Temasek Trust to acquire MoneyOwl for community financial well-being
By Gloria Mathias
Temasek Trust has signed an Expression of Interest with NTUC Enterprise regarding the proposed acquisition of MoneyOwl, the bionic financial advisor that combines human and digital platforms in its services and is currently owned by NTUC Enterprise.
NTUC Enterprise has agreed to allow Temasek Trust to acquire MoneyOwl and its residual capabilities, including its financial planning intellectual property and technology platforms.
Temasek Trust 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. The proposed
Desmond Kuek, CEO, Temasek Trust, said, “MoneyOwl’s work in driving financial well-being is in line with our aims to uplift communities through holistic and inclusive education and advance 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 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. This will strengthen the business model and create more opportunities for MoneyOwl to deliver impact and value on a larger scale.
On 31 August 2023, MoneyOwl announced the decision to wind down its financial advisory business, transfer its investment and insurance services to iFAST, and thereafter 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.
Adeline Sum, CEO, NTUC Enterprise, said, “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.”
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