MoneyOwl launches insurance product ratings, investment help on its website

SINGAPORE – Underserved groups like young working adults and gig workers can get more insurance and investment help as a result of new initiatives at MoneyOwl, the company said on Feb 12.

MoneyOwl, which is now part of the Temasek Trust group, has shifted away from the direct sale of commercial products since it sold its investment and insurance business to wealth-management platform iFast. Temasek Trust is a steward of philanthropic assets from Singapore’s investment company Temasek and other donors.

MoneyOwl’s new focus is providing “unbiased, actionable financial advice” through its website. This advice is targeted at lower-middle to middle-income working adults, shift and gig workers, and young people.

“These groups stand to benefit the most from fit-for-purpose financial solutions but are traditionally overlooked by commercial entities,” MoneyOwl said.

Its website will provide checklists for financial actions at different life stages, money management advice that cover budgeting, debt management and retirement planning, and curated investment and insurance product solutions.

Its recommendations cover affordable commercial products and low-cost government schemes, such as using the Central Provident Fund (CPF) for retirement planning and low-cost do-it-yourself products like group term life insurance by the Ministry of Defence and the Ministry of Home Affairs for national servicemen.

MoneyOwl will also provide insurance product ratings, which involve evaluating and rating products based on their coverage level and how value-for-money they are.

The ratings will look at whether an insurance product provides coverage for core life risks without unnecessary exclusions, and if additional features meaningfully enhance coverage. They also consider whether the plan is affordable, relative to what it covers and compared with similar products.

On the investment side, MoneyOwl is partnering with PhillipCapital to offer Amundi’s indexed funds on the Poems platform. This was selected in line with MoneyOwl’s investment philosophy of diversification and keeping costs low, it said. The minimum investment amount is $1, with no platform fees or advisory charges, and investors can use cash or CPF to buy these funds. The funds are not directly sold by MoneyOwl.

“What has not changed is the need for better financial security and better financial literacy in Singapore,” said Ms Chuin Ting Weber, MoneyOwl’s chief executive officer and chief investment officer.

She noted that in the finance industry, there is an inherent conflict of interest when financial advisers try to sell products when they are commission-based.

“I’m not saying that commissioned advisers are no good, but the nature of the compensation can create doubt. It does create an inherent conflict of interest that needs to be grappled with, and some people are uncomfortable with this, and, as a result, don’t get proper financial advice,” she said.

She said influencers do fill the gap, but they too sometimes get paid to promote products, and that people may follow their advice based on their personal appeal.

“You need to have the combination. You need to be unbiased and professional, but you also need to go down to the last mile to translate principles into actual actions and steps,” she said, noting that is what MoneyOwl aims to do.

It also has customised pilot programmes for specific groups, like a financial literacy programme delivered via WhatsApp messages to shift workers to learn on the go.

It also partnered with Young NTUC and the National University Hospital to reach out to youth and busy healthcare workers.

Said Ms Weber: “There is an urgent need for trusted financial advice to be made widely available, to help people navigate the overwhelming amount of information and make informed decisions for their financial security.

“Everyone deserves access to affordable, high-quality solutions without concerns about hidden agendas. With the support of Temasek Trust, we are excited to fully commit to our social mission and serve as a trusted financial guide for as many people in Singapore as possible, especially those who are underserved.”