Cornerstone‘s Subsidiary FXPress Receives E-Money License from UK FCA

Cornerstone FS plc, a payments focused fintech business, dedicated to removing the complexity of international payments for customers, recently announced that its wholly-owned subsidiary FXPress has obtained E-Money License from the UK’s Financial Conduct Authority, effective from 4 August 2021.

The new license is expected to allow the Group to expand its products and services. FXPress has upgraded from its previous status as an Authorized Payment Institution. As an AEMI, the Group can issue electronic money and allow clients to leave money on account, effectively providing them with multi-currency accounts and e-wallet functionality.

In addition, the Group is planning to develop a broad portfolio of technology-based cross-border payment services.

“The receipt of this full e-Money license 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 accounts 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,” commented Julian Wheatland, Chief Executive Officer of Cornerstone.