Chocolate Finance withdrawal updates: Most transactions completed, remaining funds to be processed within the next business days

SINGAPORE: Some Chocolate Finance customers who requested withdrawals between March 10 and 12 should have already received their funds, with the remaining transactions expected to be completed within the next business days.

In an email update on March 17, the company said that by the end of the day on Monday (March 17), 90% of withdrawal requests made on March 10 had already been processed and paid out. The remaining redemptions are expected to be completed by the end of today (Tuesday, March 18).

For withdrawal requests made on March 11, 73% had been successfully processed by the end of Monday (March 17), with the rest expected to be completed within the next two days.

Meanwhile, withdrawals from Wednesday (March 12) onwards are being processed in an “orderly and systematic manner” and will be completed within the next three to six business days, the company said.

The delays occurred after Chocolate Finance suspended instant withdrawals on March 10 due to “high demand”. Initially, users were informed that withdrawals could take between three and 10 business days to be reflected in their accounts.

However, on March 12, the company announced that customers would have to wait for three to six business days to receive withdrawn funds, following standard industry practice.

Customers can check Chocolate Finance’s Instagram for regular updates. Those with concerns have been encouraged to review the FAQs and Terms & Conditions on the company’s website.

Following the company’s update, the Monetary Authority of Singapore (MAS) said on Monday that it continues to engage Chocolate Finance to ensure that customer withdrawals are met in an orderly fashion. /TISG