How about this?

    ImageMultiply @@
     Table[
      ArrayPlot[RandomReal[{0, 1}, {5, 5}], ColorFunction -> (Blend[{White, color}, #] &)],
      {color, {Yellow, RGBColor[0, 0.6, 1]}}
     ]

![Mathematica graphics](https://i.sstatic.net/kt67g.png)

The same operation can be done on the Raster data to preserve full scalability:

    gr =
      Table[
        ArrayPlot[RandomReal[{0, 1}, {5, 5}], ColorFunction -> (Blend[{White, color}, #] &)],
        {color, {Yellow, RGBColor[0, 0.6, 1]}}
      ]
    
    Graphics[
      Raster[gr[[1, 1, 1]]*gr[[2, 1, 1]]],
      Options[gr[[1]]]
    ]

![Mathematica graphics](https://i.sstatic.net/6J2Py.png)