The Monetary Authority of Singapore (MAS) said Wednesday that it continues to engage Chocolate Finance, an online robo advisory service operated by Chocfin Pte Ltd, to ensure that all customer withdrawals will be met in an orderly fashion.

MAS said in a statement that digital advisors are required to segregate customer assets from their own.

In particular, customers’ assets and monies must be held in independent custody by custodians licensed and regulated by MAS.

“Customer monies must remain intact and cannot be used to meet the liabilities of the digital advisor at all times,” the regulator said.

MAS also noted the confirmation provided by both Chocolate Finance and Allfunds, an independent fund custodian, that these requirements have been fully met.

Chocolate Finance and Allfunds have also on Wednesday issued a joint press statement on the security of Chocfin’s fund holdings and orderly processing of withdrawals.

The duo reaffirmed the security of Chocolate’s customer Investment Funds holdings and the continued orderly processing of withdrawals in line with standard industry practices.

As a licensed custodian, Allfunds said it provides fund dealing and custody services to Chocolate, ensuring that Chocolate customers’ investments are securely custodised and safeguarded within Singapore’s regulatory framework.

Through these services, Chocolate customers benefit from Allfunds’ global expertise in fund custody, dealing and settlement, reinforcing the safety of their holdings, said the statement.

Chocolate also emphasized that all customer investment funds are securely held by Chocolate in segregated, ringfenced accounts with both Chocolate and Allfunds.

These fund holdings are custodied separately and managed in accordance with Singapore’s strict regulatory and fiduciary safeguards, ensuring that customers’ fund holdings remain fully protected.

“Customer investment funds ́ holdings are completely segregated and ringfenced, as required by Singapore’s regulations, which means that the safety of investment fund holdings is assured,

“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, Chief Executive Officer at Allfunds Singapore.

Meanwhile, both Chocolate and Allfunds confirmed that withdrawals (redemption orders) are being processed as expected and in line with industry-standard settlement periods.

Customers who have submitted withdrawal requests can expect to receive their monies within 3 to 6 business days from when they requested withdrawal, in accordance with normal investment fund redemption cycles.

“Chocolate is committed to providing a secure and transparent experience for our customers,” said Walter de Oude, Chief Executive Officer and Founder of Chocolate.

“While we have seen a spike in withdrawals, all are being processed in an orderly manner,

“We assure customers that their funds are secure, and withdrawals are proceeding as scheduled,” he added.

Chocolate said it continues to work closely with Allfunds to ensure the highest level of security, compliance, and operational efficiency.

It emphasized that Chocolate remains dedicated to maintaining trust in Singapore’s financial system and providing a reliable and well-managed investment platform.

Chocolate is a brand of Chocfin, a licensed Capital Markets Services company, offering innovative financial solutions to help individuals optimize their cash holdings.

Allfunds is a business to business (B2B) wealth technology platform connecting fund houses and distributors worldwide.

With a focus on fund distribution, custody, and data solutions, the platform provides institutions with access to investment opportunities.

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