Cornerstone FS secures MSB license in Canada
Cornerstone FS plc (LON:CSFS), a foreign exchange and payments solutions company, today announced that it is now authorised to operate in Canada through the receipt of a Money Services Business (MSB) licence from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
The gaining of the MSB licence, which has been granted to a wholly owned Canada-registered subsidiary of the company, allows the Group to operate a payments company in Canada and provide payments services to Canadian businesses and individuals. The Group intends to develop a full-service office in Canada, which will allow it to provide customers with the high-touch service-led approach that is core to the Cornerstone offer.
The gaining of the MSB licence and establishment of an office in Canada will represent a key milestone on the Group’s stated strategy to expand its geographic footprint and regulatory capabilities. The Board believes that this will accelerate the Group’s medium to long-term growth ambitions and play a key part in our long-term domestic and global growth strategy.
James Hickman, CEO of Cornerstone, said:
“We are delighted to receive authorisation to operate in Canada. Having received enquiries in Canada for our services through our existing network, the establishment of a regulated business will enable us to fully pursue such opportunities and leverage local payment rails and lower transaction costs. This also forms part of our stated strategy to expand our geographical footprint and regulatory capabilities to deliver sustained growth for the years to come. We look forward to launching our business in Canada and to continuing our expansion into further markets.”