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The
National News,
Monday, July 10, 2023 | Thul-Hijjah 22, 1444
AH
South Korean blockchain company Neoply sets up Abu Dhabi headquarters with Adio backing
Neoply, a South Korean blockchain technology company, will set up its global
headquarters in Abu Dhabi with support from the Abu Dhabi Investment Office, as
the emirate continues efforts to enhance its status as a global innovation hub.
Located in Abu Dhabi Global Market, Neoply's headquarters will be called H-Lab
and “benefit from the international financial centre’s advanced regulatory
framework and thought leadership in the virtual assets space”, Adio said on
Monday.
Neoply is joining Adio’s innovation programme, which supports the growth of
technology industries in the UAE capital.
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,” Abdulla 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.”
Abu Dhabi is seeking to diversify non-oil sectors – as part of wider plans to
reduce the economy's reliance on oil – with a focus on growing industries such
as manufacturing, tourism, advanced technology and logistics.
Adio, which is responsible for attracting and promoting investment in Abu
Dhabi, launched its Dh2 billion ($545 million) innovation programme in 2020 to
support the emirate's diversification efforts.
It backs businesses in sectors such as agriculture technology, financial
services, health services and biopharma, ICT, industry and tourism.
More than 50 companies have benefitted from the programme, Haitham Al Subaihi,
acting executive director of business development and promotions at Adio, told The
National in May.
Some of them include local cycling shop Wolfi's, technology companies Fairwater
Capital, Frontera Capital and Cofe App, and Israel’s Liquidity Group.
Working with Adio, private sector companies can gain access to Abu Dhabi’s land
bank, large-scale government infrastructure projects and growth-enabling
support.
Currently, Adio has offices in Seoul, Beijing, Frankfurt, London, New York,
Paris, San Francisco and Tel Aviv, with plans to open more, Mr Al Subaihi said
at the time.
It opened its Seoul office in 2021 and has worked with companies including
Bespin Global, H2O and K-BTS Consortium to establish or expand their Abu Dhabi
operations.
Neoply, founded in 2018, is the blockchain arm of Neowiz Holdings, a South
Korean gaming venture.
The company provides a decentralised finance (DeFi) platform and other services
based on blockchain technology.
Neoply's expansion in Abu Dhabi will create specialised jobs and further add to
the development of the blockchain sector in the UAE capital, the statement said.
H-Lab will also work with Abu Dhabi universities to develop programmes and
scholarships related to blockchain, Web3 and DeFi.
It will also work with ADGM to support its development of a regulatory framework
for DeFi, with the aim of becoming one of the first regulated DeFi providers in
the world, the statement said.
The Korean blockchain company will participate in the ADGM’s Digital Lab and
collaborate with the centre's Financial Services Regulatory Authority “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”, it said.
In 2018, ADGM became the first jurisdiction globally to introduce a regulatory
framework for virtual assets.
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