Cornerstone FS PLC Cornerstone establishes Asia team (3745H)
03 Agosto 2021 - 01:00AM
UK Regulatory
TIDMCSFS
RNS Number : 3745H
Cornerstone FS PLC
03 August 2021
3 August 2021
Cornerstone FS plc
("Cornerstone" or the "Company" or the "Group")
Cornerstone establishes Asia team
New team appointed to leverage increasing foreign investment
from Asia in UK
and to grow direct business
Cornerstone FS plc (AIM: CSFS), the cloud-based provider of
international payment, currency risk management and electronic
account services to SMEs, announces that it has appointed a new
team to market the Group's services to businesses located in Asia,
with a primary focus on firms supporting high net worth individuals
("HNWIs") acquiring real estate in the UK. This is a growing market
and these appointments also support Cornerstone's stated strategy
of increasing its direct business by acquisition and team
hires.
The new team, which will be based in London, has joined the
Group from Vorto Trading Ltd ("Vorto"). Vorto provides
international payment services to individuals and organisations
primarily in European and Asian markets, and is the Group's largest
white label partner. The appointments are expected to deliver a
substantial increase in the Group's revenue and will be profit
enhancing. The team, consisting of Chen Xu, Qianjun Wang and Qian
Wan, will receive compensation packages that are expected to
include performance-based shares.
At Vorto, the team specialised in marketing international
payment services (delivered by the Group's platform) to companies
servicing HNWIs from Asia acquiring real estate, primarily in the
UK. The team is also expected to generate new revenue for the Group
in other jurisdictions.
The UK real estate market is an established investment
destination for HNWIs in Asia thanks to its transparent legal and
tax system, relative political stability and significant number of
HNWIs, or their families, who come to the UK for education. This
demand has increased as a result of the pandemic, particularly for
prime residential property, led by qualitative lifestyle choices as
well as the desire for second homes near to family around the
globe, such as children in UK boarding schools. In addition, this
trend is set to continue as Asia is forecast to see the fastest
growth in ultra high net worth individuals over the next five
years, at 39% compared with a global average of 27%, and to account
for 24% of all UHNWIs by 2025, up from 17% a decade earlier (The
Wealth Report 2021, Knight Frank).
Julian Wheatland, Chief Executive Officer of Cornerstone,
said:
"We are pleased to have appointed this new team to focus on
expanding our direct business from companies servicing HNWI
investment in the UK from Asia. This is a large and growing market
opportunity, which has been accelerated by the pandemic and desire
for the lifestyle that is offered by prime residential property
locations in the UK.
"This also represents the first step since our IPO towards
executing on our strategy to expand our business. This team has
previously driven transactions through our platform on a partner
basis and will now be doing so directly, thereby generating higher
margins. We welcome them to Cornerstone and look forward to working
together to grow our business."
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 UK-based 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.
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