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MoneyHero Limited posted a 13% year-over-year revenue decline for Q3 2026, a headline that looks worse than what the operating numbers support.
Management attributed the drop almost entirely to a strategic shift toward cash rewards in Singapore and Hong Kong, which are deducted from revenue under IFRS rather than recorded as costs.
The accounting treatment, management argued, moved the line. What the margin numbers show The case for that interpretation rests on approval rates, not application volumes.
Despite softer volume, approval rates expanded by 9 percentage points as the company prioritized higher-margin conversions.
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