Chocolate Finance suspends instant withdrawals amid ‘high demand’

Chocolate Finance’S CEO Walter de Oude and brand ambassador Henry Golding (L-R) / Photo credit: Chocolate Finance

Financial services firm Chocolate Finance has temporarily suspended instant withdrawals because of “high demand.”

A notice on the Chocolate Finance mobile app has indicated that the platform is currently experiencing an unusually high volume of withdrawal requests.

Withdrawals made within this period will take three to 10 days to reach users’ accounts. Once confirmed, the withdrawal requests cannot be canceled.

Qin En Looi, partner at Saison Capital, an early Chocolate Finance investor, clarified in a LinkedIn post that the company is not going under and that there is no bank run happening.

Chocolate Finance reinforced this in a later statement, adding that customers’ funds “are always safe.”

“This pause is not a liquidity issue but a matter of managing our increased transaction volume,” the company noted.

The Singapore-based company, which was set up in July 2024, has close to S$1 billion (US$750.8 million) in assets under management as of February 2025.

Its founder, Walter de Oude, also started Singlife in 2014.

The company says it specializes 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.

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