MoneyHero probes board chairman as internal frictions rise

MoneyHero Group is investigating a complaint made by an employee about its board chair Kenneth Chan, Tech in Asia understands.

The complaint was filed via MoneyHero’s official channel on November 9, 2025, prompting the investigation. The Nasdaq-listed company has appointed its general counsel to lead the probe and has also engaged an external law firm.

Photo credit: MoneyHero Group

A second complaint was filed by a management-level employee in early December. Chan has disputed characterizations by one of the complainants internally, circulating his response along with the original complaint to a wider group of senior managers.

When Tech in Asia reached out to MoneyHero, a spokesperson said the firm does not confirm, deny, or comment on internal matters or speculation. However, they stressed that the company takes any employee complaint it receives seriously and has “established procedures to ensure appropriate review of such matters.”

Chan didn’t respond to a list of questions sent by Tech in Asia. A MoneyHero representative responding on behalf of Chan said the firm didn’t have further comments.

The complaints mark an escalation in tensions between Chan and MoneyHero’s management team. Tech in Asia first reported about the conflict in September 2024.

Though MoneyHero remains in the red, its net loss narrowed to US$5.7 million between January and September last year from US$19.6 million during the same period in 2024. Since the first quarter of 2025, MoneyHero’s revenue has trended upward and as of Q3, operating costs and expenses trimmed by some 13% year on year.

MoneyHero listed on the Nasdaq in 2023 via a merger with Bridgetown Holdings, the special purpose acquisition company backed by PayPal founder Peter Thiel and Hong Kong billionaire Richard Li.

Chan is a senior vice president at Li’s Pacific Century Group, MoneyHero’s largest shareholder. He served as MoneyHero’s interim CEO for several months in 2022 and 2023.

The firm operates financial comparison sites including Seedly and SingSaver, where users can compare prices of credit cards, personal loans, insurance, and other financial products. MoneyHero has a presence in Singapore, Hong Kong, the Philippines, and Taiwan.

As a public company, MoneyHero has its work cut out for it, a source says. But the firm is making progress and trending closer towards profit this year.

Significant effort has gone into rebuilding culture amid the departure of some senior leaders after MoneyHero’s IPO in 2023, according to the anonymous sources. One employee tells Tech in Asia that 2025 has been a “transformational year” for the firm, noting how hard it has worked to turn the business around.

In December, MoneyHero projected that it would become adjusted EBITDA positive in Q4 2025 – a first since its public listing. This improvement was driven by a shift towards higher-margin verticals like insurance and wealth, efficiency gains from using AI, and a leaner cost base.