Temasek Trust has signed an expression of interest with NTUC Enterprise Co-operative to acquire Singapore-based bionic financial advisor MoneyOwl.
The financial terms of the proposed deal were not disclosed.
Temasek Trust said that it will acquire the financial advisor and its residual capabilities. This includes MoneyOwl’s financial planning intellectual property and technology platforms.
Launched as an NTUC social enterprise in 2018, MoneyOwl offers advice through a mix of fully salaried advisers and digital platforms.
The firm’s portfolio of products and services spans comprehensive financial planning, investments, insurance as well as will writing.
In August this year, MoneyOwl decided to cease operations of its financial advisory business and to move its investment and insurance services to iFAST Financial. Following a joint review with NTUC Enterprise, MoneyOwl determined that the business was not economically sustainable.
MoneyOwl CEO and chief investment officer Chuin Weber 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.
“The transfer of our investment and insurance clients to iFAST Financial Pte Ltd (“iFAST”) has been completed. The Comprehensive Financial Planning service will also be paused for a refresh.
“However, 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 programmes on a case-by-case basis.”
Through the acquisition of MoneyOwl, Temasek Trust aims to develop targeted products and solutions to better address the requirements of groups like essential workers, gig workers, and youths.
Temasek Trust CEO Desmond Kuek 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.”
The proposed transaction will be subject to regulatory approval.
