Chocolate Finance announced on 15 March 2025 that customers have started receiving their requested funds following a temporary suspension of instant withdrawals earlier this week, according to the Business Times.
As Chocolate Finance resumes withdrawals, the suspension, implemented on 10 March 2025 due to high transaction volumes, has now been lifted. The company is working to process withdrawals in line with its standard redemption timeline of three to six business days.
The report said the firm also raised the spending cap on its Chocolate Visa debit card to S$1,000, up from the S$250 limit imposed on 11 March 2025, to manage what it referred to as its “liquidity programme.”
Chocolate Finance stated on 14 March 2025 that it hopes to increase the spending cap further, but no timeline has been provided for its complete removal.
In a statement issued the same day, Chocolate Finance mentioned that customers who requested to withdraw their money earlier have started to receive their monies and will continue to receive their withdrawals, following the standard redemption process.
Lim, a 28-year-old banking executive who requested to be identified only by his last name according to the Business Times, confirmed he received his withdrawal of S$5,000 on 13 March 2025. He was glad to have his money back.
However, not all customers have received their funds as yet.
Chocolate Finance initially suspended instant withdrawals on Mar 10, citing high demand. The company clarified that the pause was “not a liquidity issue, but a matter of managing our increased transaction volume.”
On 12 March 2025, Chocolate Finance assured customers that withdrawals would be processed within three to six business days, aligning with standard investment fund redemption practices.
The company has not disclosed the total volume of withdrawal requests it has processed since 10 March 2025.
Chocolate Finance resumes withdrawals and raises the debit card spending cap as part of its latest efforts to address customer concerns and stabilise operations.
Chocolate Finance, a brand under Chocfin Pte Ltd, operates under the regulation of the Monetary Authority of Singapore.
Source of image: Edited from Freepik
