Cornerstone FS plc (LON:CSFS), a foreign exchange and payments solutions company, today announced that it is now authorized to operate in Canada by receiving a Money Services Business (MSB) license from the Financial Transactions and Reporting Analysis Center of Canada (FINTRAC). .
The acquisition of the MSB licence, which has been granted to a wholly owned subsidiary of the company registered in Canada, allows the Group to operate as a payment company in Canada and to provide payment services to Canadian businesses and individuals. The Group intends to develop a full-service office in Canada, which will enable it to provide clients with the high-touch service-driven approach that is at the core of the Cornerstone offering.
The acquisition of the MSB license and the establishment of an office in Canada will be a key milestone in 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 role in our long-term strategy for domestic and global growth.
James Hickman, CEO of Cornerstone, said:
“We are pleased to receive a license to operate in Canada. Having received inquiries in Canada for our services through our existing network, establishing a regulated business will allow us to fully pursue these opportunities and take advantage of local payment rails and lower transaction costs. This is also part of our stated strategy to expand our geographic footprint and regulatory capabilities to achieve steady growth for years to come. We look forward to launching our business in Canada and continuing our expansion into further markets.”