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Singapore’s MoneyOwl launches digital investing service for CPF members

MoneyOwl says the launch completes its suite of investment services to Singaporeans
By Goh Thean Eu   
April 14, 2022

Singapore digital investment management platform MoneyOwl has launched a low-cost digital investing service for members of the Central Provident Fund (CPF) that will allow them to invest in two unit trust share classes that carry lower fees.

The LionGlobal Infinity Global Stock Index Fund Share Class C and the United SGD Fund Share Class D were created by the firm in partnership with Lion Global Investors and UOB Asset Management.

These are “the first two adviser retrocession-free CPF unit trust share classes in Singapore”. MoneyOwl says in a statement on April 13.

Retrocession refers to the kickbacks or trailer fees which asset managers pay to advisers or distributors.

“It is a significant step in lowering structural cost and providing simple and fit-for-purpose CPF investment solutions, to enable better investment outcomes for Singaporeans,” MoneyOwl Chief Executive Officer and Chief Investment Officer Chuin Ting Weber Weber says in the statement.

MoneyOwl is a unit of NTUC Enterprise, the holding entity and single largest shareholder of the Singapore labour movement’s social enterprises.

The firm does not disclose its asset data.