MoneyOwl announced on 31 August 2023 that it will begin winding down its financial advisory business and cease all commercial activities by 31 December 2023.
The decision comes after the company and its shareholder, NTUC Enterprise Co-operative Limited, did a joint review and concluded that the business would not be commercially viable.
MoneyOwl will transfer its investment and insurance businesses to iFAST Financial Pte Ltd. iFAST will reach out to MoneyOwl’s existing clients in September 2023.
In the meantime, MoneyOwl's client advisers can also be reached at firstname.lastname@example.org.
In a press release, MoneyOwl Chief Executive Officer Chuin Ting Weber shared that the company was established five years ago to “address a gap in the mass market for comprehensive financial advice”.
She added that MoneyOwl has always focused on providing simple and unbiased financial planning solutions, for which it has received positive feedback and industry accolades.
“However, we realised that there was not enough of a market in the gap … While many recognised the importance of financial planning, most did not take further action, and far fewer were inclined to pay planning fees or purchase investment or insurance products through which we earned revenue,” said Ms Chuin, who is also MoneyOwl’s chief investment officer.
MoneyOwl’s employees have been informed of the decision to wind down the business.
The company said it will offer “fair and equitable compensation packages” that align with market standards. It will also engage with the Banking and Financial Services Union (BFSU) and NTUC’s e2i (Employment and Employability Institute) to ensure that affected employees are supported during this period.
Over the last five years, MoneyOwl has received several industry awards, namely the Financial Planning Association of Singapore’s (FPAS) Center of Excellence for Certified Financial Planner (CFP) Certification – Star Award in 2022; the Singapore Fintech Festival Social Impact Award in 2021; the SBR Technology Excellence Award in 2020.
NTUC Enterprise Group Chief Executive Officer Seah Kian Peng said the company started as Singapore’s first ‘bionic’ financial adviser, aimed at empowering ordinary Singaporeans to make wise financial decisions.
He said: “We are glad to see how MoneyOwl has enabled better financial planning outcomes for many Singapore families and thank MoneyOwl’s customers for their continued support over the years.
“We would also like to thank our MoneyOwl staff for their hard work and continued dedication in facilitating this transition.”