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Financial advisor MoneyOwl given new life with proposed acquisition by Temasek Trust

It will no longer be shutting down its website and app.

Digital financial advisor MoneyOwl is given a new lease in life with a proposed acquisition by Temasek Trust.

Temasek Trust has inked an expression of interest (EOI) to acquire MoneyOwl and its residual Capabilities from NTUC Enterprise.

Earlier, MoneyOwl had announced that it will wind down business and cease all commercial activities by 31 December 2023. This follows after a joint review by the NTUC Enterprise, which concluded that MoneyOwl is not a commercially viable business. MoneyOwl CEO and chief investment officer Chuin Ting Weber shared that it has finished transfer of our investment and insurance clients to iFAST, as was earlier planned, in preparation to its closure.

With the EOI from Temasek Trust, the financial advisor platform announced that it will no longer be disabling its website and app.

The repurposed MoneyOwl under Temasek Trust will move away from the direct retail sale of commercial products.  A new business model will also be adopted.

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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, according to a joint announcement by MoneyOwl, Temasek Trust, and NTUC Enterprise.

Temasek Trust plans to develop targeted products and solutions that meet the needs of essential workers, gig workers, and youth, it said in a press release announcing MoneyOwl’s new plans.

In the meantime, MoneyOwl will continue to provide free digital will-writing service and online educational content, and conduct corporate financial Wellness programmes on a case-by-case basis, said Weber.

“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,” she added.
 

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