[SINGAPORE] Financial services firm Chocolate Finance has temporarily suspended instant withdrawals due to “high demand”.
According to a notice on the Chocolate Finance mobile app on Monday (Mar 10), the platform is currently experiencing an unusually high volume of withdrawal requests.
For withdrawals made during this period, it will take three to 10 days to reach users’ accounts. Once confirmed, the withdrawal requests cannot be cancelled.
The Singapore-based company was set up last July, and boasts close to S$1 billion in assets under management as at February.
Its founder, Walter de Oude, also started Singlife in 2014.
The company said it specialises in providing investment opportunities that cater to Singaporeans’ appetite for better returns.
Chocolate Finance is licensed as a fund management service provider by the Monetary Authority of Singapore.
The Business Times has reached out to Chocolate Finance for comments.
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