iFast Financial will reach out to MoneyOwl clients from September 2023. Investment clients may transact on MoneyOwl’s portal until Oct 24, and can do so on iFast’s portal from Oct 25. MoneyOwl will cease to accept new insurance applications after Sept 8.
MoneyOwl announced today that it is winding down its financial advisory business and that all commercial activities will cease by Dec 31. As part of the winding down process, MoneyOwl will transfer its investment and insurance businesses to iFast Financial.
The decision to wind down follows a joint review by the company and its shareholder, NTUC Enterprise Co-operative. The review concluded that the business would not be commercially viable, and a decision was made to redeploy resources to other areas where NTUC Enterprise can deliver greater social impact.
