SINGAPORE, Aug. 23, 2024 /PRNewswire/ -- MoneySmart Group, Southeast Asia's leading personal finance group comprising two dynamic brands, MoneySmart and Bubblegum, today announced that it has rejected an unsolicited, non-binding offer from MoneyHero Group to acquire 100% of the shares of MoneySmart Group.

The MoneySmart board has unanimously determined that this approach is neither serious nor credible and that it will not be entertained. The manner in which the offer was made public, with no prior discussions with MoneySmart management, is highly unusual and has not engendered MoneySmart's confidence in, or openness to, such discussions. The proposed merger does not align with MoneySmart's strategic objectives and would fail to deliver value to our shareholders. In addition, the adjoining press release from MoneyHero makes reference to a recent private share transaction which was driven by specific circumstances and not representative of MoneySmart's market value or future prospects.

"Our decision was a clear and definitive No," said Vinod Nair, Founder and CEO, MoneySmart Group.

"The two businesses currently operate in a similar space but are on diverging paths in terms of strategy, financial sustainability and outlook. Our focus remains on advancing our products, services and innovation, being a trusted partner to customers and executing our growth strategy. We believe that our current plans set up MoneySmart to succeed in the long term." 

In 2023, MoneySmart achieved profitability in a sustainable manner, whilst generating positive free cash flow, reflecting the company's robust financial health.

MoneySmart continues to invest in innovation and remains committed to pushing the boundaries of how financial products, knowledge and advice converge, to empower and guide consumers in their individual financial journeys.

About MoneySmart Group

MoneySmart Group is a leading personal finance group in Southeast Asia, encompassing two dynamic brands: MoneySmart and Bubblegum. Bringing together these brands to offer a comprehensive range of financial products, knowledge and advice, MoneySmart Group is dedicated to empowering consumers with clarity, confidence and control over their financial future.

MoneySmart provides a financial marketplace, comparison and content platform for consumers to make informed product choices across various banking, insurance and investment products. We do the hard work of compiling the information and facts to make it easy for you to compare and choose what's best for you.

Under our Bubblegum brand, we create desirable insurance products and experiences and aim to become the winning digital insurance brand of the future.

For more information, please visit www.moneysmart.com.