RNS out for Tally (1'tk31 Jul 2024 17:08
TALLY CENTRAL LTD
("Tally Central" or the "Company")
Activities & Objectives 2024 - end of Q2 Update
31 July 2024
Tally Central Ltd, the non-bank money innovator and central authority of the Tally full-reserve non-fiat monetary system and physical-gold digital currency, tallyยฎ, is pleased to update shareholders about the Company's activities and objectives.
Tally Central's monetary system design is peerless in providing the UK public with everyday accounts, each with a unique account number and sort code, delivering sound money for savings and payments, and providing an easy and convenient way for individual gold ownership. Every unit of tallyยฎ (the currency, spelt with a lowercase 't') represents 1 milligram of ethically sourced physical gold from London Bullion Market Association (LBMA)-accredited brokers and stored with LBMA-accredited high security vaulters, held on behalf of Tally customers. The gold-based full-reserve monetary system works independently to the debt-based fiat-currency fractional-reserve banking system, whilst operating seamlessly with the established global payments infrastructure for electronic funds transfers, card payments and ATM withdrawals. Tally Accounts are the first in the world to provide each customer a unique IBAN ("International Bank Account Number") to access a currency that is not issued by a government.
Cameron Parry, Chief Executive Officer and Founder, commented: "I'm pleased to report that the second quarter of 2024 saw the Company complete the change to its new Banking-as-a-Service ("BaaS") provider. New IBANs were issued to existing UK customers in May and following further testing and migration of existing customers, the Company recommenced onboarding new UK customers in June.
Concurrent to this work, the Company completed its product, positioning and strategy reviews, and implemented a new pricing model for B2C customers in the UK.
As shareholders are aware, Tally Central's corporate strategy includes a complementary investment division to help fund the business' core operations and deliver Tally's standalone monetary platform. During Q2, the Company commenced monetising part of an investment asset to support ongoing growth capital and to demonstrate that Tally Central is a self-funded fintech. This is a highly significant milestone to achieve.
At the start of 2024, the indicative timing for listing the Company's shares for trading was mid-year. This was subject to being able to secure appropriate funding along the way and completing the BaaS provider changeover in Q1 - this was completed in June. As previously stated, the Company needs to demonstrate at least three full months of customer and revenue growth in the UK market as part of an Initial Public Offering ("IPO") proposition, pushing the realistic timing of an IPO to the second half of Q4.
The Company's end of year (30 June) audited accounts work is underway and due for completion end of September.