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[SINGAPORE] The Monetary Authority of Singapore (MAS) said on Wednesday (Mar 12) that it continues to engage Singapore-based financial services firm Chocolate Finance “to ensure that all customer withdrawals will be met in an orderly fashion”.

This follows a joint statement by Chocolate Finance and global fund distribution platform Allfunds that reaffirmed the security of Chocolate Finance customers’ fund holdings, as well as “the continued orderly processing of withdrawals”.

Both parties confirmed that withdrawals are being processed “as expected”, in line with standard industry practices.

“Customers who have submitted withdrawal requests can expect to receive their monies within three to six business days from when they requested withdrawal, in accordance with normal investment fund redemption cycles,” they said.

MAS said: “Digital advisers are required to segregate customer assets from their own. In particular, customers’ assets and monies must be held in independent custody by custodians licensed and regulated by MAS.”