Temasek Trust to Buy MoneyOwl, Refocus Services for Community Upliftment

Temasek Trust to Buy MoneyOwl, Refocus Services for Community Upliftment

by November 29, 2023

Temasek Trust plans to acquire MoneyOwl from NTUC Enterprise Co-operative. This proposed acquisition, which is still pending regulatory approval, is part of a broader strategy to repurpose MoneyOwl’s offerings to better serve essential workers, gig workers, and youths.

MoneyOwl had earlier announced on 31 August 2023 its decision to shut down its financial advisory operations. Following a joint review with NTUC Enterprise, it was concluded that the venture was not commercially sustainable.

The company planned to transfer its investment and insurance services to iFAST and cease all commercial activities by the end of 2023.

Under the new arrangement, Temasek Trust seeks to acquire MoneyOwl and its residual capabilities, including its financial planning intellectual property and technology platforms.

Temasek Trust intends to have MoneyOwl develop targeted products and solutions catering to the aforementioned community groups.

The new business model will be supported through a catalytic capital approach, aiming to de-risk the venture and attract collaborative partners from various sectors. This strategy is expected to strengthen MoneyOwl’s business model, enabling it to have a broader impact and deliver greater value.

Adeline Sum, CEO of NTUC Enterprise, expressed support for the acquisition, highlighting the continued impact MoneyOwl’s financial planning capabilities can have under Temasek Trust’s guidance.

Desmond Kuek

Desmond Kuek

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.”

Chuin Ting Weber

Chuin Ting Weber

Chuin Ting Weber, CEO and Chief Investment Officer, MoneyOwl, added,

“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 our website and mobile application, but will continue to provide our free digital Will-Writing service and 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.”