MAS Engages with Chocolate Finance to Ensure Orderly Withdrawals

The Monetary Authority of Singapore (MAS) has been working with Chocolate Finance to ensure that customer withdrawals are processed in an orderly fashion. This effort follows a joint statement by Chocolate Finance and Allfunds, a global fund distribution platform, that reaffirmed the security of Chocolate Finance customer fund holdings.

Key Developments

• Chocolate Finance has been experiencing issues with customer withdrawals, with some customers facing wait times of up to 10 days.
• The company has since announced that it will process withdrawals within three to six business days.

MAS Intervention

The Monetary Authority of Singapore’s engagement with Chocolate Finance aims to ensure that financial institutions in Singapore operate smoothly and customer withdrawals are processed efficiently.

Timeline

• Joint statement by Chocolate Finance and Allfunds reaffirming the security of Chocolate Finance customer fund holdings
• MAS begins engagement with Chocolate Finance to ensure orderly withdrawals
• Chocolate Finance announces revised withdrawal processing timeline (three to six business days)