Tally, the digital bank offering accounts backed by physical gold, has moved to reassure 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”.
It is also working with its card manufacturing partners to determine if and when they will have to stop sending out cards.
“If card manufacturing does have to stop due to a lock-down situation, digital Tally debit cards (which customers can find within their app) will still work for online purchases, and we are discussing with our banking API provider about expanding their capability to enable virtual cards to be used at merchant physical point-of-sale via ApplePay and GooglePay,” the company said.
Most of the fintech’s team are now working remotely in order to minimise non-essential contact, it said.
“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.”
The company, which plans to return to an AIM listing in future, said it believes its product “is likely to grow in need for many people as the financial effects of the coronavirus and central bank countermeasures are increasingly felt”.