Chocolate Finance, a new financial service founded by Singlife’s founder Walter de Oude, has introduced a spare cash management account in Singapore.
The account offers a 4.2% annual return on the first S$20,000 and a target of 3.5% per annum on any additional amount, with no complex requirements, fees, or lock-ins.
The service provides daily returns, allowing customers to see their money grow every day through the app.
The sign-up is reportedly straightforward, with no hoops or complex criteria to meet.
Users can add or withdraw money at any time without any minimum or maximum limits.
Chocolate Finance operates on a zero-fee model until the target return is achieved, ensuring that fees are only incurred after customers begin earning.
The account also offers secure access through Singpass MyInfo for identity verification, along with real-time transaction alerts.
Funds are held in custodian accounts with HSBC and State Street for added protection.
Additionally, the service comes with a Chocolate Visa debit card, enabling users to access their money at any time and easily track their spending.
To ensure consistent returns, Chocolate Finance has implemented a top-up programme during the qualifying period, which covers any shortfall if the portfolio fails to meet the 4.2% return on the first S$20,000.
Regulated by the Monetary Authority of Singapore (MAS) under a Capital Market Services license, Chocolate Finance 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 at Chocolate Finance.
The Chocolate Finance app is available on the Apple App Store and Google Play Store.
Walter de Oude, Founder and CEO of Chocolate Finance, said,
“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. ”
