MoneyOwl is winding down, here’s what you should know
All views expressed in this article are the independent opinion of Brian Wong
If you’re one of MoneyOwl’ users, you might have receive an email from MoneyOwl at 19:01 hours, 31st of August. The subject reads: “IMPORTANT: MONEYOWL TO WIND DOWN ITS FINANCIAL ADVISORY SERVICES BY END OF 2023 — WHAT DOES THIS MEAN FOR YOU”, the email obviously caught my attention and I opened the note to find out more.
Before jumping to the news, I want to share more about MoneyOwl.
What is MoneyOwl?
Founded in 2018, MoneyOwl claims to be the 1st bionic financial advisor in Singapore. For those who might not be familiar with the term, a bionic financial advisor operates similarly to a robo-advisor however a bionic financial advisor offers consumer additional elements that involve human interactions.
CEO & CIO of MoneyOwl, Chuin Ting created the platform back in 2018 as there were a lack of competent and conflict-free advice that helps consumers integrate their funds into their financial plans. MoneyOwl’ team also recognises Singaporeans are not planning their finances well because they are being sold on different financial products and often feeling fearful.
Another good point that I thought to add is — MoneyOwl was launched as a joint venture by Providend and NTUC Enterprise. These organisations each owned 40% and 60% individually. According to an article found online, Providend divested from MoneyOwl in 2022.
MoneyOwl Winding Down at the end of 2023
Going back to the news — after reading the email I received from MoneyOwl, I decided to dug deeper to find out more about the situation. I have been receiving multiple reminders from the platform via email to deposit funds into my personal MoneyOwl’ account. It is sad to see the platform to shut down after several years of operations.
Reading the FAQ section of their notice to users, MoneyOwl and NTUC enterprise came together to the decision of winding up the platform. They mentioned the business wasn’t commercially viable and the firm wishes to redeploy their assets to things that serve a greater impact socially.
The team will be working with iFast, a partner of the platform to handled their current users investment and activities surrounding the closure of the business. MoneyOwl has provided ample information for users to contact iFast to facilitate any withdrawal and requests they might have. I would urge users of the platform to stay vigilant and to seek professional support if needed, iFast’ website seems to be inaccessible which sparks several red flags.
What’s next from here?
Commercial viability is extremely important to any kind of business, it doesn’t matter if it’s a FinTech platform like MoneyOwl or a business in a different industry. Difficulty to sustain a business is also one of the common reasons, a startup wind downs.
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