Redemptions are processed in accordance with the ‘standard three to six business days’ processing time’, it adds.
[SINGAPORE] Chocolate Finance has processed and paid out the majority of the withdrawal requests made on Mar 10 and 11, after it received an “unusually high” number of withdrawal requests, the financial services platform said in an update on Monday (Mar 17).
This comes after the company on Mar 10 temporarily suspended instant withdrawals due to “high demand”.
As at the end of Mar 17, about 90 per cent of the redemption requests received on Mar 10, and 73 per cent of the ones received on Mar 11, have been processed and paid out, the company noted.
The remaining redemptions from Mar 10 are scheduled to be completed by Mar 18; those from Mar 11 are expected to be completed over the next two days.
The company noted that redemption requests are processed in accordance with the “standard three to six business days’ processing time”.
It added that requests received on or after Mar 12 are being processed “in an orderly and systematic manner” and are expected to be completed within the same timeframe.
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“Chocolate Finance appreciates its customers’ patience and remains focused on delivering a secure and rewarding financial experience,” it said.
Separately, the Monetary Authority of Singapore reiterated in a statement on Monday that it continues to engage the company to ensure that customer withdrawals are met in an orderly fashion.
Chocolate Finance’s temporary suspension of instant withdrawals had raised concerns among investors about the company’s liquidity. This was after a notice on its mobile app about an unusually high volume of withdrawal requests went viral among the online community.
The platform issued a statement then and said that liquidity issues were not the reason, but that it was a “matter of managing increased transaction volumes”.
Before the suspension, customers could request for instant withdrawals of up to S$20,000 a day.
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