Key Insights
- Cornerstone FS received a Money Services Business (MSB) license from FINTRAC to operate in Canada
- The license allows Cornerstone to provide payment services to Canadian businesses and individuals
- Cornerstone plans to open a full-service office in Canada to provide its high-touch, service-led approach
LONDON (MarketsXplora) – Cornerstone FS (CSFS.L) has received a money services business (MSB) license from Canada’s financial regulator, allowing the UK-based foreign exchange and payments firm to expand into the Canadian market, it said on Tuesday.
Cornerstone said the license granted by Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) clears it to provide foreign exchange and payment services through a new wholly-owned subsidiary registered in Canada.
The company now plans to set up a full-service office in Canada and leverage its existing international client relationships while also tapping local payment networks to offer FX and payment solutions to Canadian customers.
“We are delighted to receive authorization to operate in Canada. This also forms part of our stated strategy to expand our geographical footprint and regulatory capabilities,” said Chief Executive James Hickman.
The Canada launch comes after Cornerstone acquired two payment firms last year as part of plans to grow its international presence and regulatory permissions in strategic markets like North America.
Cornerstone offers currency exchange, business payments, virtual account management and risk management tools to both institutional and retail clients. It already has offices across Europe and Australia.
The regulatory approval marks an early win in Cornerstone’s broader expansion strategy focused on targeting high-growth payment corridors and unlocking more revenue opportunities across its specialized product range.
Cornerstone’s shares were up 4% at 172 pence following its announcement on Tuesday morning.