Blue Star Foods Creates Blue Pay, a Unique Financial Application, for Artisanal Fishing Communities

Blue Star Foods, a leading importer of pasteurized crab meat, is proud to announce the successful launch of a new payment system that will enable remote fishers to become bankable.

One issue in remote fishing communities is the lack of access to banking infrastructure. Instead of a credit system, many remote fishing villages only have a cash and barter system. Unfortunately, this can lead to high-interest loans between individuals and predatory lenders. A lack of banking infrastructure can exacerbate poverty rates. Due to a lack of banking systems, rural fishing communities have been at the mercy of global markets, leading to either boom or bust economic seasonality.

That’s why Blue Star Foods invented a peer-to-peer (p2p) mobile banking application that enables individuals to keep digital legers for their fishing business. The app gives financial infrastructure to formerly unbankable remote fishing communities and allows for both electronic payments, as well as business credit systems. The app will also have the capability of offering credits and vendor programs to distribution businesses.

Artisanal fisheries have unique challenges that are often unaddressed within the global seafood industry. These barriers to sustainability require innovative solutions currently not present in many approaches developed by NGO’s. Blue Star Food’s unique approach to small-scale blue swimming crab fisheries have been making significant advancements towards improved ecosystems and better social equity.

About Blue Star Foods

Blue Star Foods is a vertically integrated producer of Pasteurized Refrigerated Blue Swimming Crab, selling premium quality seafood products to retailers, restaurants, and foodservice distributors across several continents. We practice a Triple Bottom Line business philosophy encompassing economic, social, and environmental impact to ensure the future of this species for generations to come.