It is too difficult to stay a believer in Tungsten Corporation (TUNG). The company estimates $2.7 trillion worth of invoices could be processed via its electronic network, a growth potential that convinced us to tip the stock last year. But the latest market statement revealed the company is assessing its options over Tungsten Bank, and is currently in discussion with the Prudential Regulation Authority over the bank’s operations and governance.
What's more, it has no further information on how the group will be funded. It also took the unusual step of announcing a possible joint venture with an unnamed “global financial institution”, involving its early invoice payment services - which it has admitted need further investment in sales, marketing and processing.
