Singapore’s Chocolate Finance, MAS in Talks as Cashouts Jump (2)

Singapore’s financial regulator said it is engaging with Chocolate Finance, a robo-advisory firm, after the startup experienced a surge in customer requests to redeem their investments and halted instant withdrawals.

The Monetary Authority of Singapore said in a statement on Wednesday that the goal is “to ensure that all customer withdrawals will be met in an orderly fashion.”

The regulator got involved after Chocolate Finance earlier this week suspended instant withdrawals, following a demand surge that was apparently triggered by frustrated users of its debit cards.

Chocolate Finance was founded in July last year and is licensed by the ...