• Published on 14 August 2024
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Chocolate Finance introduces new place for spare cash

Chocolate Finance announced the launch of its revolutionary spare cash management account.

Founded by Walter de Oude, the visionary behind Singlife, Chocolate Finance redefines cash management with an enticing 4.2% p.a. return on the first SGD 20,000 ($15,178) and a target of 3.5% p.a. on subsequent amounts—all without complexities, fees, or lock-ins.

Key product offerings include:

• 4.2% p.a. return: Enjoy a happy 4.2% p.a. on your first SGD 20,000  ($15,178) and a target 3.5% p.a. on amounts thereafter. If the underlying portfolio doesn’t make the 4.2% p.a. target on the first SGD 20,000 ($15,178), the difference will be topped up during the qualifying period.
• Daily returns: Watch your money grow every day in the app.
• No hoops: Sign up in minutes and add money to start earning returns. No hoops or complex criteria to meet.
• No lock-ins: Flexible access to your money—add money or withdraw anytime. No minimums, no maximums.
• Zero Fees: No fees until you achieve the target return. Chocolate Finance makes money only after you make money.
• Safe and secure: Singpass MyInfo for secure identity verification; real-time transaction alerts with funds held in custodian accounts with HSBC and State Street, offering robust protection.
• Chocolate Visa debit card: Access your money anytime and track your spend easily.

Chocolate Finance holds a Capital Market Services licence from the MAS and is regulated to perform fund management activities. Their ambition for higher cash returns to make money happy and make life richer has resounded with backers including venture powerhouses such as Saison Capital; Peak XV Partners (previously known as Sequoia Capital); Prosus; and GFC. 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. For the first SGD 20,000 ($15,178), Chocolate offers a Top-Up incentive programme such that, if for some reason, the portfolio does not achieve the target rate of 4.2% p.a., Chocolate Finance will top up the difference so customers can rest assured that their money is working hard for them. The Top-Up programme will last during the qualifying period, which may be extended from time to time.

Walter de Oude, founder and CEO of Chocolate Finance, shared: “Our belief is this—when your money is happy, you’re happy too. We’re simply reinventing how to make your money work harder. 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. ”

Re-disseminated by The Asian Banker