- Singlife founder launches Chocolate Finance.
- New venture offers high-yield cash management alternative.
- Product attracts customers despite potential volatility concerns.
Sweet returns for spare change
Walter de Oude, the mastermind behind Singlife, is back with a new fintech venture that’s causing a stir in Singapore’s financial landscape.
Chocolate Finance, his latest brainchild, offers an enticing alternative to traditional bank deposits. The startup promises higher returns on spare cash, with rates up to 4.2% per annum for the first S$20,000 (US$15,100) invested.
Not your average money box
Despite not being a bank, Chocolate Finance has secured a Capital Markets Services license from the Monetary Authority of Singapore.
The company invests user funds in short-term, investment-grade fixed income and money market funds, aiming for stable returns that outpace fixed deposits.
With over 22,000 early-access customers and US$19 million in funding from notable investors, the startup is quickly gaining traction.
While the high returns are attractive, some industry experts have raised concerns about the potential for greater volatility compared to traditional cash management products.
De Oude counters these worries by emphasizing careful fund curation and a commitment to consistent returns. Looking ahead, Chocolate Finance plans to introduce a multicurrency debit card and expand its offerings to include US dollar-denominated accounts.
To read the original article: https://www.techinasia.com/singlife-founders-buzzy-startup-spare-cash
