Chocolate Finance, Allfunds reaffirm fund security and orderly withdrawals

Funds are securely held according to Singapore’s regulations.

Chocolate Finance and Allfunds have confirmed the security of Chocolate’s customer investment fund holdings and the orderly processing of withdrawals.

In a joint statement, the companies said that all customer funds are securely held in segregated, ringfenced accounts, in full compliance with Singapore’s regulations.

““Our robust custodian framework ensures that all investments remain protected and accessible to Chocolate in accordance with standard redemption processes,” said David Pérez de Albéniz, CEO at Allfunds Singapore.

Meanwhile, Chocolate Finance also confirmed that withdrawal requests are being handled as expected. The group noted that customers typically receive their funds within three to six business days, following normal industry timelines.

“Whilst we have seen a spike in withdrawals, all are being processed in an orderly manner,” said Walter de Oude, CEO and Founder of Chocolate Finance.

On 12 March, the Monetary Authority of Singapore (MAS) also confirmed that Chocolate Finance and Allfunds are fully compliant with regulations on safeguarding customer assets.

MAS reiterated that digital advisors must keep customer assets separate from their own. These assets must be held by custodians licensed and regulated by MAS. Additionally, customer monies cannot be used to cover the digital advisor’s liabilities under any circumstances.

MAS stated it is actively engaging Chocolate Finance to ensure all customer withdrawals are processed smoothly.