Cornerstone FS PLC Cornerstone Becomes Authorised e-Money Institution (7005H)
05 Agosto 2021 - 4:07AM
UK Regulatory
TIDMCSFS
RNS Number : 7005H
Cornerstone FS PLC
05 August 2021
5 August 2021
Cornerstone FS plc
("Cornerstone" or the "Company" or the "Group")
Cornerstone becomes authorised e-Money Institution
Expansion of offering and addressable market with FXPress
operating subsidiary being granted an Electronic Money Institution
licence
Cornerstone FS plc (AIM: CSFS), the cloud-based provider of
international payment, currency risk management and electronic
account services to SMEs, announces that the Group's primary
operating subsidiary, FXPress Payments Services Ltd ("FXPress"),
has been approved by the Financial Conduct Authority as an
Authorised Electronic Money Institution ("AEMI"), effective 4
August 2021. This allows the Group to broaden its product offering
and enables it to act as a participant in the UK's Open Banking
Initiative as an Account Servicing Payment Service Provider, in
line with the Group's stated strategy.
The AEMI designation upgrades FXPress from its previous status
as an Authorised Payment Institution and increases its capital
adequacy requirement to EUR350,000. As an AEMI, the Group can issue
electronic money and allow clients to leave money on account -
effectively providing them with multi-currency currency accounts
and e-wallet functionality. FXPress's designation as an AEMI also
supplants the more limited licence it holds in Avila House as a
Small EMI, which is restricted to holding an overall e-money
balance that does not exceed an average of EUR5 million.
In addition, this new authorisation will enable the Group to
develop further products and services that take advantage of the
UK's Open Banking Initiative, which is designed to drive innovation
and competition in UK banking services through the secure and
transparent sharing of financial information. This supports the
Group's previously stated strategic aim of creating a broad
portfolio of technology-enabled cross border payment and foreign
currency services.
Julian Wheatland, Chief Executive Officer of Cornerstone, said:
"The receipt of this full e-Money licence by FXPress represents an
important milestone for Cornerstone and the achievement of another
of the strategic goals that we set out at our IPO. It will enable
us to allow customers to hold and retain funds in their
multi-currency account as well as expand our offering by developing
new products and services that leverage the UK's Open Banking
Initiative. We look forward to continuing to build on these
strengthened foundations to achieve our aim of delivering
transformational growth."
Enquiries
+44 (0)203 971
Cornerstone FS plc 4865
Julian Wheatland, Chief Executive
Officer
Judy Happe, Chief Financial Officer
+44 (0)203 368
SPARK Advisory Partners Limited (Nomad) 3550
Mark Brady, Neil Baldwin
Peterhouse Capital Limited (Joint +44 (0)207 469
Broker) 0930
Eran Zucker, Lucy Williams
+44 (0)203 700
Pello Capital Limited (Joint Broker) 2500
Dan Gee, Mark Treharne
+44 (0)207 618
Luther Pendragon (Financial PR) 9100
Harry Chathli, Claire Norbury, Joe
Quinlan
About Cornerstone FS plc
Cornerstone FS plc is a payments focused fintech business that
makes managing currency simple for SMEs. It provides international
payment, currency risk management and electronic account services
using a proprietary cloud-based multi-currency payments platform.
These services are delivered directly and via white label partners
on a SaaS basis to SMEs that engage in international trade.
Cornerstone also serves some high-net worth individual clients.
Headquartered in the City of London, UK, Cornerstone is listed
on AIM under the trading symbol 'CSFS'. For more information,
please visit www.cornerstonefs.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
REAUPUQURUPGUBA
(END) Dow Jones Newswires
August 05, 2021 05:07 ET (09:07 GMT)
Cornerstone Fs (LSE:CSFS)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Cornerstone Fs (LSE:CSFS)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024