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   Adrianna Tan (skinnylatte@hachyderm.io)'s status on Tuesday, 11-Mar-2025 01:12:18 JST Adrianna Tan

   Potential fintech ‘bank’ collapse in Singapore with Chocolate Finance

   This ‘bank’ did not come with SDIC (equivalent of FDIC) guarantee for any stored amounts

   Now there’s a ‘bank run’ on withdrawals there

   https://www.reddit.com/r/singaporefi/comments/1j7srx3/chocolate_finance_understanding_the_underlying/

   #Singapore #TootSea #FinTech

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     Adrianna Tan (skinnylatte@hachyderm.io)'s status on Tuesday, 11-Mar-2025 01:19:21 JST Adrianna Tan

     in reply to

     If you are wondering why someone would put their money there at 3.3% APR, it's coz non-US investors are typically locked out of USD based ETFs and funds and it is not easy for someone to buy VOO or SGOV whatever. They usually have to go through a HK or Ireland fund and it's very complicated at tax time