Singapore fintech firm Chocolate Finance announced Wednesday the launch of its spare cash management account.

The firm said in a statement that the firm redefines cash management with an enticing 4.2 percent per annum return on the first S$20,000 ($15,178) and a target of 3.5 percent per annum on subsequent amounts — all without complexities, fees, or lock-ins.

According to the statement, the firm’s managed account is a new portfolio of fixed-income securities comprising a collection of funds.

The portfolio is currently made up of the Dimensional STIG SG fund, UOBAM United (SGD) fund, Fullerton Short Term interest rate fund (SGD) and the LionGlobal Short Duration Bond fund (SGD).

It is worth noting that the underlying funds of the Chocolate Managed Account are invested globally to optimize returns.

Any investments in global currencies are hedged back to SGD to protect against foreign exchange risk.

Chocolate Finance was founded by Walter de Oude, the Founder of Singapore Life (Singlife).

The firm holds a Capital Market Services license from the Monetary Authority of Singapore (MAS) and is regulated to perform fund management activities.

The firm was backed by venture capital firms such as Saison Capital; Peak XV Partners (previously known as Sequoia Capital); Prosus; and GFC.

It may raise further strategic investment in the future.

It also attracted Henry Golding of box-office hit Crazy Rich Asians as brand ambassador and investor.

Chocolate Finance backs its returns with a diversified investment strategy.

They leverage high-performing, short-term investment-grade fixed-income funds and money market funds to target higher yields than similar existing products in the market.

“We want to remove the friction and barriers traditionally prevalent in the personal finance space, such as complicated criteria, long lock-in periods or low liquidity, and high fees,

“Instead, we’ve built a simple, seamless place where you and your money can be happy. All the while, being in compliance with the Singapore financial services regulatory framework, ” said Walter de Oude, Founder and Chief Executive Officer of Chocolate Finance.

With extensive experience in banking and finance, Chocolate Finance says Oude has been instrumental in developing innovative investment solutions.

It is noted that prior to founding Chocolate Finance, and Singilfe, he held senior positions at prominent financial institutions, where he focused on strategy and financial services.

His expertise in investment management and commitment to financial accessibility have been key in shaping the firm’s s approach to providing simple, intuitive and transparent financial products, said the statement.

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