MoneySmart Group, the leading personal financial conglomerate in Southeast Asia, announced that it has rejected the non-binding acquisition offer made by MoneyHero Group. The board of directors of MoneySmart unanimously believes that the acquisition offer is neither serious nor credible, and therefore will not accept it.

MoneyHero, a subsidiary of Hong Kong stock exchange-listed company PCCW (00008.HK), merged with special purpose acquisition company (SPAC) Bridgetown last October. Bridgetown was jointly established by Li Ka-shing and Peter Thiel, the founder of PayPal, and is listed on the NASDAQ exchange.