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Temasek Trust to acquire MoneyOwl, looks to develop new products and solutions

Temasek Trust to acquire MoneyOwl, looks to develop new products and solutions

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Philanthropic organisation Temasek Trust has been granted approval by NTUC Enterprise to acquire MoneyOwl and its residual capabilities, including its financial planning intellectual property and technology platforms. This comes as Temasek Trust looks to develop targeted products and solutions to better meet the needs of groups such as essential workers, gig workers, and youths through MoneyOwl. 

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, Temasek Trust said in a statement. This will strengthen the business model and create more opportunities for MoneyOwl to deliver impact and value on a larger scale

Don't miss: Temasek's investment portfolio sees significant losses with negative shareholder return

“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," said Desmond Kuek, CEO of Temasek Trust. "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.”  

 Chuin Ting Weber (pictured), CEO and chief investment officer at MoneyOwl added that the financial platform shares Temasek Trust’s strategic vision of driving the common good and that a repurposed MoneyOwl under Temasek Trust will move away from the direct retail sale of commercial products. 

She explained that the transfer of its investment and insurance clients to iFAST Financial has been completed as well. 

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 its free digital Will-Writing service, online educational content and conduct financial wellness programmes on a case-by-case basis.  In the future, MoneyOwl will also develop targeted financial planning solutions with like-minded partners, he said. 

The news comes shortly after MoneyOwl said that it would be winding down its financial advisory business and transfering its investment and insurance services to iFAST in August this year. It added at the time that it would cease all commercial activities by 31 December 2023.

This came after 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, CEO of NTUC Enterprise.

The proposed acquisition is still subject to regulatory approval.

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