Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Cornerstone FS gets licence to operate in Canada

(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.

Share this article

Related Sharecast Articles

Eli Lilly weight-loss drug 'significantly' reduces sleep apnoea
(Sharecast News) - Eli Lily's weight-loss drug tirzepatide has been shown to "significantly" reduce sleep apnoea severity, the US drugs giant said on Wednesday.
Royal Mail-owner rebuffs takeover approach
(Sharecast News) - Shares in International Distribution Services soared on Wednesday, after it emerged that Czech billionaire Daniel Kretinsky had made a takeover approach for the Royal Mail owner.
Just Eat shares drop as Q1 orders disappoint
(Sharecast News) - Shares in Just Eat dropped sharply on Wednesday after the food delivery marketplace delivered underwhelming order numbers for the first quarter, though revenue growth picked up sharply in the UK and Ireland.
Tekcapital's Innovative Eyewear inks deal with US firm
(Sharecast News) - Intellectual property investor Tekcapital announced a fresh development from its portfolio company Innovative Eyewear on Wednesday, as the latter launched a strategic partnership with Windsor Eyes, a prominent eyewear manufacturing and distribution firm.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.