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    Home»Financial Technology»MAS Monitoring Chocolate Finance to Ensure Orderly Withdrawals
    Financial Technology

    MAS Monitoring Chocolate Finance to Ensure Orderly Withdrawals

    FintechFetchBy FintechFetchMarch 12, 2025No Comments2 Mins Read
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    The Monetary Authority of Singapore (MAS) is engaging with Chocolate Finance to ensure customer withdrawals are processed in an orderly manner. ​

    Chocolate Finance, a Singapore-based financial services platform operated by Chocfin, temporarily suspended instant withdrawals on 10 March 2025 due to a surge in customer requests. ​

    The spike was attributed to a major surge in AXS bill payments, as users sought to maximise benefits from the platform’s miles reward programme. ​

    Walter de Oude

    Chocolate Finance CEO Walter de Oude shared that this surge made the programme unsustainable, leading to the removal of AXS payments via its Visa debit card on 5 March. ​

    The firm acknowledged that its communication regarding the change was inadequate, leading to confusion among customers. ​

    Many feared liquidity issues, triggering a wave of withdrawal requests which led to the suspension of instant withdrawals. ​

    Chocolate Finance issued a joint statement with Allfunds, an independent fund custodian, affirming that customer assets remained secure and that measures were being implemented to restore normal operations. ​

    MAS emphasised that digital advisors are required to segregate customer assets from their own, with funds held by independent custodians licensed and regulated by the authority. ​

    The regulator said,

    “Customer monies must remain intact and cannot be used to meet the liabilities of the digital advisor at all times.” ​

    MAS noted that Chocolate Finance and Allfunds have confirmed compliance with these requirements. ​

    The regulator will continue to monitor the situation to ensure adherence to regulatory obligations and the protection of customer interests. ​

    Featured image credit: Edited from Freepik



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