Blue to launch a fintech app for Iraq
Photo: Bluepay
Baghdad (IraqiNews.com) – The newest technology from the Iraqi fintech company Blue now enables users to trade equities that are listed on the US stock exchange via a mobile application called Bluepay.
The app just received approval from the Central Bank of Iraq, making it the first business to provide services for international money transfers.
“This is an unprecedented technology solution built and provided locally in Iraq,” said Ali Al-Saeed, CEO of Blue. “It has triggered other fintech-provided services such as a multi-currency solution that opens up a new horizon of opportunities in the Iraqi market.”
Users of Bluepay may issue a UnionPay Card using the app, enabling them to conduct financial transactions to and from China. For SMEs in Iraq and the MENA area, Bluepay UnionPay opens up the China corridor, enabling them to do more business with Chinese firms.
“Our goal is to create the first super financial app in the region that gives freedom to users, while also enabling regional banks to provide unparalleled services using our technology,” said Al-Saeed.
Additionally, the app’s multi-currency technology enables users to top up their accounts in both dollars and Iraqi dinars and then swap their balances into ten additional currencies.
Blue is hoping to continue its regional development in the Middle East after its recent expansion in Iraq. “We plan to expand our services in the region by focusing on Saudi Arabia and the UAE in the first quarter of 2023,” said Al-Saeed.
Blue is authorized to offer services to help Iraqi banks carry out projects involving digital payment, such as issuing and managing credit, prepaid, and debit cards, operating, setting up.