Chocolate Finance is a new financial service founded by the founders of SingLife. Walter de Oudehas introduced the Reserve Cash Management Account in Singapore.
The account offers a 4.2% annual return on your first S$20,000 and a target return of 3.5% per annum on any additional amounts. There are no complicated requirements, fees or binding terms.
The service offers earnings daily, so customers can watch their money grow every day through the app.
Registration is reportedly easy and does not involve any difficult procedures or complex conditions to meet.
Users can add or withdraw funds at any time with no minimum or maximum restrictions.
Chocolate Finance They operate on a zero-commission model until the target revenue is reached, and only start charging commission once the client starts generating revenue.
The account also provides identity verification with secure access via Singpass MyInfo, as well as real-time transaction alerts.
For added protection, funds are held in custodial accounts with HSBC and State Street.
Additionally, the service comes with a Chocolate Visa debit card, allowing users to access their money at any time and easily track their spending.
To ensure consistent returns, Chocolate Finance has a top-up programme in place during the eligibility period to cover any shortfall if the portfolio fails to achieve the 4.2% return on the first S$20,000.
Chocolate Finance is regulated under the Monetary Authority of Singapore’s (MAS) Capital Markets Services Licence and is backed by investors including Saison Capital, Peak XV Partners, Prosus and GFC.
Henry Golding, known for his role in Crazy Rich Asians, is also a brand ambassador and investor for Chocolate Finance.
The Chocolate Finance app is Apple App Store and Google Play Store.
Walter de Oude, Founder and CEO of Chocolate Finance, said:
“Our belief is that if your money is happy, you are happy. We are simply reinventing the way to make your money work for you more efficiently. We want to remove the friction and barriers that are traditionally common in the personal finance space – complex norms, long lock-in periods, low liquidity and high fees. Instead, we have built a simple and seamless place where you and your money can be happy – all the while complying with Singapore’s financial services regulatory framework.”
