Residents in Iraq have previously struggled to access platforms which enable them to trade US-listed stocks. However, one solution has been provided by Blue (Ishtar Gate Company for e-payment systems and services). The Iraq-based fintech company providing a wide range of technology solutions has released Bluepay to give Iraqis this flexibility.
Recently approved by the Central Bank in Iraq as the only company to offer international money transfer service, Blue CEO Ali Al-Saeed, discussed how the platform enables users to trade US-listed stocks:
“This is an unprecedented technology solution built and provided locally in Iraq. 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.”
Regardless of the type of cards they have, the multi-currency technology available to all users of the app helps them top up their accounts with by both dollars and Iraqi dinars. They can then exchange their balances into 10 other currencies.
“For instance, converting to Turkish lira enabled tourists to Turkey to have a local-like card and small businesses purchasing products from Turkey had access to e-commerce platforms that only deal with Turkish-issued financial products,” he added.
Corridor to China
Via the app, Bluepay users can issue a UnionPay card. UnionPay is a Chinese state-owned financial services company. The card helps them carry out financial transactions to/from China. Bluepay UnionPay opens the China corridor for SMEs in Iraq and 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 also enabling regional banks to provide unparalleled services using our technology. We plan to expand our services in the region by focusing on Saudi Arabia and the UAE in the first quarter of 2023.”
Following Blue Platinum
“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. It aims to provide normal consumers with platinum add-ons as well as other fintech technologies. This includes the multi-currency capability and zero fess for online transaction,” he concluded.