Following a joint review by MoneyOwl and its shareholder NTUC Enterprise Cooperative Limited, the company decided to wind down its financial advisory business and stop its commercial activities by year-end.
The review showed that MoneyOwl will not be commercially viable, and a “decision was made to redeploy resources to other areas where NTUC Enterprise can deliver a greater social impact.”
MoneyOwl will transfer its insurance and investment businesses to iFast Financial Pte Ltd., which will contact MoneyOwl clients from September 2023. iFast is the existing custodian of the investment accounts of MoneyOwl clients.
Investment clients may transact on the MoneyOwl portal until 24 October this year. From 25 October onwards, they can do so in iFast’s portal.
Starting on 8 September 2023, MoneyOwl will not be accepting new insurance applications.
MoneyOwl clients can enjoy digital access to their portfolio at the same level of fees. They can also access iFast’s team of over 60 advisers for insurance and investment.
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