Notice | MoneyOwl

MoneyOwl to be acquired by Temasek Trust

On August 31, 2023, MoneyOwl announced the decision to wind down its financial advisory business and to transfer its investment insurance and insurance services to iFAST Financial Pte Ltd (“iFAST”), and thereafter cease all commercial activities by December 31, 2023. This followed a joint review with its shareholder, NTUC Enterprise, which concluded that the business was not commercially viable.

MoneyOwl would like to update you that Temasek Trust has signed an Expression of Interest with NTUC Enterprise to acquire MoneyOwl (“proposed acquisition”). Under Temasek Trust, the capabilities, intellectual properties and technology platforms of MoneyOwl will be repurposed to bolster the financial well-being of community groups such as essential workers, gig workers, and youths.

MoneyOwl under Temasek Trust will move away from direct retail sale of commercial insurance and investments, and focus on developing targeted financial planning solutions with like-minded partners, as well as delivering programmes through companies and unions.

The proposed acquisition is subject to regulatory approval.

More details are available in our press release.

What does it mean for you?

The proposed acquisition will not impact the transition of MoneyOwl’s investment and insurance businesses to iFAST, which has since been completed.

MoneyOwl will no longer be disabling its website and mobile application at the end of the year, as previously envisaged. The free digital Will-Writing service will remain available, while the Comprehensive Financial Planning service will be paused from December 16, 2023 and onwards for a refresh.

On a case-by-case basis, MoneyOwl will continue to conduct Corporate Financial Wellness programmes with companies and unions.

MoneyOwl will also continue to provide educational content on its website and social media platforms.

For further queries, kindly refer to the list of frequently asked questions below. We also remain available to address your queries at enquiries@moneyowl.com.sg.

FREQUENTLY ASKED QUESTIONS

General

What will be the new MoneyOwl’s business model? Are you able to provide some details of its services and offerings?

MoneyOwl under Temasek Trust will move away from direct retail sale of commercial insurance and investments, and focus on developing simple, fit-for-purpose financial planning solutions with like-minded partners, as well as delivering programmes through companies and unions.
We will announce more details in due course.

Do I still have a MoneyOwl account since my investment account has now been transferred to iFAST?

Your MoneyOwl Account is separate from your investment account. The user ID for the MoneyOwl Account is your registered email or handphone number. If you had set it up previously, you may also use Singpass to access your MoneyOwl Account.
If you have difficulty accessing your MoneyOwl Account, please contact us at enquiries@moneyowl.com.sg.

Which login credentials do I use to access the Comprehensive Financial Plan or Will-Writing service? Where do I log in?

You can log into your MoneyOwl Account at https://www.moneyowl.com.sg or download our mobile app.
Your MoneyOwl Account is separate from your investment account. The user ID for the MoneyOwl Account is your registered email or handphone number. If you had set it up previously, you may also use Singpass to access your MoneyOwl Account.
If you have difficulty accessing your MoneyOwl Account, please contact us at enquiries@moneyowl.com.sg.

Can I create a new MoneyOwl Account if I do not yet have one? What services can I access?

Yes, you can create a new MoneyOwl Account at https://www.moneyowl.com.sg or through our mobile app.
The free digital Will-Writing service will remain available, while the Comprehensive Financial Planning service will be paused after 6:00pm on December 15, 2023 for a refresh.

Will MoneyOwl still have an advisory team to provide advice on insurance and investments?

MoneyOwl will continue to have a small team of licensed representatives who will focus on developing solutions and delivering programmes, including through our corporate partners and unions. Our representatives will not provide direct advisory services to retail clients on commercial insurance or investments.
MoneyOwl will continue to provide educational content, opinions on developments relevant to financial planning, investments and markets, and commentaries on available product types in the industry from time to time, on our website and social media.

Comprehensive Financial Planning

Will I still be able to access and download my Comprehensive Financial Plan?

If you are an existing account holder, you can continue to access, edit and download your digital Comprehensive Financial Plan.
The retail Comprehensive Financial Planning service will be paused after 6:00pm, December 15, 2023 for a refresh, until further notice. If you have not yet done a Comprehensive Financial Plan and wish to engage MoneyOwl for a Comprehensive Financial Planning service with a one-on-one consultation with our Client Adviser, please complete the online journey and make payment by 6:00pm on December 15, 2023.

I made an appointment with your client adviser for a Comprehensive Financial Planning consultation under your paid service. With this development, does it mean I can reschedule it to a later date?

The retail Comprehensive Financial Planning service will be paused after 6:00pm, December 15, 2023 for a refresh.
We strongly encourage you to keep your scheduled appointment with your client adviser as the availability of future appointments will be subject to the availability of manpower, which is reduced in the MoneyOwl model.

Corporate Financial Wellness Programme

I am enrolled in my company’s Corporate Financial Wellness programme. Will the webinars and access to my digital Comprehensive Financial Plan be discontinued?

Participants in our existing Corporate Financial Wellness programmes will continue to be able to access their MoneyOwl Accounts to do up a fresh digital Comprehensive Financial Plan, or to edit and download their existing digital Comprehensive Financial Plans.
MoneyOwl will be contacting the management and HR or wellness departments of our corporate partners, and with our unions, and will continue to conduct webinars and seminars on a case-by-case basis.

Does this mean that MoneyOwl is open to reviewing / new Corporate Financial Wellness programmes with companies and unions? If so, how do corporate clients go about doing so?

Yes, on a case-by-case basis, MoneyOwl will continue to conduct Corporate Financial Wellness programmes with companies and unions.
We will get in touch with our corporate clients to discuss their needs. Companies and unions who are interested in discussing a Corporate Financial Wellness programme with MoneyOwl may also contact us at enquiries@moneyowl.com.sg.

I have made an appointment with your client adviser for a 1:1 consultation. With this development, does it mean I can reschedule it to a later date?

Following the proposed acquisition by Temasek Trust, the Comprehensive Financial Planning digital service will be paused after 6:00pm, December 15, 2023 for a refresh.
We strongly encourage you to keep your scheduled appointment with your client adviser as the availability of future appointments will be subject to the availability of manpower, which is reduced in the new MoneyOwl model.

MoneyOwl to be acquired by Temasek Trust

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