Strong International Support
NEOPLY, a subsidiary of NEOWIZ HOLDINGS Corporation, announced on July 10 that it has been selected as a business to be supported by the Innovation Program of the Abu Dhabi Investment Office (ADIO) in the United Arab Emirates (UAE).
With the support of ADIO, NEOPLY established a local subsidiary in Abu Dhabi called H Lab in the Abu Dhabi Global Market (ADGM) in September last year. It will serve as the global headquarters for the NEOPIN blockchain business.
H Lab, located in ADGM, is set to receive regulatory benefits from the International Financial Centre for cryptocurrencies and blockchain virtual assets, as well as various financial support from ADIO including incentives, regulatory exceptions from the government, various cost exemptions, and other non-financial support.
By participating in this Innovation Program, NEOPIN, having been validated in the emerging UAE market, has gained strong momentum for business expansion in the Middle East and North Africa (MENA) market, besides the economic benefits.
NEOPLY and H Lab will accelerate the establishment of an initial draft of Decentralized Finance (DeFi) regulations through collaboration with ADGM. This will pave the way for the global CeDeFi platform NEOPIN to become the world’s first “regulated DeFi.”
They plan is to closely collaborate with the Financial Services Regulatory Authority (FSRA) of ADGM to build an efficient and effective regulatory framework for the DeFi industry.
Park Jin-ho, chief operating officer of NEOPLY, stated, “Based on support from ADIO, we are excited to establish the blockchain global headquarters in the center of Abu Dhabi, and we have high expectations for our activities in the Middle East. We will create a new standard for global blockchain, based on ADIO’s active support, cooperation with ADGM, and the infrastructure of Abu Dhabi and the UAE.”