("TALLY" or the "Company")
Tally Banking Platform & Challenger Currency Goes Live
10 June 2019
TALLY LTD, the money innovator and developer of the 100% reserve banking platform and physical asset currency, Tally®, is pleased to announce its smartphone banking app is now available to the UK public to open a Tally® banking account and save and spend in Tally®. The release of the app is a major milestone for the Company. It is the culmination of more than two years' design and development work and now, for the first time, people have a choice in the quality of mainstream money they use in their daily lives. Tally® is initially being released to UK residents only, however it's immediately able to be spent at over 37 million merchant outlets globally through the Tally® Mastercard® debit card, and the Company is focused on delivering a better type of money worldwide.
· The Tally® App and Mastercard® debit card have completed beta testing and the App is now available on the Apple App Store and Google Play Store.
· Tally® is a world first mainstream challenger currency, designed by the private sector, for people to save and spend every day, through their own individually issued banking accounts, denominated in Tally®. At time of this announcement 1 GBP = 30 Tally® (i.e. £1 = t30)
· Tally® is not a fiat currency and not a cryptocurrency.
· Tally® is a money that every person in the world can understand. 1 Tally = 1 milligram of physical gold belonging to the customer. It is connected through the Tally® App to use the established global banking network, but the customer's tangible asset (physical gold) is kept outside of it.
· Tally® provides customers protection from government fiat currency devaluation (inflation), protects from bank counterparty risk and systemic bank contagion. And Tally® is 100% insured.
· There are no transaction costs and no fees added to foreign exchange rates when travelling. Tally® uses the global gold spot price and Mastercard® wholesale FX rates. And ATM withdrawals are free.
· Platform access, security, storage, and insurance is covered by a transparent single monthly charge in Tally® of 0.1% of a customer's average monthly holding (the equivalent of £1 per £1,000 of Tally® held). This reduces to 0.05% per month on any holding over t500,000.
· Tally® can be spent at over 37 million merchant outlets worldwide that accept Mastercard®
Cameron Parry, Chief Executive Officer, commented: "We are delighted to announce that the Tally® app is now available to download on the Google Play and Apple App Store. After more than two years in design and development, and with the Company's shares being unavailable for trading since mid-2018, our banking app is now available for UK residents to start saving and spending in Tally®. Money that adds up.
"Tally® is both the name of the banking platform and the unit of currency, just like Pounds or Dollars, except 1 Tally is a 1 milligram of LBMA (London Bullion Markets Association) approved physical gold, belonging to the customer - proven to be a better store of value over time than any fiat currency. Tally® uses the latest innovations in financial technology to create an independent banking platform and hard asset currency that sits outside of the existing banking infrastructure, while seamlessly operating with it.
"This means Tally® is insulated from government fiat currency devaluation (inflation) and systemic bank risks associated with the fiat currency-based fractional reserve banking system, while offering the usability and familiarity of a mainstream banking account and contactless debit card.
"This is a historic day. For the first time, consumers can choose an alternative mainstream currency that is independent, insulated and innovative - putting control and certainty of money back into the hands of the customer. Important to note, Tally® is not a cryptocurrency.
"We would like to thank all those that have helped Tally® become a reality, from our board and senior management team and 'Team Tally' personnel, through to all Tally® beta testers and all of our service providers, for their support, hard work and focus on delivering an important alternative money that operates complementary to, and seamlessly with, government issued fiat currency.
"TALLY is a public company that intends to be listed again in London as part of its commitment to the true democratisation of money. Thereby not only providing people choice in the mainstream money they use, but also giving people the choice to own part of the Company that operates the self-contained monetary system.
"TALLY also has significant holdings in key technology partner Railsbank Technology Ltd, as well as gold mining and exploration interests in India and Finland and we shall be updating shareholders in due course on those fronts, along with other activities in the lead up to the Company's planned listing later this year. The immediate next stage regarding Tally® is to further fine tune our processes with a larger customer base, before an official press launch as we focus on increasing users and spreading the message of Tally®."
Cameron Parry (Chief Executive Officer)
Tel: +44 (0)20 8065 0215
· TALLY LTD is the innovator of Tally® - a 100%-reserve banking platform and physical asset currency designed by the private sector, that operates seamlessly with the government fiat currency and fractional-reserve banking system.
· Each unit of Tally® is one milligram of LBMA-accredited gold held by the customer and utilised via their individually issued savings and payment account and Mastercard® debit card.
· Tally® is not a fiat currency and Tally® is not a cryptocurrency.
· The Tally® banking platform connects physical asset ownership to the global banking system.
· TALLY's wholly owned UK subsidiary company, TallyMoney Ltd, is a recognised E-Money Directive Agent (FCA Ref. No. 902059) under Financial Conduct Authority-licensed E-Money Institution, PayrNet Limited (FCA Ref No. 900594).
· Go to www.tallymoney.com to download the banking app and open a Tally® account.
· TALLY also has significant shareholdings in financial technology company Railsbank Technology Ltd (12.5%), leading India gold exploration company Geomysore Services India Pte Ltd (22%) and Finland gold exploration joint venture company Kalevala Gold Oy (32%).