Cornerstone FS, a foreign exchange and payments solutions company offering multi-currency accounts to businesses and individuals through its proprietary technology platform, is now authorised to operate in Canada, after receiving a Money Services Business licence from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Having obtained the MSB licence, which has been granted to a wholly owned Canada-registered subsidiary of the company, enables Cornerstone to operate a payments company in Canada, providing payment services to Canadian businesses and individuals.
The Cornerstone FS group intends to develop a full-service office in Canada, which will enable it to provide customers with the high-touch service-led approach that is core to the Cornerstone offering.
Securing the MSB licence and establishing an office in Canada represents a key milestone in the Group’s stated strategy to expand its geographic footprint and regulatory capabilities. The Cornerstone board explained that it believes this will accelerate the company’s medium to long-term growth ambitions and play a key part in its long-term domestic and global growth strategy.
James Hickman, CEO of Cornerstone, also commented on the news: “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.”
