Global retirement administration business MUFG Pension and Market Services has fully acquired Moneysoft, an Australian digital solutions provider for financial advisers.
The firm’s acquisition of Moneysoft was finalised last month on 9 September, meaning it now sits under the MUFG Retirement Solutions business – a division of MUFG Pension and Market Services.
Moneysoft is a technology platform for financial planners, money coaches, mortgage brokers, and retirement funds that offers financial data for cash flow management and household finance control.
MUFG Pension and Market Services is part of the global Mitsubishi UFJ Financial Group (MUFG), which assists with regulatory complexity and improves data management.
Commenting on the purchase, Dee McGrath, CEO of MUFG Retirement Solutions, said Moneysoft’s cloud-based capabilities and financial advice automation will help its clients create meaningful engagement with its members, particularly around retirement planning.
“Our clients will benefit from the ongoing innovation delivered through the platform and an expansion in the number of value-enhancing services available for their members through multiple digital channels,” she said.
Jonathan Shaw, chief product officer at MUFG Retirement Solutions, described the acquisition as an opportunity for the firm to grow its offerings.
He said: “Moneysoft services financial advisers and funds through existing SaaS lines of business focused on wealth and finances in both the direct-to-consumer and financial advice sectors.
“This provides an opportunity to continue to expand our offering to superannuation, particularly in the third-party advice channel, the challenges of the Retirement Income Covenant, and international growth opportunities.”
Moreover, MUFG Retirement Solutions intends to further integrate the Moneysoft technology into its overall product portfolio to become a feature of its member-facing digital offerings.
Shaw said: “This will continue to enhance the member experience, while also helping to build a stronger connection between the fund and their members. Moneysoft technology will also improve our data modelling and analytics, artificial intelligence, scaled financial advice, retirement income solutions, and identity verification services through open banking, increasing the overall value and capability of our services offerings.”
