South Korean blockchain firm Neoply to establish global headquarters in Abu Dhabi

Image: WAM

South Korean blockchain technology company, NEOPLY, announced that it plans to establish its global headquarters in Abu Dhabi, as per Abu Dhabi Media Office. Abu Dhabi Investment Office (ADIO) is supporting NEOPLY’s move as the emirate makes a push to bring big technology names and businesses to the country.

The South Korean company will join ADIO’s Innovation Programme, which supports the growth of tech-focused industries in the UAE capital.

Neoply provides a decentralised finance (DeFi) platform and a variety of services based on blockchain technology. Its global headquarters in Abu Dhabi Global Market (ADGM) will be called H-Lab. H-Lab will also work with Abu Dhabi universities to develop programmes and scholarships related to blockchain, Web 3.0, and DeFi.

Abu Dhabi has proved to be a popular destination for South Korean companies working in the technology space in recent years. To support investors, ADIO opened an office in Seoul in 2021 and has worked with companies including Bespin Global, H2O and K-BTS Consortium to establish or expand their Abu Dhabi operations. The opening of H-Lab follows discussions between ADIO and Neowiz Holdings, the parent company of Neoply as it looks to set up blockchain activities wholly from Abu Dhabi.

Abdulla Abdul Aziz AlShamsi, director-general of ADIO, said, “Abu Dhabi’s enabling environment, coupled with the availability of world-class infrastructure and skilled talent, has positioned the UAE capital as a leading destination for investment in the Middle East. Neoply joins a wave of other innovative South Korean companies choosing Abu Dhabi as the catalyst for their next growth phase. They are joining a thriving innovation ecosystem and bringing new ideas and solutions to life in the UAE capital.”

Abu Dhabi Investment Office has supported South Korean blockchain innovator NEOPLY’s goal to establish its global headquarters at Abu Dhabi Global Market as part of ADIO’s Innovation Programme, enhancing sector development, employment and academic opportunities in the emirate. pic.twitter.com/tf5nEjilBw

— مكتب أبوظبي الإعلامي (@ADMediaOffice) July 10, 2023

Abu Dhabi as a blockchain hub

Neoply’s H-Lab will work with ADGM to support its development of a sound and progressive regulatory framework for DeFi, with the aim of becoming one of the first regulated DeFi providers in the world. The Korean blockchain company is looking to participate in the ADGM’s Digital Lab and collaborate closely with ADGM’s Financial Services Regulatory Authority (FSRA) to build a framework for the DeFi industry that both mitigates risks to consumers and the financial industry and lets new business models develop that can improve consumers’ experiences and outcomes.

Jinho Park, chief operating officer of Neoply, said: “With ADIO’s support, we are establishing our global headquarter in the heart of Abu Dhabi, which fills us with great anticipation for our financial innovation in the Middle East. With the active support of ADIO, the collaboration with ADGM, and the infrastructure of Abu Dhabi, we are committed to setting new standards in the global blockchain industry.”

In 2018, ADGM became the first jurisdiction globally to introduce a comprehensive regulatory framework for the regulation of exchanges, custodians, brokers, and other intermediaries engaged in virtual asset activities. This framework is part of ADGM’s ongoing work to bolster the economic diversification of Abu Dhabi and the UAE through innovation and sustainable initiatives.

ADIO’s Dhs2bn Innovation Programme supports businesses in innovation-focused sectors such as AgTech, financial services, health services and biopharma, the ICT, industry and tourism. Launched in 2020, the programme is a catalyst for the development and diversification of Abu Dhabi’s economy through the increased participation of innovative private sector companies.

Founded in 2018, Neoply is the blockchain arm of Neowiz Holdings, a South Korean gaming venture. The company will create specialised jobs in blockchain technology and further add to the development of the sector in the UAE.

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