Cornerstone FS gets licence to operate in Canada

13th Feb 2024 13:52

(Sharecast News) - Foreign exchange and payments specialist Cornerstone FS has received its official authorisation to operate in Canada, it announced on Tuesday.

The AIM-traded company said it had received a money services business (MSB) licence from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

That would allow it to establish a presence in Canada through a wholly-owned subsidiary registered in the country.

Cornerstone said that with the MSB licence in hand, it would now be able to offer payment services to both businesses and individuals in Canada.

The firm said it planned to leverage the licence to develop a full-service office in Canada, aligning with its strategic objective of expanding its geographic footprint and regulatory capabilities.

"We are delighted to receive authorisation to operate in Canada," said chief executive officer James Hickman.

"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."

At 1301 GMT, shares in Cornerstone FS were up 7.67% at 32.3p.

Reporting by Josh White for Sharecast.com.