Is it a bank? Is it a fund manager? Chocolate Finance meltdown highlights need for clear distinction
The two may have overlapping traits, but industry watchers say the differences must be made obvious to customers
Add BT as a preferred source
[SINGAPORE] For less-savvy investors, wealth investing platform Chocolate Finance appears to offer some sweet deals. But industry watchers warn that customers must always read the fine print.
On its homepage, Chocolate Finance dangles the prospect of “a new place for your spare cash”, with “happy returns” of 3.3 per cent a year on the first S$20,000, and 3 per cent annually on the next S$30,000.
Customers are also promised that they can withdraw their money any time, with no restrictions or penalties. And there is the Chocolate Visa debit card, which allows you to “spend with ease” and enjoy “probably the best FX rates in town”.
TRENDING NOW
DBS completes US$1 billion significant risk transfer deal, a first for Singapore bank
About 1 in 7 Singapore families has income of at least S$30k a month; share almost doubled in 5 years
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
Not in education, employment or training: Why more Hong Kong youths are opting out of work
