Chocolate Finance: S$1,000 Transaction Limit on Card, Withdrawals Starting to Reach Customers

Update: the transaction limit has been updated to S$1,000 as of 10.23AM, 14th March 2025

As of yesterday (12th March 2025), Chocolate Finance has resumed card transactions with a temporary S$250 S$1,000 transaction limit. Along with AXS transactions that were blocked last week, e-wallet top-ups are also no longer supported.

Separately, users have reported getting their withdrawals as of Thursday evening, 13th March 2025.

Temporary S$1,000 limit per transaction, MCC 6540 blocked

Over the few days when Chocolate Finance’s Liquidity Programme was paused, Chocolate Card transactions were also disrupted. The card has since resumed payment services albeit with a S$250 limit per transaction. Update: it has since increased to S$1,000 as of 10.23AM, 14th March 2025

I tested two transactions of under S$1 each to the same card which went through without a hitch:

However, e-wallet top-ups or transactions with 6540 Merchant Category Code (MCC) will not be possible as these join AXS transactions as payments that will be blocked entirely. It was previously possible to withdraw one’s Chocolate Finance funds through certain e-wallets apps.

There have been reports of card transactions failing still, even when spent on non-AXS or e-wallet top-ups. According to a Chocolate Finance representative, it may be a potential fraud trigger and those who experience such issues should contact the company.

Users have started to receive withdrawals

As of 13th March 2025, users have reported receiving their withdrawals. Due to price movements of the underlying performance, the resulting amount can be either lower or higher than the amount withdrawn.

As explained by various parties since the product was first launched, Chocolate Finance isn’t offering a bank account. Instead, funds are invested into investment funds and are kept separate from Chocolate Finance itself.

The reason why it now takes 3 to 6 business days is because the Liquidity Programme the company has been offering has been put on pause, and the way funds are withdrawn has reverted to the industry norm of taking days to sell the units.

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With assets kept separate and invested into funds that can be sold off on request, plenty would be said about why the situation sparked so much concern. I wish to personally address some points from this incident, and to do so properly might take some time — and I’m sure everyone can agree that hasty messages can result in miscommunication.

I thank everyone for the patience, criticism, and support. Fair criticism is always necessary to help me improve, and at the same time it is also heartening to receive kind messages with words of support which I really appreciate.

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Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.

He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.

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