeguards, ensuring that customers’ fund holdings remain fully protected.

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“Customer investment funds´ holdings are completely segregated and ringfenced, as required by Singapore’s regulations, which means that the safety of investment fund holdings is assured,” said David Pérez de Albéniz, CEO at Allfunds Singapore”. “Our robust custodian framework ensures that all investments remain protected and accessible to Chocolate in accordance with standard redemption processes.”

Withdrawals are proceeding in an orderly manner

Both Chocolate and Allfunds confirm that withdrawals (redemption orders) are being processed as expected and in line with industry-standard settlement periods. Customers who have submitted withdrawal requests can expect to receive their monies within 3 to 6 business days from when they requested withdrawal, in accordance with normal investment fund redemption cycles.

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“Chocolate is committed to providing a secure and transparent experience for our customers,” said Walter de Oude, CEO and Founder of Chocolate. “While we have seen a spike in withdrawals, all are being processed in an orderly manner. We assure customers that their funds are secure, and withdrawals are proceeding as scheduled.

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”Chocolate continues to work closely with Allfunds to ensure the highest level of security, compliance, and operational efficiency. Chocolate remains dedicated to maintaining trust in Singapore's financial system and providing a reliable and well-managed investment platform.

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We appreciate our customers’ patience and understanding during this time and thank them for being part of the Chocolate family.

10 March 2025

Press statement from Chocolate Finance

During a period of unusually high withdrawal requests, Chocolate Finance has temporarily paused its instant withdrawal and card transaction services. We want to reassure our customers that Chocolate Finance remains a strong and stable place for your spare cash, and we are here for the long run. Transparency and customer service are our top priorities, and your funds are always safe. As a fund manager licensed by the Monetary Authority of Singapore (MAS), we invest in highly liquid, short-term investment-grade bonds, ensuring that customer money is safeguarded under independent custody.

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While fund managers do not typically offer instant liquidity for withdrawals, Chocolate’s provides instant withdrawals through its unique liquidity programme, which makes it possible to receive proceeds earlier than usual. Due to the recent temporary surge in withdrawals, we have paused this programme and reverted to the standard fund redemption process, which takes 3–10 business days to settle. This pause is not a liquidity issue but a matter of managing our increased transaction volume. Chocolate card transactions are also temporarily paused as we actively implement measures to manage this volume and expedite the return to normal service.

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We commit to providing regular updates to our customers. If you have concerns, we encourage you to read through our FAQs and our T&Cs via www.chocolatefinance.com. We appreciate our customers’ patience and remain focused on delivering a secure and rewarding financial experience.