Blue to debut a fintech super app for Iraq and the Middle East
DUBAI, United Arab Emirates, 16 December 2022–(BUSINESS WIRE)–Blue (Ishtar Gate Company for E-Payment Systems and Services), an Iraq-based fintech company offering a wide range of technology solutions, has released its latest technology that allows users to trade US-listed stocks via a mobile app called Bluepay. Recently approved by the Central Bank of Iraq as the first and only company to offer international money transfer service, Blue CEO Ali Al-Saeed said: “This is a unique technology solution built and delivered locally in Iraq. It has sparked other fintech delivered services such as a multi-currency solution that opens up a new horizon of opportunity in the Iraqi market.”
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Blue to debut a fintech super app for Iraq and the Middle East (Graphic: Business Wire)
Regardless of the type of card they have, the multi-currency technology available to all users of the app helps them top up their accounts with both dollars and Iraqi dinars, and then exchange the balance into 10 other currencies. “For example, conversion to Turkish lira allowed tourists to Turkey to have a local-like card, and small businesses buying products from Turkey had access to e-commerce platforms that only deal in Turkish-issued financial products,” he added.
Corridor to China
Through the app, Bluepay users can issue a UnionPay Card, a Chinese state-owned financial services company, which helps them conduct financial transactions to/from China. Bluepay UnionPay opens the China Corridor for SMEs in Iraq and the MENA region to do more business through Chinese companies.
Ali Al-Saeed explained: “Our goal is to create the first super-financial app in the region that gives freedom to users while enabling regional banks to offer unparalleled services using our technology. We plan to expand our services in the region by focusing on Saudi Arabia and the United Arab Emirates in the first quarter of 2023.”
Followed Blue Platinum, the first prepaid platinum card
“All this comes a few months after the launch of Blue Platinum, the first platinum prepaid card that Bluepay launched in Iraq in partnership with Visa International that aims to provide normal consumers with platinum add-ons as well as other fintech technologies such as multi-currency capability and zero salary for online transactions,” he concluded.
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Contacts
Tiba Al-Nuwab
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