What happened?

MoneyOwl announced that it will be winding down its financial advisory business and all commercial activities will end by 31 December 2023.  Source: Screenshot from MoneyOwl website   This may come to be a surprise to many, as MoneyOwl is one of only two robo-advisors able to offer investment services for the CPF Investment Scheme. In the announcement, it was shared that the decision was made after a joint review led to the conclusion that MoneyOwl would not be commercially viable. If you are wondering what you should do a customer of MoneyOwl, and how this may impact other robo-advisors in Singapore, read on to find out. 

What is MoneyOwl?

Launched as a joint venture between NTUC Enterprise and Providend in 2018, MoneyOwl offered an integrated suite of financial solutions across multiple domains such as investment, insurance, and will-writing. It aimed to streamline the financial planning...