Is there an iPhone app to convert (phone call) speech to text?

I've got a friend who's a little hard of hearing. He would still like to be able to talk to people on the phone, so I would like to know if there's an app for the iPhone that would allow him to have a conversation, but have the other person's speech converted to text, so that he could talk, and read what the other person is saying on the screen. Any help is greatly appreciated!

Apple doesn't allow stuff like that and nobody else is as advanced.

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