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Temasek Trust to acquire MoneyOwl following announcement to wind down its business
The proposed acquisition by Temasek is subject to regulatory approval.
SINGAPORE — Temasek Trust, the philanthropic arm of state-owned investment company Temasek, has signed an Expression of Interest to acquire MoneyOwl, the financial advisory and fund management company currently owned by NTUC Enterprise.
In a joint announcement released on Tuesday (28 November), 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 and its residual capabilities, including its financial planning intellectual property and technology platforms, will be acquired as part of the agreement with NTUC Enterprise.
The announcement highlighted that the proposed acquisition is subject to regulatory approval.
The news comes after MoneyOwl had previously announced on 31 August the decision to wind down its financial advisory business and to transfer its investment and insurance services to iFAST Financial Pte Ltd, which has since been completed.
The company would then 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.
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Speaking on the proposed acquisition, MoneyOwl chief executive officer and chief investment officer Chuin Ting Weber said, "MoneyOwl shares Temasek Trust's strategic vision of driving the common good. A re-purposed MoneyOwl under Temasek Trust will move away from the direct retail sale of commercial products."
She added that the company's Comprehensive Financial Planning service will be paused for a refresh from 16 December onwards and it will no longer disable its online accounts and website. MoneyOwl will also continue to provide free digital will-writing services, online educational content on its website and social media, as well as conduct corporate financial wellness programmes on a case-by-case basis.
"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," said Weber.
Temasek Trust chief executive officer Desmond Kuek said that MoneyOwl's work in promoting financial well-being is "in line" with its aims to uplift communities through "holistic and inclusive education".
"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 Kuek.
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