MoneyOwl is winding down its financial advisory business and all commercial activities will cease by December 31, 2023. More details are available in our press release.
As part of the winding down process, MoneyOwl will transfer its fund management business and insurance advisory business to iFAST Financial Pte Ltd (“iFAST”). MoneyOwl’s Comprehensive Financial Planning service and Will-Writing service will remain accessible online until December 15, 2023.
We fully understand that this transition period may cause inconvenience to you and have prepared a set of frequently asked questions to address your queries.
We, including our Client Advisers, also remain available to address your queries through these channels:
Email: enquiries@moneyowl.com.sg
Client Service hotline: +65 6329 9188
Operating hours:
KEY DATES TO NOTE
Day/date | Description |
---|---|
Monday, September 4, 2023 to Friday, September 15, 2023 | iFAST to contact MoneyOwl investment clients and insurance clients and issue new login credentials to MoneyOwl investment clients |
Friday, September 8, 2023 | Last day for clients to submit new insurance applications through MoneyOwl’s Client Advisers |
Monday, October 2, 2023 | New sign-ups for investment accounts through MoneyOwl’s platform must be completed by 6:00 pm Referral Codes/links must be utilised and conditions for “Refer and Earn” rewards fulfilled by 6:00 pm. |
Tuesday, October 24, 2023 | All investment clients to complete transactions on MoneyOwl’s platform by 6:00 pm |
Wednesday, October 25, 2023 | All MoneyOwl clients can log in to iFAST’s platform from 12:00 am onwards for transactions |
Friday, December 15, 2023 | All MoneyOwl accounts and online services (including digital Comprehensive Financial Plan and Will-Writing services) will be disabled after 6:00 pm |
Sunday, December 31, 2023 | Cessation of all commercial activities |
FREQUENTLY ASKED QUESTIONS
General
You may contact iFAST at:
For investment enquiries
Operating hours for investment enquiries:
For insurance enquiries
Operating hours for insurance enquiries:
Savings & Investments
For FAST Payment:
Recipient’s Name: IFASTFINANCIALPteLtd
Bank Name: Standard Chartered Bank (Singapore)
Bank Account No.: 0102046042
Reference Code: “G” reference
For PayNow:
Unique Entity Number (UEN): 200000231RAIY
Entity Name: IFAST FINANCIAL PL-CT SUB
Reference Code: “G” reference
Withdrawal for Cash Investments:
Portfolio | Portfolio to Bank Account (only for withdrawals performed through MoneyOwl platform before 6:00pm, October 24 2023)* | Portfolio to Cash Account | Cash Account to Bank Account |
---|---|---|---|
Within: | |||
Dimensional | T + 8 business days | T + 7 business days | T + 2 business days |
WiseIncome | |||
WiseSaver | T + 2 business days | T + 1 business days |
*For cash investment redemptions on iFAST’s platforms (from 12:00 am on October 25 2023 onwards), redemption proceeds from sale of investments are first deposited into the cash account, and you need to perform a separate withdrawal from cash account into bank account. Please contact iFAST if you need assistance on their platform.
Withdrawal for SRS Investments:
Portfolio | Portfolio to SRS Agent Bank |
---|---|
Within: | |
Dimensional | T + 7 business days |
WiseIncome | |
WiseSaver | T + 3 business days |
Withdrawal for CPF Investments:
Portfolio | Portfolio to CPF Investment Account |
---|---|
Within: | |
CPF | T + 7 business days |
[After logging in, select the portfolio you wish to redeem, look for the “More” menu, and select “Withdrawal” in the drop-down. For cash investments, under “Withdrawal Type”, select “Portfolio to Bank Account”. You do not need to specify a withdrawal type for SRS and CPF Investment Account redemptions.]
Insurance
Comprehensive financial planning
Wills
Corporate financial wellness
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MoneyOwl to Wind Down Financial Advisory Business by End-2023
MoneyOwl announced on August 31, 2023, that it is winding down its financial advisory business and that all commercial activities will cease by December 31, 2023.
For more information, please visit our microsite here.