Temasek Trust signed an Expression of Interest with NTUC Enterprise Co-operative Limited (NTUC Enterprise) on 28 November 2023 to acquire MoneyOwl.
MoneyOwl is Singapore’s first bionic financial adviser, offering clients comprehensive yet conflict-free financial advice.
The news comes just under three months from MoneyOwl’s announcement on 31 August 2023 to wind down and cease all commercial activities before the year is over.
Temasek Trust shared that it is interested in acquiring MoneyOwl to develop targeted products and solutions to better meet the needs of community groups such as 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.”
With this acquisition taking place, MoneyOwl would no longer be disabling its website and mobile application, as announced earlier.
It will instead continue to provide free digital Will-Writing services and online educational content. The company will also continue to conduct Corporate Financial Wellness programmes on a case-by-case basis.
Meanwhile, NTUC Enterprise CEO Adeline Sum shared that she is glad that Temasek Trust is taking MoneyOwl under its philanthropic wings.
“MoneyOwl’s financial planning capabilities can continue to be leveraged to create further positive impact for the community,” she said.
Though NTUC Enterprise has agreed to the acquisition, it is still subject to regulatory approval.
Temasek Trust wishes to acquire MoneyOwl and its residual capabilities, financial planning intellectual property and technology platforms to meet the needs of community groups.
This will be done in collaboration with partners across the public, private, and philanthropic sectors.
Temasek Trust shared that its 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 community groups”.
It believes that this approach will strengthen MoneyOwl’s business model, creating more opportunities for the financial advisory company to deliver impact and value on a larger scale.
MoneyOwl CEO and Chief Investment Officer Chuin Ting 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.
“In future, 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.”
