Cornerstone FS plc, a foreign exchange and payments solutions provider, has announced its global expansion strategy. The company has obtained a Money Services Business licence (MSB) from the Financial Transactions and Reports Analysis Centre of Canada, allowing it to operate in Canada.

Securing the Canadian Operating License

The company's wholly owned Canada-registered subsidiary will leverage its proprietary technology platform to offer multi-currency accounts and payment solutions to businesses and individuals across Canada.

According to Cornerstone, it aims to emphasize providing service-led approaches tailored to the Canadian market with this establishment of a full-service office in Canada.

James Hickman, the CEO of Cornerstone, expressed his enthusiasm about this development: "We are delighted to receive authorization 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."

Cornerstone to Issue Co-Branded Commercial Cards with Mastercard

Cornerstone has announced a partnership with Mastercard aimed at launching a new corporate card product, as reported by Finance Magnates. The agreement allows Cornerstone to issue commercial credit and debit cards co-branded with Mastercard for its business clientele, with the anticipated rollout slated for the third quarter of 2024.

By forging ties with leading financial services providers like Mastercard, Cornerstone seeks to bolster its operational capabilities and enhance customer experience.

Hickman highlighted its potential to offer clients greater flexibility and choice in managing business expenses. He emphasized that the corporate card scheme aligns with Cornerstone's overarching objective of enabling clients to conduct transactions seamlessly across different currencies and payment methods globally.

Despite the announcement, specific financial and operational details regarding the partnership remain undisclosed. Nevertheless, the development marks a pivotal step forward for Cornerstone, leveraging its proprietary technology platform to offer businesses and individuals multi-currency accounts alongside the forthcoming corporate card offering.