REG - Cornerstone FS PLC - Receipt of Regulatory Licence in Canada

Cornerstone FSAnnouncement

13/02/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240213:nRSM8746Ca&default-theme=true

RNS Number : 8746C  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                            +44 (0)203 971 4865
 James Hickman, Chief Executive Officer

 Judy Happe, Chief Financial Officer

 SPARK Advisory Partners Limited (Nomad)       +44 (0)203 368 3550
 Mark Brady, Adam Dawes

 Shore Capital (Broker)                        +44 (0)207 408 4090
 Daniel Bush, Tom Knibbs (Corporate Advisory)

 Guy Wiehahn (Corporate Broking)

 Gracechurch Group (Financial PR)              +44 (0)204 582 3500
 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
(https://url.avanan.click/v2/___http:/www.cornerstonefs.com/___.YXAxZTpzaG9yZWNhcDphOm86YTU1M2E3ODJmZjg3MmE5ODI5ZjE2NjFiZjcxZjkwNmM6NjpmMTRlOmJmNjU4NGI4NDcxZGQ4MmJiZGUyNjhjMzBlNzQ4NzlhMGExNzM5MzMzMjQ2MzkxMmRmZjhlNGRiNzA0ZjE4Y2U6cDpU)
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCGZGMZNZFGDZM