Singaporean fintech company Chocolate Finance announced on Wednesday the launch of an account to manage free cash.
In a statement, the company said it was redefining cash management, with an enticing return of 4.2 percent per annum on the first S$20,000 ($15,178) and a target of 3.5 percent per annum on all subsequent amounts – all without complexities, fees or lock-ins.
Chocolate Finance was founded by Walter de Oude, the founder of Singlife.
The company holds a Capital Market Services license from the Monetary Authority of Singapore (MAS) and is authorized to carry out fund management activities.
The company was backed by venture capital firms such as Saison Capital, Peak XV Partners (formerly known as Sequoia Capital), Prosus and GFC.
Henry Golding from the box office hit “Crazy Rich Asians” was also brought on board as a brand ambassador and investor.
Chocolate Finance secures its returns through a diversified investment strategy.
They use high-performing, short-term fixed income funds and investment grade money market funds to generate higher returns than comparable products on the market.
“We want to eliminate the friction points and barriers that traditionally prevail in the area of personal finance, such as complicated criteria, long lock-in periods or low liquidity and high fees.
“Instead, we have created a simple, seamless place where you and your money can be happy. All while complying with Singapore’s financial services regulatory framework,” said Walter de Oude, founder and CEO of Chocolate Finance.
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