Crazy, sweet, startup

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Hello reader,

I used to have a sweet tooth. I still do sometimes, but I used to, too.

Candy, ice cream, chewing gum, and of course, the king of sweet treats itself – chocolate. Mmm… delicious! Over the years though, my sugary cravings have waned, and even when I do it’s not as intense.

I take my bubble tea with 25% sugar or less now; my significant other says it tastes terrible, but I love it. I snack less on chocolates and sweets, and I’m usually happy if my bottled or canned drinks have reduced sugar content.

The only thing that’s somewhat unchanged is my love for ice cream. The day I stop loving ice cream or can’t eat it anymore is the day when I’ll probably lose all will to live.

Let’s hope my love for sweet stuff doesn’t die down with Chocolate Finance. The fintech firm’s founder named it after the treat because “everybody loves chocolate.” Today’s story dives into the company and how it’s offering users a return on their spare cash that beats bank deposits.

Today we look at:

• The ingredients that make up Chocolate Finance
• Grab’s financial results from the latest quarter
• Other newsy highlights such as Shein’s new supply chain headquarters and Airwallex surpassing US$100 billion in annual processing volume

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Walter and the Chocolate Factory

Image credit: Timmy Loen

Chocolate Finance officially launched this month – a full year after a short pilot in August 2023. Established by Singlife founder Walter de Oude, the company aims to help people manage their extra cash and attain better returns than bank deposits – all while maintaining liquidity.

• Hot off the blocks: The startup, which recruited Crazy Rich Asians star Henry Golding as brand ambassador, has attracted US$19 million from investors including Peak XV Partners so far. Chocolate Finance has received a capital markets services license from the Monetary Authority of Singapore as well.
• Blaze it: The company is offering a 4.2% per annum return on the customer’s first US$15,100 by investing in short-term, investment-grade fixed income funds and money market funds. Should its underlying funds outperform, Chocolate Finance will top up any difference to make good on this rate – for a limited period of time.
• Deal sweetener: While that’s the firm’s sole product for now, future plans include launching a debit card with competitive foreign exchange rates and expanding its managed account product to other currencies.

Read more: Singlife founder’s buzzy new firm wants your spare cash

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