South Korean blockchain company Neoply sets up Abu Dhabi headquarters with Adio backing

Based in Abu Dhabi Global Market, the company will benefit from the financial centre’s blockchain and virtual asset regulations

The launch of the Middle East and Asia Crypto Blockchain Association will address greater transparency, education and responsible innovation in the sector. Ruel Pableo / The National

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.

Abdulla AlShamsi, director general of Adio and Jinho Park, chief operating officer of Neoply, signed the agreement. Photo: Adio

“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, Adio 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, Adio 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.