Little impact from Chocolate Finance’s suspension of instant withdrawals: competitors

[SINGAPORE] Digital wealth platforms say they did not see a spike in withdrawals or customer enquiries, after fellow competitor Chocolate Finance announced a suspension of withdrawals on Monday (Mar 10).

Players in the same space, such as Endowus, StashAway and Syfe, reported that it was largely business as usual.

Instead, Endowus has seen a continued, steady inflow into its cash management solutions and money market funds from individuals and institutions.

“These are at the highest recorded levels into these funds since made available,” Endowus co-founder and chairman Samuel Rhee told The Business Times.

There were just one or two new queries from clients about how their funds are secured, which their client experience team addressed promptly, said Michele Ferrario, co-founder and CEO of StashAway.