Abu Dhabi, UAE — NEOPLY, a South Korean blockchain technology company, will establish its global headquarters in Abu Dhabi, the Abu Dhabi Investment Office (ADIO) said Monday and added that the move underscores emirate’s appeal as a magnet for innovation-driven companies.
NEOPLY provides a decentralized finance (DeFi) platform and a variety of services based on blockchain technology.
Founded in 2018, NEOPLY is the blockchain arm of Neowiz Holdings, a prominent South Korean gaming venture. The company will create specialized jobs in blockchain technology and further add to the development of the sector in the UAE capital and beyond. H-Lab will also work with Abu Dhabi universities to develop programs and scholarships related to blockchain, Web 3.0, and DeFi.
Its global headquarters in Abu Dhabi Global Market (ADGM) will be called H-Lab and benefit from the international financial center’s advanced regulatory framework and thought leadership in the virtual assets space, according to a statement by Abu Dhabi Media Office.
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.
Abdulla Abdul Aziz AlShamsi, Director-General of ADIO, said, “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.”
Jinho Park, Chief Operating Officer of NEOPLY. “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.”
ADIO’s AED2 billion 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.