Temasek Trust to buy and revamp MoneyOwl to meet needs of underserved communities

SINGAPORE – Temasek Trust plans to buy over financial advisory firm MoneyOwl for an undisclosed sum and revamp it to meet the needs of underserved communities, such as essential and gig workers, as well as the youth.

The acquisition is aligned with a key goal of Temasek Trust: to support the more vulnerable communities in the society through education and more inclusive financial products and services, said the trust’s chief executive Desmond Kuek in a statement issued on Nov 28.

“Together with like-minded partners across the public, private, and philanthropic sectors, we want to repurpose MoneyOwl to bolster the financial well-being of community groups,” added Mr Kuek.

When asked who the likely partners will be, a spokesman for the trust said that it was still too early to say who these partners will be “but we have some people in mind”.

MoneyOwl’s chief executive officer and chief investment officer, Ms Chuin Ting Weber, will continue to run MoneyOwl after the makeover.

Ms Weber said that MoneyOwl shares Temasek Trust’s strategic vision of “driving the common good”, and that more details on the new business model would be shared in due course.

The deal will entail the acquisition of MoneyOwl’s “residual capabilities”, which includes its financial planning intellectual property and technology platforms.

MoneyOwl’s insurance and investment clients had earlier been transferred to iFAST Financial Pte Ltd, which had been the existing custodian for MoneyOwl clients’ investment accounts.

In the meantime, MoneyOwl’s comprehensive financial planning service will be put on hold from Dec 16 as it “refreshes the servicing model”.

Its free digital will-writing service and online educational content will continue to be available, while its Corporate Financial Wellness programmes will be provided on a case-by-case basis.

Regarding how the acquisition will be funded, the statement said: “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 community groups.”

“This will strengthen the business model and create more opportunities for MoneyOwl to deliver impact and value on a larger scale,” the statement added.