Sweet disruption: Chocolate Finance shakes up Singapore’s banking scene

Singapore’s banking landscape is as crowded as it is competitive, with well-established institutions dominating the space. Major players like DBS, UOB, and OCBC have long been regarded as pillars of the financial sector, building deep consumer trust and wielding vast resources. These banks have decades of brand power behind them, and their reputations for stability and service make them nearly untouchable in the eyes of many consumers. With such established giants firmly in place, it’s a daunting task for new entrants to make any kind of dent.

That hasn’t stopped a wave of digital challengers from stepping into the ring. Trust Bank, GXS Bank, and MariBank are among the most recent, adding to the already saturated market. While they come with the promise of innovation and streamlined digital services, breaking through the inertia of traditional banking habits is no easy feat. For these new players, simply competing with tried-and-tested institutions is one part of the challenge; capturing the attention of a younger, increasingly selective generation is another.

Gen Z, in particular, is rewriting the rules when it comes to finances. Shaped by economic uncertainty and a global climate of instability, they’ve developed a more discerning approach to banking. They’re not simply looking for a place to park their money. This generation wants brands that resonate with their values, offer transparency, and provide tangible benefits that align with their financial goals. For them, banking is no longer just about interest rates—it’s about experience, trust, and what a bank represents.

This is the space Chocolate Finance saw an opportunity to fill. Acknowledging that the next wave of consumers craved more than just traditional services, Chocolate Finance set out to differentiate itself through creativity. The platform’s philosophy from the outset has been to challenge the norm, starting with its name: Chocolate Finance.

“The name ‘Chocolate’ was chosen with a specific intention,” explains Anushka Yadav, chief creative officer. “Chocolate represents happiness and the idea of creating a joyful experience for customers’ finances. We wanted the brand to evoke a sense of joy, as chocolate is universally associated with positive feelings.”

Chocolate Finance chief creative officer, Anushka Yadav.

Launched with the goal of simplifying financial products while offering a refreshing twist, Chocolate Finance has chosen to position itself as a stark contrast to the often rigid, impersonal nature of traditional banks. The bank’s core offerings are built on straightforward solutions: No complicated hoops to jump through, no salary thresholds, and no lock-ins. Customers can deposit up to $20,000 and receive a 4.2% return, with an additional 3.5% on amounts beyond that. Instant withdrawals and a seamless user experience also underscore the bank’s promise to focus on simplicity.

“We only earn money when customers achieve their target returns,” Yadav adds. “This aligns our success with theirs, ensuring that we are fully committed to delivering real value.”

Branding has been a key part of Chocolate Finance’s strategy. From its bold colour palette to its playful design language, the platform has made a conscious effort to step away from the sterile, corporate imagery so typical of the financial world.

“Our goal was to create a brand that immediately felt different,” says Yadav. “We didn’t want to intimidate or overwhelm people with complex financial jargon. Instead, we chose colours and visuals that would resonate emotionally with our audience, creating a sense of comfort and ease.”

This ethos has also extended beyond its branding to its recent debut campaign, ‘Happy money, happy you,’ developed with Rumble and Monks. The campaign tapped into the emotional connection the brand seeks to foster, speaking directly to the Gen Z mindset that values simplicity and transparency in financial products. To push the message further, Chocolate Finance sought a familiar, trusted face to front the campaign. Henry Golding, the Malaysian-born actor famed for Crazy Rich Asians and Snake Eyes, became that face.

But Golding’s involvement wasn’t just about star power. Having worked with Chocolate Finance’s CEO Walter de Oude at Singlife, he had a personal connection to the brand and was eager to be involved in a deeper capacity.

“Over coffee, Henry expressed a genuine interest in being involved with Chocolate beyond just appearing in an advertisement,” Yadav recalls. “His enthusiasm and engagement were key to adding authenticity to the campaign, and customers have responded positively to his involvement.”

The campaign has shown early results, with over 600 five-star reviews and 50,000 app downloads. In a LinkedIn post, Rumble’s chief creative officer, Andy Greenaway, highlighted the core idea behind the campaign: “Chocolate makes people happy—there’s science to back that up. So why not extend that feeling to their finances?”

While Chocolate Finance is in its fun and bold phase, Yadav knows the real challenge lies ahead: Balancing this engaging brand voice with credibility on more serious issues. The platform must ensure its bold marketing aligns with secure banking practices, addressing customer concerns about anti-money laundering (AML) and data protection.

The current strategy builds brand awareness through a playful tone, but the focus shifts to security once customers engage. Chocolate Finance says it prioritises transparency on key measures like segregated funds and licensing by the Monetary Authority of Singapore (MAS), adhering to strict regulatory standards.

“The key conversion metric for the brand is not just signing up but also making an initial deposit. A trend observed is that customers often start with a small amount, test the product, and then gradually increase their investment,” says Yadav.

The website and retargeting ads are essential for educating customers, keeping the content clear and accessible while avoiding jargon. FAQs and materials cater to a broad audience, making complex security aspects easy to understand without downplaying their importance.

The next phase will include influencer campaigns, focusing on both general and personal finance influencers to expand the brand’s message.

“The ultimate conversion metric is a significant deposit and sustained engagement with the product. Referral activity may also be considered a metric but is secondary,” Yadav explains.

Moving forward, Chocolate Finance’s challenge will be maintaining the balance between creativity and trust, keeping customers engaged while ensuring their financial security.