Singapore-based financial services platform Chocolate Finance said it has completed processing all withdrawal requests submitted between 10 and 18 March.
This follows a spike in customer activity that led the firm to temporarily pause instant withdrawals.
In a statement, the company said it had successfully processed and paid out all redemption requests received between 10 March and 18 March, as of the end of day on 21 March.
This applies to requests submitted before the 1pm daily cut-off, in line with the company’s terms and conditions.
Customers received 100% of their capital along with all earned returns.
Withdrawals are now being processed within the standard timeline of three to six business days, and the company said this will continue for all new requests from 24 March onward.
The surge in AXS bill payments, driven by customers maximising air miles through the rewards programme, made the setup unsustainable.
This led to the removal of AXS payments via its Visa debit card on 5 March.
The change, coupled with limited communication from the firm, caused confusion among users and triggered a surge in withdrawal requests which prompted Chocolate Finance to pause instant withdrawals.
Chocolate Finance had launched its miles reward programme in partnership with HeyMax on 11 February, offering two miles per dollar on nearly all transactions — including categories often excluded from such schemes, like insurance, utilities, and education.
While the offer attracted new users, the volume of AXS transactions exceeded expectations.
The company later clarified that the pause in instant withdrawals was a measure to manage increased transaction volumes, and not due to liquidity concerns.
Featured image credit: Edited from Freepik
