Digital Wealth Platforms Report Steady Inflows Despite Rival’s Suspension of Withdrawals
[SINGAPORE] Digital wealth platforms Endowus, StashAway, and Syfe have reported a steady inflow of funds and normal client inquiries, despite a fellow competitor, Chocolate Finance, announcing a suspension of withdrawals on Monday (Mar 10).
Business as Usual for Competitors
Players in the same space, such as Endowus, StashAway, and Syfe, reported that it was largely business as usual. In fact, Endowus has seen a continued, steady inflow into its cash management solutions and money market funds from individuals and institutions.
High Demand for Cash Management Solutions
"These are at the highest recorded levels into these funds since made available," Endowus co-founder and chairman Samuel Rhee told The Business Times.
Minimal Queries from Clients
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.
Conclusion
Despite a rival’s suspension of withdrawals, digital wealth platforms Endowus, StashAway, and Syfe have reported a steady inflow of funds and normal client inquiries. This suggests that the market is not experiencing a significant impact from the suspension.
FAQs
Q: What did Endowus, StashAway, and Syfe report in terms of withdrawals and client inquiries?
A: The three digital wealth platforms reported a steady inflow of funds and normal client inquiries, with no significant spike in withdrawals or client concerns.
Q: How did Endowus and StashAway respond to client queries?
A: Endowus’ client experience team and StashAway’s customer support team addressed client queries promptly and professionally.
Q: Are there any implications for the financial market following Chocolate Finance’s suspension of withdrawals?
A: Not significant, according to the reports from Endowus, StashAway, and Syfe, which suggest that the market is not experiencing a significant impact from the suspension.
