The Monetary Authority of Singapore (MAS) issued comments on Chocolate Finance, an online robo-advisory service operated by Chocfin Pte Ltd, following a joint press statement by Chocolate Finance and Allfunds on the security of fund holdings and the orderly processing of withdrawals. MAS reiterated that digital advisors must segregate customer assets from their own, with customers’ assets and monies held in independent custody by custodians licensed and regulated by MAS. Customer monies must remain intact and cannot be used to meet the liabilities of the digital advisor. MAS noted Chocolate Finance and Allfunds’ confirmation that these requirements have been fully met and said it continues to engage Chocolate Finance to ensure all customer withdrawals are met in an orderly manner.
Monetary Authority of Singapore 2025-03-12
Monetary Authority of Singapore confirms Chocolate Finance client assets are segregated and held with an MAS-regulated custodian as it monitors withdrawals
The Monetary Authority of Singapore (MAS) commented on Chocolate Finance's compliance with asset segregation requirements, following a joint statement by Chocolate Finance and Allfunds. MAS emphasized that digital advisors must keep customer assets separate and held by licensed custodians. Chocolate Finance and Allfunds confirmed adherence to these requirements, and MAS is actively ensuring orderly customer withdrawals.