NEOPLY, South Korea’s leading blockchain technology company, is joining Abu Dhabi Investment Office (ADIO)’s innovation program to establish its global headquarters in Abu Dhabi.
NEOPLY provides 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 conducive environment, coupled with world-class infrastructure and skilled talent, makes the UAE capital a leading investment destination in the Middle East. NEOPLY joins other Korean innovative companies, Choosing 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.