77 upvotes, 2 direct replies (showing 2)
View submission: Chocolate Finance has paused all instant withdrawals due to high demand
People may complain the major banks provide low interest but they won’t pull off things like this.
Money I need immediately should not be invested. If I want higher returns, use only money I don’t need in very short notice.
Comment by LimLovesDonuts at 10/03/2025 at 01:22 UTC
31 upvotes, 3 direct replies
What I don't quite get is that you get similar rates via Shopee Maribank and GxS, and at the very least, they both do have a banking license.
That being said, it's quite likely that people won't lose their money even if ChocoFin toh. AFAIK, MAS has custodian laws for this.
Comment by CrowdGoesWildWoooo at 10/03/2025 at 03:53 UTC
9 upvotes, 1 direct replies
Choco has been incredibly upfront, what they are doing is buying money market and bond fund.
Meanwhile just because they offer an instant withdrawal like a bank, now they think they should behave like bank. In this case it is a double edged sword. People who are spoiled now think that should be the norm.