Temasek Trust, the philantropic arm of Temasek Holdings, has acquired MoneyOwl from NTUC Enterprise, and plans to change the homegrown robo-advisory firm’s business model to focus on investment solutions for groups such as gig workers and youths.
The move comes more than three months after MoneyOwl announced plans to wind down by the end of this year. The robo adviser closed its investment services business on October 24.
The acquisition includes MoneyOwl’s financial planning, intellectual property and technology platforms businesses. The price wasn’t disclosed.
“A repurposed MoneyOwl under Temasek Trust will move away from the direct retail sale of commercial products,” Temasek Trust says in a statement on November 28.
MoneyOwl will instead develop targeted products and solutions to better meet the needs of groups such as essential workers, gig workers, and youths.
According to Temasek Trust, these plans will be financed 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 is expected to strengthen the business model and create opportunities for MoneyOwl to deliver impact and value on a larger scale,” it says.
Meanwhile, MoneyOwl Chief Executive Officer Chuin Teng Weber tells Asia Asset Management that she will continue to lead the firm.
“For a start, about a dozen or so employees will be part of the new team as we transition to a new business model,” she says.