New lease of life? Temasek Trust to acquire MoneyOwl to serve youths, essential and gig workers

In a move aimed at advancing financial well-being for specific community groups, Temasek Trust, the philanthropic steward and ecosystem-builder, has signed an Expression of Interest with NTUC Enterprise Co-operative Limited to explore the acquisition of MoneyOwl.

MoneyOwl, established in 2018 as an NTUC social enterprise, combines human expertise with digital platforms to deliver comprehensive financial planning services, insurance, investments, and will writing.

However, following a joint review with NTUC Enterprise, it was announced on August 31 that MoneyOwl would wind down its financial advisory business and transfer its investment and insurance services to iFAST by the end of the year, citing commercial viability concerns.

Chuin Ting Weber, CEO and Chief Investment Officer of MoneyOwl, explained that the repurposed MoneyOwl, under Temasek Trust, will focus on driving the common good, moving away from the direct retail sale of commercial products.

Temasek Trust aims to repurpose MoneyOwl’s capabilities, intellectual property, and technology platforms to develop targeted products and solutions for essential workers, gig workers, and youths. The catalytic capital approach will be employed to de-risk the new business model and attract partners from the public, private, and philanthropic sectors.

The proposed acquisition is currently pending regulatory approval. Desmond Kuek, CEO of Temasek Trust, expressed alignment between MoneyOwl’s mission and Temasek Trust’s goals of uplifting communities through education and advancing progress.

While some services, like Comprehensive Financial Planning, will be paused for a refresh, MoneyOwl will continue providing its free digital Will-Writing service, online educational content, and Corporate Financial Wellness programs on a case-by-case basis.

The proposed acquisition signals a new chapter for MoneyOwl, contributing to the overarching mission of fostering financial well-being in the community.

Featured Image Credit: Temasek Trust / MoneyOwl