What Tally does
Tally Ltd is the developer of the banking and physical asset currency of the same name.
Previously known as Lionsgold, Tally offers users a currency that is directly pegged to physical gold.
Each ‘unit’ of Tally is a milligram of gold directly owned by the customer and utilised in their individual banking account and debit card. The physical gold is London Bullion Market Association (LBMA) approved and held in an accredited secure vault in Switzerland, which is 100% insured.
The product is not a fiat (government-issued) currency, nor is it a cryptocurrency, but is a tangible asset held in a customer's banking account, with a debit card that operates complementarily to fiat currencies using the mainstream banking system.
Aside from its Tally service, the Company also has holdings in certain fintech, gold mining and exploration firms.
In March, the digital bank reassured customers that it remains “in a good position” during the coronavirus pandemic.
The fintech, which offers services via a physical debit card and a banking app, said there were only two areas of its business that require “physical application” and the rest can be managed digitally and remotely.
As the movement of physical gold to its vaults involves a low number of people and is conducted within in a contained environment, Tally said “there should be no disruption to this business component”.
What the boss says: Cameron Parry CEO
“Tally is in a good position with regard to operating its full reserve banking platform during this pandemic.
“As a digital NBFI (non-bank financial institution), nearly all of our business activities are carried out digitally, enabling Tally to be operated remotely.”
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