● Aligned with Temasek Trust’s aims to uplift communities through holistic and inclusive education and to advance progress through capacity building

● Proposed acquisition subject to regulatory approval

SINGAPORE, 28 NOVEMBER 2023 – Temasek Trust, philanthropic steward and ecosystem-builder for good, has signed an Expression of Interest with NTUC Enterprise Co-operative Limited (“NTUC Enterprise”) regarding the proposed acquisition of MoneyOwl, the bionic financial advisor that combines human and digital platforms in its services, and which is currently owned by NTUC Enterprise.

NTUC Enterprise has agreed for 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.

Mr. 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 advancing 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.

Ms. Chuin Ting Weber, CEO and Chief Investment Officer, MoneyOwl, added, “MoneyOwl shares Temasek Trust’s strategic vision of driving the common good. A repurposed MoneyOwl under Temasek Trust will move away from the direct retail sale of commercial products. The transfer of our investment and insurance clients to iFAST Financial Pte Ltd (“iFAST”) has been completed. The Comprehensive Financial Planning service will also be paused for a refresh. However, MoneyOwl will no longer be disabling its online accounts and website but will continue to provide our free digital Will-Writing service, online educational content and 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.”

On 31 August 2023, MoneyOwl announced the decision to wind down its financial advisory business and to 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.

Ms. 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.”

The proposed acquisition is subject to regulatory approval.

Sylvia LEE 

SEC Newgate Singapore 

Tel: +65 6513 8300 / 9876 3073 

Email: [email protected]  

Corinne FU 

Tel: +65 9711 8207 

Email: [email protected] 

For Temasek Trust: 

Tess CHIA 

Tel: +65 8940 6843 

Email: [email protected]