After reshaping the life insurance landscape in Singapore with Singlife, Walter de Oude, founder and CEO of Chocolate Finance, is now focused on making money management simple. His newly launched Chocolate Finance claims to offer users a straightforward way to optimise their spare cash with competitive returns and a user-friendly digital experience.

“We built Chocolate Finance because we think everybody should have an opportunity to optimise their spare cash,” de Oude explained. “Managing money should be simple, accessible, and enjoyable.”

Simplifying money management

With Chocolate Finance, de Oude aims to push the boundaries of traditional financial services. However, he emphasised that Chocolate Finance is still a regulated financial institution with a Capital Market Services license that adheres to the stringent standards of the Monetary Authority of Singapore. 

The online money management platform offers a 4.2% return on the first SGD 20,000 ($14,800) deposited, a competitive rate achieved through a managed portfolio of short-term fixed-income bonds that claims to provide stability and low risk. 

It boasts a top-up programme that guarantees users an expected return on the first SGD 20,000 ($14,800) of investment. If the underlying portfolio underperforms, Chocolate Finance promises to make up the difference from its own capital reserves that are carefully maintained through strategic financial planning.

“It’s about giving our users peace of mind,” de Oude said.

In addition, Chocolate Finance will not charge fees if customers do not get their returns, de Oude said, ensuring that the interests of the company and its customers are aligned. He explained that this model creates a relationship of trust with users, where Chocolate Finance only benefits when they do.

Why Chocolate Finance? “Everybody loves chocolate. Chocolate makes you happy, and we want you to be happy about your money,” de Oude mused. This focus on simplicity and user satisfaction echoes the principles that made de Oude’s previous venture, Singlife, a success.

Journey from Singlife to happy money

De Oude made significant strides in the insurance industry by founding Singlife in 2014.Singlife is among the pioneers in Singapore to offer a fully digital life insurance experience, allowing customers to purchase and manage policies entirely online. This innovation disrupted the traditional agent-driven insurance model. Singlife also integrated a debit card with its life insurance products, providing customers with a holistic financial solution that combined insurance, savings, and spending on one platform.

Having shaken up life insurance, de Oude turned his attention to a new challenge: reinventing personal financial management. “Singlife was about digitalising and optimising life insurance, a field that was already well-established,” de Oude recalled. “But with Chocolate Finance, we had to build something entirely new, something that could deliver high returns without the usual complexities involved.”

Singlife’s success did not go unnoticed. The company later merged with Aviva Singapore, creating one of the largest insurance entities in the region. Singlife was acquired by Sumitomo Life Insurance in 2023 for approximately SGD 4.6 billion ($3.4 billion), making it a fully-owned subsidiary of the Japanese insurance giant. These transactions highlight the value and impact of the digital-first approach that de Oude championed at Singlife. He has divested his interests in the enterprise.

Technology and security backbone

Turning to Chocolate Finance, de Oude said its platform is built on state-of-the-art technology to ensure reliability, scalability, and resilience. “Chocolate’s technologies are based on the same security that tech giants, like Amazon, build their platforms on,” he explained. 

The platform’s app allows users to track their returns daily and withdraw their money at any time, offering a level of flexibility that is uncommon in traditional financial services. To ensure user security, the app incorporates advanced features such as two-factor authentication and biometric security.

Reflecting on his journey from Singlife to Chocolate Finance, de Oude expressed satisfaction with how both ventures have challenged and reshaped traditional financial services. “We’re just getting started,” he said, hinting at future developments, including the introduction of additional currencies and services, as well as a debit card to further enhance the user experience.

In addition to sharing future service and value enhancements to the platform, de Oude also offered advice to young investors looking to manage their finances wisely. He advised: “Don’t focus on single stock investments; make sure you always have some money stashed away in a safe place, ready to use when needed.” 

Building a financial community 

Chocolate Finance’s approach to engaging the community goes beyond just offering financial products. “Financial services aren’t typically associated with being cool or fun, but we’re trying to change that,” de Oude said, reflecting on the company’s efforts to make finance more approachable. This is where public figures like Henry Golding come in.

Walter de Oude, Founder & CEO of Chocolate Finance, with Henry Golding

The actor, a close friend of de Oude, is both an investor and an ambassador of Chocolate Finance. De Oude feels Golding’s involvement helps make the brand more relatable and engaging to a broader audience, particularly younger and more tech-savvy individuals who might otherwise find financial services intimidating or uninteresting.

Long term success

The long-term success of Chocolate Finance will depend on its ability to maintain the simplicity, user satisfaction, and robust security that have made it attractive so far. De Oude’s extensive industry experience, combined with the strong backing of global investors such as Saison Capital, Peak XV Partners (formerly Sequoia Capital India and SEA), Prosus, and GFC, gives Chocolate Finance a solid foundation. 

Additionally, the $19 million in initial capital underscores the commitment and confidence that these investors have in the venture.

However, the market is not without its challenges. The recent failure of Bambu, a Singapore-based investment advisory platform, serves as a reminder of the difficulties in scaling and competing in the fintech space. Bambu struggled with scalability and market competition, ultimately leading to its downfall. 

In contrast, de Oude’s proven track record of innovation and successful execution suggests that Chocolate Finance stands more than an even chance of succeeding where others have faltered. De Oude is confident that the solid principles and the right support that Chocolate Finance is built on will lead to success. 

Ultimately, the platform’s commitment to user satisfaction, transparency, and security will be critical in determining whether Chocolate Finance can thrive in the long term, offering a sweet solution to money management.