Cornerstone FS plc announced that it is now authorised to operate in Canada through the receipt of a Money Services Business (MSB) licence from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The gaining of the MSB licence, which has been granted to a wholly owned Canada-registered subsidiary of the Company, allows the Group to operate a payments company in Canada and provide payments services to Canadian businesses and individuals. The Group intends to develop a full-service office in Canada, which will allow it to provide customers with the high-touch service-led approach that is core to the Cornerstone offer.

The gaining of the MSB licence and establishment of an office in Canada will represent a key milestone on the Group's stated strategy to expand its geographic footprint and regulatory capabilities. The Board believes that this will accelerate the Group's medium to long-term growth ambitions andplay a key part in its long-term domestic and global growth strategy.