Singapore-based financial advisory firm MoneyOwl has unveiled a new digital platform offering insurance and investment guidance.
The new platform targets young working adults and gig workers.
The company, now under Temasek Trust, has shifted from direct product sales to providing free financial advice through its website following the sale of its investment and insurance business to iFast.
The initiative aims to serve lower-middle to middle-income earners traditionally overlooked by commercial entities.
"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," said CEO and chief investment officer Chuin Ting Weber.
The platform introduces insurance product ratings based on coverage levels and value-for-money metrics, evaluating factors such as core life risk coverage and meaningful additional features.
On the investment front, MoneyOwl has partnered with PhillipCapital to offer Amundi's indexed funds through the Poems platform, with a minimum investment of $1 and no platform fees.
Weber addressed industry conflicts of interest, noting that commission-based financial advice can create doubt among consumers.
"I'm not saying that commissioned advisers are no good, but the nature of the compensation can create doubt ... and some people are uncomfortable with this," she said.
The platform also provides customized solutions, including a WhatsApp-based financial literacy program for shift workers and partnerships with Young NTUC and the National University Hospital to reach youth and healthcare workers.
MoneyOwl's recommendations incorporate both affordable commercial products and government schemes, including CPF retirement planning and group term life insurance from the Ministry of Defence and Ministry of Home Affairs for national servicemen.
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