Receipt of Regulatory Licence in Canada

Cornerstone FS PLC

13 February 2024

 

Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain.

13^th February 2024

Cornerstone FS plc

("Cornerstone" or "the Company" or "the Group")

Receipt of Regulatory Licence in Canada

Expanding geographic footprint in line with strategic plan

Cornerstone FS plc (AIM: CSFS), a foreign exchange and payments solutions company offering multi-currency accounts to businesses and individuals through its proprietary technology platform, is pleased to announce 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."          

Enquiries 

Cornerstone FS plc	[phone]
James Hickman, Chief Executive Officer  Judy Happe, Chief Financial Officer
SPARK Advisory Partners Limited (Nomad)	[phone]
Mark Brady, Adam Dawes
Shore Capital (Broker)	[phone]
Daniel Bush, Tom Knibbs (Corporate Advisory) Guy Wiehahn (Corporate Broking)
Gracechurch Group (Financial PR)	[phone]
Harry Chathli, Claire Norbury

About Cornerstone FS plc

Cornerstone FS plc (AIM: CSFS) is a foreign exchange and payments company offering multi-currency accounts and payment solutions to businesses and individuals. Headquartered in the City of London, Cornerstone combines a proprietary technology platform with a high level of personalised service to support clients with payments in over 150 countries in 58 currencies. With a track record of over 12 years, Cornerstone has the expertise, experience and expanding global partner network to be able to execute complex cross-border payments. It is fully regulated by the Financial Conduct Authority as an Electronic Money Institution through its wholly owned subsidiary company Cornerstone Payment Solutions Limited. www.cornerstonefs.com  

 

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