Cornerstone FS: Forex newcomer has ambitious growth plans – and a solution to a major banking headac

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() PLC said its subsidiary, FXPress Payments Services Ltd, received approval yesterday from the Financial Conduct Authority to become an Authorised Electronic Money Institution (AEMI), supporting the group’s aim of creating a broad portfolio of technology-enabled cross-border payment and foreign currency services.

Approval from the UK financial services regulator means the group can broaden its product offering, enabling it to issue electronic money and allow clients to leave money on account – effectively providing them with multi-currency accounts and e-wallet functionality.

The AEMI designation also increases the capital adequacy requirement for FXPress to EUR350,000 (around GBP300,000).

The group will also be able 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, said AIM-listed Cornerstone.

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