TEMASEK Trust will acquire financial advisory firm MoneyOwl, giving it a second lease of life barely three months since it announced that it would wind down the business.
Temasek Trust, Temasek’s philanthropic arm, signed an expression of interest with NTUC Enterprise Co-operative on the proposed acquisition of MoneyOwl, including its financial planning intellectual property and technology platforms. NTUC Enterprise owns MoneyOwl, which was launched in 2018 to provide comprehensive financial planning services comprising financial planning, investments, insurance and will writing.
A statement on Tuesday (Nov 28) said Temasek Trust is keen to acquire MoneyOwl “to develop targeted products and solutions to better meet the needs of community groups such as essential workers, gig workers and youths”.
According to the statement, the new plans for MoneyOwl will be funded with a “catalytic capital approach where the initial funds will de-risk the new business model to unlock its potential and attract partners from across the public, private, and philanthropic sectors to drive the financial well-being of community groups”.
This is expected to strengthen the business model and create opportunities for MoneyOwl to deliver impact and value on a larger scale.
Chuin Ting Weber, MoneyOwl’s chief executive and chief investment officer, said: “MoneyOwl shares Temasek Trust’s strategic vision of driving the common good. A repurposed MoneyOwl under Temasek Trust will move away from the direct retail sale of commercial products.”
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To date, the transfer of investment and insurance clients to iFast Financial has been completed. Weber said the comprehensive financial planning service will be paused for a refresh.
“MoneyOwl will no longer be disabling our website and mobile application, but will continue to provide our free digital will-writing service and online educational content, and conduct corporate financial wellness programmes on a case-by-case basis. In future, MoneyOwl will also develop targeted financial planning solutions with like-minded partners.”
Desmond Kuek, chief executive of Temasek Trust, said: “MoneyOwl’s work in driving financial well-being is in line with our aims to uplift communities through holistic and inclusive education, and advancing progress through capacity building. Together with like-minded partners across the public, private, and philanthropic sectors, we aim to further leverage and repurpose the capabilities, intellectual properties, and technology platforms of MoneyOwl to bolster the financial well-being of community groups.”
MoneyOwl announced in end-August that it would cease all commercial activities by end-December. A joint review by NTUC Enterprise concluded that the business was not commercially viable. The firm was established with an initial paid-up capital of S$10 million. Its goal was to become financially self-sustaining.
Adeline Sum, chief executive of NTUC Enterprise, said: “NTUC Enterprise is glad that Temasek Trust is taking MoneyOwl under its philanthropic wings, so that MoneyOwl’s financial planning capabilities can continue to be leveraged to create further positive impact for the community.”
The proposed acquisition is subject to regulatory approval.
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