MoneySmart, a personal finance company in Singapore, has rejected a non-binding S$10.5 million (US$8 million) acquisition offer from fintech group MoneyHero. MoneySmart’s board unanimously described the offer as neither serious nor credible, citing the sudden and unilateral nature of the proposal as undermining any potential for constructive dialogue. Vinod Nair, MoneySmart’s CEO, emphasized that the company’s strategic focus and financial health—evidenced by its profitability and cash flow—did not align with the proposed merger. In contrast, MoneyHero, battling internal challenges including multiple rounds of layoffs, had aimed to improve its market position by acquiring MoneySmart. The fintech sector in Singapore remains dynamic, with both companies continuing to pursue divergent paths to growth and efficiency.
Fintech, Mergers and Acquisitions,Singapore, Hong Kong, Philippines, Taiwan
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