Intraco Limited has purchased a controlling stake in SlideSG for $5 million, focusing on payment services.

Following its earlier minority investment made in January, Intraco is set to acquire an additional 60.1% stake in SlideSG.

SlideSG holds a major payment institution license from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019, and the company provides mobile remittance and money-changing services.

Intraco states that this acquisition allows it to enter the rapidly expanding global payment services market both in Singapore and abroad, opening new opportunities in the fintech and global payments industry.

The acquisition is facilitated via a $3 million exchangeable loan to iAPPS Pte. Ltd. (iAPPS), the current majority shareholder of SlideSG, which can be converted into shares in SlideSG.

Additionally, SlideSG has entered into an agreement to acquire the entire iChange Debit Card business from IBV, a multi-currency digital wallet and payments platform.

These transactions are contingent upon regulatory approvals, according to the group.

“This is more than an acquisition; it is a strategic transformation of Intraco,” stated Mak Lye Mun, executive chairman of Intraco.

On October 24, shares in Intraco closed steady at 37.5 cents.