On August 31, 2023, MoneyOwl announced the decision to wind down its financial advisory business and to transfer its investment insurance and insurance services to iFAST Financial Pte Ltd (“iFAST”), and thereafter cease all commercial activities by December 31, 2023. This followed a joint review with its shareholder, NTUC Enterprise, which concluded that the business was not commercially viable.
MoneyOwl would like to update you that Temasek Trust has signed an Expression of Interest with NTUC Enterprise to acquire MoneyOwl (“proposed acquisition”). Under Temasek Trust, the capabilities, intellectual properties and technology platforms of MoneyOwl will be repurposed to bolster the financial well-being of community groups such as essential workers, gig workers, and youths.
MoneyOwl under Temasek Trust will move away from direct retail sale of commercial insurance and investments, and focus on developing targeted financial planning solutions with like-minded partners, as well as delivering programmes through companies and unions.
The proposed acquisition is subject to regulatory approval.
More details are available in our press release.
What does it mean for you?
The proposed acquisition will not impact the transition of MoneyOwl’s investment and insurance businesses to iFAST, which has since been completed.
MoneyOwl will no longer be disabling its website and mobile application at the end of the year, as previously envisaged. The free digital Will-Writing service will remain available, while the Comprehensive Financial Planning service will be paused from December 16, 2023 and onwards for a refresh.
On a case-by-case basis, MoneyOwl will continue to conduct Corporate Financial Wellness programmes with companies and unions.
MoneyOwl will also continue to provide educational content on its website and social media platforms.
For further queries, kindly refer to the list of frequently asked questions below. We also remain available to address your queries at enquiries@moneyowl.com.sg.
FREQUENTLY ASKED QUESTIONS
General
Comprehensive Financial Planning
Corporate Financial Wellness Programme
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