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理财锦囊：数码平台现金管理账户 是馅饼还是陷阱？
数码金融平台盛行以来，新加坡出现不少现金管理账户（Cash Management Account）产品，供投资者存放现金，一般能赚取比传统零售银行更诱人的利率。
吸引到资金后，这些数码金融平台会把钱投放到以货币、债券为主的基金。
譬如，成立于2017年的智安投（Endowus）旗下的Cash Smart，便将用户资金投入不同类型的货币基金，用户预期回报率介于2.7%至3.8%。
另一平台StashAway旗下的Simple Plus则将用户资金投入固定收益基金，每年预期回报率为3.6%。StashAway成立于2016年。
成立于2017年的Syfe旗下的Cash+ Flexi，也将用户资金投放在货币或债券基金，预期回报率介于3.2%至4.3%。
这次出现“挤提”事件的Chocolate Finance资历最浅，成立于2024年，投资策略与市场上的其他业者大同小异，主要将资金投入固定收益基金。至于回报率，首2万元为3.3%，之后3万元则是3%。
一般来说，消费者若手中有闲钱，可放入银行定期存款，也可放入收益较高的银行储蓄户头和现金替代品，如储蓄债券、国库券、现金管理账户和短期债券基金等。
现金管理账户，要在这一系列产品中脱颖而出，提供相对诱人的回报率是关键。
自三个月新元隔夜利率（SORA）自年初跌破3％以来，截至3月27日，新加坡各大银行提供的六个月定存利率趋近2％。
最新一批六个月期新加坡政府国库券（T-bills）截止收益率为2.73%。
相比之下，上述数码平台现金管理账户提供的回报率，目前仍平均超过3%，高于银行定存或国库券带来的回报。
为了吸引用户，各大现金管理账户征收费用低廉。例如，Cash Smart的管理费每年0.15%，并豁免销售与交易费用；StashAway Simple Plus账户的管理费则是0.2%，没征收其他交易费。
Moomoo新加坡旗下的Moomoo Cash Plus，则不征收任何赎回或平台费用。
平台运营开支较少 收费比传统机构低
财务咨询企业Finexis Advisory副总监陈文光对《联合早报》说，由于平台运营开支较低，因此可征收比传统金融机构更低的费用。Providend财务规划师卓智涵指出，透过简化流程，现金管理账户得以大幅减少费用，进而降低用户的入门门槛。
当然，现金管理账户并非无风险。它与一般银行定存最大的不同是，客户存款不在新加坡存款保险公司（Singapore Deposit Insurance Corporation，简称SDIC）保障内。在SDIC的存款保险计划下，若本地银行和金融机构陷入危机，存户存款仍受保障，受保上限为10万元。
这次的Chocolate Finance挤提事件，也为用户与投资者上了宝贵的一堂课。
挤提事件发生，主要源于Chocolate Finance设定的即刻（immediate）提款政策。成立之初，平台除了承诺提供高达4.2%的回报率，也允许用户能即时提款，这在现金管理账户领域，颇为罕见。
据卓智涵观察，现金管理账户的用户提出提款请求后，一般要等几个工作日才会收到资金。
譬如，智安投的Cash Smart需要两天到四天，才能完成用户提款请求；Moomoo Cash Plus、Syfe旗下的Cash+ Flexi需要至少一天时间。
专家：挤提主要源于行销营运管理不一致
即时提款服务，有助Chocolate Finance广招用户，但也难免伴随流动性受限的风险。平台遇上激增的提款需求后，被迫宣布暂停即时提款服务，将提款时间延长到三天至10天。这项宣布一出，让用户更加恐慌。
财务规划公司星融（SingCapital）执行总裁谢诏全说，上述挤提事件主要源于平台行销策略、提款流程、流动性管理不一致。“这件事突显行销活动、营运能力、投资者预期管理一致的重要性。”
Moomoo新加坡总裁谢瑞业指出，金融产品或服务的设计，并无绝对的对错，而取决于现金管理账户业者愿意承受多少风险。“若要提供即时提款服务，那么维持充足的资金储备至关重要，否则，突如其来的大规模提款请求，可能对平台施加巨大压力。”
决定投资之前 彻底了解平台
尽管Chocolate Finance已处理好所有提款，且一再强调客户资金安全，但市场难免担心，类似事件会否再度发生，或延烧到其他平台。
卓智涵说，由于其他平台并没有即时提款功能，类似事件再度暴发的可能性不大。
陈文光则劝告用户，决定投资前，应该对平台有彻底的了解，包括提款政策、用户评价、过往记录等。他担忧，一些新平台可能会优先考虑自身收入与市场份额，忽略须要进行的安全措施。
以此次Chocolate Finance“挤提”事件的导火线来看，主要是由公司的一次新尝试引起。
事源公司与电子付款公司AXS合作，让客户的AXS付款赚取里数积分。但由于通过AXS付款账单激增，远超公司预期，使公司与AXS的合作关系难以为继，于是公司取消对AXS付款的支持。这导致许多客户产生不满和负面评论，进而造成取款增加。Chocolate Finance当时解释，公司并非遇上资金流动性问题。
新加坡金融管理局答复《联合早报》询问时说，所有数码财富平台（Digital Wealth Platform），都不能将自身、客户资金混合在一起，必须将客户资金存放在独立托管机构的账户中。
“此外，受金管局监管的金融机构，必须建立相应机制，及时处理消费者投诉并给予回应。”
平台已处理所有提款请求 金管局：监管措施仍有效
同时，金管局也呼吁，若用户或投资者遇上问题，可主动向平台投诉。
谈及Chocolate Finance事件，金管局认为，从平台成功处理所有提款请求来看，现有的监管措施，在确保客户资产的安全方面，仍然有效。
尽管如此，金管局指出，上述事件为所有平台上了宝贵的一课：应向用户清楚解释产品与风险，包括哪些功能可能被撤销。“除了条款与细则，平台还应通过其他管道，向客户清晰传达服务内容。”
《理财锦囊》广邀读者来函
无论是生活上碰到理财难题或投资遇到瓶颈，欢迎电邮zbcj@ sph.com.sg，我们会请专家帮你一一解答。
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