Singapore state investor Temasek Holding’s philanthropy trust Temasek Trust has inked deal to acquire bionic financial advisor MoneyOwl to enhance financial well-being of communities.
Temasek trust said in a statement on Tuesday that it has signed an expression of interest with NTUC Enterprise Co-operative Limited (NTUC Enterprise) regarding the proposed acquisition of MoneyOwl.
According to the statement, NTUC Enterprise has agreed for Temasek Trust to acquire MoneyOwl and its residual capabilities, including its financial planning intellectual property and technology platforms.
Temasek Trust said it is interested in acquiring MoneyOwl to develop targeted products and solutions to better meet the needs of groups such as essential workers, gig workers, and youths.
“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,” said Desmond Kuek, Chief Executive Officer, Temasek Trust.
According to the statement, the new plans 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 the underserved.
This will strengthen the business model and create more opportunities for MoneyOwl to deliver impact and value on a larger scale.
“MoneyOwl shares Temasek Trust’s strategic vision of driving the common good,” said Chuin Ting Weber, Chief Executive Officer and Chief Investment Officer, MoneyOwl.
According to her, a repurposed MoneyOwl under Temasek Trust will move away from the direct retail sale of commercial products.
She also said the transfer of the firm’s investment and insurance clients to iFAST Financial Pte Ltd (iFAST) has been completed, and the comprehensive financial planning service will also be paused for a refresh.
However, she noted that MoneyOwl will no longer be disabling its online accounts and website but will continue to provide our free digital Will-Writing service, online educational content and conduct corporate financial wellness programs on a case-by-case basis.
In future, she said MoneyOwl will also develop targeted financial planning solutions with like-minded partners.
“We will share further details on our new business model in due course,” she said.
On August 31, 2023, MoneyOwl announced the decision to wind down its financial advisory business and to transfer its investment and insurance services to iFAST, and thereafter cease all commercial activities by 31 December 2023.
This followed a joint review with NTUC Enterprise, which concluded that the business was not commercially viable.
“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,” said Adeline Sum, Chief Executive Officer, NTUC Enterprise.
The proposed acquisition is subject to regulatory approval.
MoneyOwl is Singapore’s first bionic financial adviser whose purpose is to enable people to make wise financial decisions to live their best possible life.
Established in 2018 as an NTUC social enterprise, MoneyOwl delivers advice through a combination of fully salaried advisers and digital platforms.
Its comprehensive suite of products and services spans comprehensive financial planning, insurance, investments and will writing.
NTUC Enterprise is the holding entity and single largest shareholder of the NTUC Enterprise group of social enterprises.
The firm aims to create a greater social force to do good by harnessing the capabilities of the social enterprises to meet pressing social needs in areas like health and eldercare, childcare, daily essentials, cooked food and financial services.
The firm is serving over two million customers in Singapore.
The NTUC Enterprise group of social enterprises are: FairPrice Group (comprising NTUC FairPrice, NTUC Foodfare, Kopitiam and NTUC Link), NTUC First Campus, NTUC Health, Income Insurance, NTUC LearningHub, Mercatus and MoneyOwl.
Temasek Trust is a steward of philanthropic assets, advocate of sustainability and catalyst of positive impact.
It provides governance and financial oversight of endowments for an ecosystem of entities with the shared purpose of building better for every generation by protecting the planet, uplifting communities, connecting people, and advancing capabilities. In forging new pathways for philanthropy and impact investing with like-minded partners,
Temasek Trust aims to promote catalytic philanthropy as a force for good.
MAS, Temasek Trust collaborate to accelerate growth of FinTech and impact ecosystem