22 C
Thursday, April 18, 2024

NEOPLY becomes latest Korean innovator to set up Abu Dhabi headquarters with support from ADIO


Headquarters at Abu Dhabi Global Market to benefit from IFC’s advanced blockchain and virtual asset regulations

NEOPLY cements Abu Dhabi’s leadership in DeFi innovation

ABU DHABI, UAE: South Korea’s leading blockchain technology company NEOPLY will set up its global headquarters in Abu Dhabi with the support of the Abu Dhabi Investment Office (ADIO), underscoring the UAE capital’s appeal as an innovation-driven company. NEOPLY is joining ADIO’s innovation programme, which supports the growth of technology-focused industries in the UAE capital.

NEOPLY provides a decentralized finance (De-Fi) platform and various services based on blockchain technology. Its global headquarters in Abu Dhabi Global Market (ADGM) will be known as H-Lab and will benefit from the international financial center’s advanced regulatory framework and thought leadership in the field of virtual assets.

In recent years, Abu Dhabi has proven to be a popular destination for Korean innovative companies. To support investors, ADIO opened an office in Seoul in 2021 and is working with companies such as Bespin Global, H2O and K-BTS Consortium to establish or expand its Abu Dhabi presence. The opening of the H-Lab follows ADIO’s discussions with Neowiz Holdings, the parent company of NEOPLY, to establish its blockchain activities entirely in Abu Dhabi and benefit from ADGM’s strong regulatory framework for effective blockchain and digital asset innovation.

engineer. Abdulla Abdul Aziz AlShamsi, Director General of ADIO, said: “Abu Dhabi’s enabling environment, coupled with world-class infrastructure and skilled talent, has made the UAE capital a leading investment destination in the Middle East. NEOPLY joins this wave of other innovations from South Korea Companies choose Abu Dhabi as a catalyst for their next phase of growth. They are joining a thriving innovation ecosystem and bringing new ideas and solutions to life in the UAE capital.”

Founded in 2018, NEOPLY is the blockchain division of Neowiz Holdings, a well-known Korean game company. The company will create dedicated jobs in blockchain technology and further promote the industry in the UAE capital and beyond. H-Lab will also collaborate with Abu Dhabi University to develop projects and scholarships related to Blockchain, Web 3.0 and De-Fi.

NEOPLY Chief Operating Officer Jinho Park said: “With the support of ADIO, we are building our global headquarters in the center of Abu Dhabi, which makes us look forward to financial innovation in the Middle East.” He emphasized, “With the active support of ADIO, With the cooperation with ADGM and the help of Abu Dhabi’s infrastructure, we aim to set new standards in the global blockchain industry.”

NEOPLY’s H-Lab will cooperate with ADGM to support its development of a sound and progressive DeFi regulatory framework, with the goal of becoming one of the first regulated DeFi providers in the world. The South Korean blockchain company hopes to join ADGM’s Digital Lab and work closely with ADGM’s Financial Services Regulatory Authority (FSRA) to build a framework for the DeFi industry that both mitigates risks for consumers and the financial industry, and develops New business models can improve consumer experience and outcomes.

In 2018, ADGM became the first jurisdiction in the world to introduce a comprehensive regulatory framework for exchanges, custodians, brokers and other intermediaries engaged in virtual asset activities. The framework is part of ADGM’s ongoing commitment to foster economic diversification in Abu Dhabi and the UAE through innovative and sustainable initiatives, and to position itself as the destination of choice for investors in virtual assets.

Partnering with ADIO, the private sector can gain long-term, commercially sustainable opportunities to grow alongside Abu Dhabi. These include access to land banks in Abu Dhabi, large government infrastructure projects and support for growth. In addition to the Seoul office, ADIO’s global network covers Beijing, Frankfurt, London, New York, Paris, San Francisco and Tel Aviv.

ADIO’s AED2 billion (US$545 million) innovation program supports businesses in innovation-focused sectors such as agtech, financial services, healthcare services and biopharmaceuticals, ICT, industrial and tourism. Launched in 2020, the program promotes the growth and diversification of Abu Dhabi’s economy by increasing the participation of innovative private companies.

About Abu Dhabi Investment Office
The Abu Dhabi Investment Office (ADIO) is the entry point for local, regional and international investors into the Abu Dhabi ecosystem. In partnership with ADIO, the UAE capital’s central investment agency, the private sector can gain access to long-term, commercially sustainable opportunities to grow alongside Abu Dhabi. These include access to Abu Dhabi’s land bank, large government infrastructure projects and growth support in line with Abu Dhabi’s priority industry development and ADIO’s focus on scalability, innovation and sustainability. ADIO’s collaboration with the Abu Dhabi ecosystem (government partners, sovereign states and national champions) is a catalyst for the development and diversification of Abu Dhabi’s economy, driven by increased private sector participation change. Investors can contact ADIO through its headquarters in the UAE capital or through one of its eight international offices in Beijing, Frankfurt, London, New York, Paris, San Francisco, Seoul and Tel Aviv. Please visit https://www.investinabudhabi.gov.ae/ for more information.

media contact
Abu Dhabi Investment Office
Amal Hamish

Weber Shandwick Average
Mark Dajani

Weber Shandwick Average
Talal Natafji

About Neopril
NEOPLY is a company under the Neowiz Group dedicated to new business. It started to get involved in the blockchain business in 2017, participating in various global blockchains such as Ethereum, Tron, Cosmos and Cardano as a node (network participant) verifier. Since then, NEOPLY has developed the CeDeFi protocol NEOPIN, which has become the world’s first DeFi protocol that complies with the regulatory framework, and was selected as a beneficiary of the innovation program by the Abu Dhabi Investment Authority (ADIO) in the United Arab Emirates this year because of the integrity and stability of the protocol. Accelerate its global market expansion.


Source link

Related Articles

DXB Issues Advisory Amid Impending Unstable Weather

DXB Issues Advisory Amid Unforeseen Weather As UAE residents gear up to face the anticipated onslaught of unstable weather conditions sweeping across the country, travelers...

UAE Streets, Parks, and Malls Buzzing with Eid Al Fitr Festivities, Glorious Gathering

UAE Streets, Parks, and Malls Overflowing with Festive Spirit Amidst the joyous occasion of Eid Al Fitr, the streets, parks, and malls of the United...

UAE Gold Prices Reach New All-Time High, Surging by Dh4.50 per Gram

UAE are advised to stay informed and exercise caution when navigating the gold market, keeping in mind the potential risks and rewards associated with...

Abu Dhabi BAPS Hindu Mandir, Enhancing Visitor Experience Efficient Pre-Registration

Abu Dhabi BAPS Hindu Mandir Unveils Streamlined Pre-Registration System In a significant move aimed at enhancing visitor experience and ensuring a smooth flow of devotees,...

Eid Al Fitr 2024: Heartfelt Blessings from Dubai Ruler and Sheikh Hamdan Spread Joy Across the UAE

Eid Al Fitr 2024: Dubai Ruler, Sheikh Hamdan, and Maktoum Extend Heartfelt Wishes to the UAE Community The sighting of the Shawwal crescent on Tuesday...

Latest Articles