South Korean game developer, Wemade, and UAE DIFC (Dubai International Financial Zone), Innovation Hub partner to build WEMIX Play web3 gaming community to support Dubai Program for Gaming 2033.

The Wemade-DIFC Innovation Hub collaboration plans to focus on core initiatives, including establishing WEMIX PLAY Center within the DIFC Innovation Hub for WEMIX PLAY. Wemade and DIFC Innovation hub will onboard game companies and facilitate the raising of $100 million Web3 gaming fund to  support the developers, studios and entrepreneurs.

Dubai is a leading business hub with advanced financial services and policies for fostering economic growth, investor attraction, blockchain, and cryptocurrency. Aided by DIFC Innovation Hub, Wemade aims to maintain close communication with UAE crypto-regulating bodies for making the Middle East business strategy as per up-to-date trends.

Wemade is also working on an application for Crypto Token Recognition from the Dubai Financial Services Authority, the DIFC’s Financial Regulator. Tokens conferred with this status will allow financial institutions in the DIFC to carry out transactions with them, to be used by over 4,900 companies in the special economic zone.

South Korean blockchain companies are establishing their headquarters in the UAE, Neoply a blockchain DeFi solutions provider announced that it will be opening its global headquarters, under the name H Lab in Abu Dhabi UAE with the support of Abu Dhabi Investment Office.

NEOPLY is joining ADIO’s Innovation Programme, which supports the growth of tech-focused industries in the UAE capital. NEOPLY provides a decentralised finance (De-Fi) platform and various services based on blockchain technology. Its global headquarters in Abu Dhabi Global Market (ADGM) will be called H-Lab and benefit from the international financial centre’s advanced regulatory framework and thought leadership in the virtual assets space.

The opening of H-Lab follows discussions between ADIO and Neowiz Holdings, the parent company of NEOPLY, about establishing its blockchain activities wholly from Abu Dhabi and benefiting from ADGM’s robust regulatory framework that enables effective blockchain and digital assets innovation.

Abdulla Abdul Aziz AlShamsi, Director-General of ADIO, stated, “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.”

Founded in 2018, NEOPLY is the blockchain arm of Neowiz Holdings, a prominent South Korean gaming venture which recently also opened its headquarters in UAE. The company will create specialised jobs in blockchain technology and further add to the sector’s development in the UAE capital and beyond. H-Lab will also work with Abu Dhabi universities to develop programmes and scholarships related to blockchain, Web 3.0, and De-Fi.

Jinho Park, Chief Operating Officer of NEOPLY, stated, “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.”

He emphasised, “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.”

NEOPLY’s H-Lab will work with ADGM to support its development of a sound and progressive regulatory framework for DeFi, to become 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.

DWF ( Digital Wave Finance) Labs a crypto investment firm, based out of UAE, has invested $1 million into LABEL Foundation, a Korean Based blockchain entity revolutionizing the music industry. 

The investment will be used to foster the development of their pioneering Dapp TRACKS and to expand their user base by bringing innovative solutions to the market. This is the third round for LABEL Foundation. Previously it raised funds from eBest Investment & Securities and Groom investments. This allowed LABEL to launch their Listen and Earn TRACKS decentralized application. 

LABEL believes that this revolutionary application has enormous prospects not just for artists but also listeners who want to contribute to the revenue flow of music and help make this sector more profitable

DWF Labs Managing Partner Andrei Grachev conveyed his enthusiasm for LABEL Foundation’s quest to promote innovation in the music business, stating “Their Listen-and-Earn TRACKS dApp is an exciting opportunity that has the potential to change the way music is created, shared, and monetized”. 

LABEL Foundation CSO Hyungsoon Choi also stated, that for them, this investment is not just about expanding their user base or bringing innovative solutions to the market, it’s perhaps about getting closer to creating a more equitable profit-sharing economy that includes permissionless IP rights application, monetization of music rights, and direct interaction between fans and artists.

DWF Labs is the multi-stage Web 3.0 investment firm. The investment firm is an affiliate of Digital Wave Finance (DWF) which has consistently maintained its position among the top 5 trading entities by volume in the crypto space thanks to its proprietary technology for high frequency trading. It has offices in Singapore, Switzerland, the UAE, Hong Kong, South Korea, and even the British Virgin Islands.

In less than a week apart Dubai’s DMCC has signed two major partnership agreements, the first with South Korean entities KBIPA and Seongnam City who are in the blockchain and metaverse industries, and secondly with nya Labs. Founded by a team of Stanford faculty and alumni, Enya Labs is a leading developer of decentralised infrastructure solutions, and is a core contributor to Boba Network.

With regards to the first partnerships DMCC signed MoUs with the Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City during DMCC’s Made for Trade Live roadshows in South Korea. Both MoUs seek to advance the development and application of Web3 technologies globally, including through affording growth opportunities to South Korean Web3 companies by supporting them in setting up at the DMCC Crypto Centre, and its new Gaming Centre.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “DMCC is committed to supporting high-growth sectors such as the Web3 space, and we believe that South Korean businesses will benefit greatly from setting up and scaling their operations in Dubai. The signing of these MoUs with KBIPA and Seongnam City comes at a perfect time, as we continue to accelerate our strategy of supporting businesses in these sectors. We are proud to contribute to the strong and resilient economic relations between the UAE and South Korea, which reflect the warm and friendly ties that our countries have always shared.”

Hyeong-Joo Kim, Chairman, KBIPA, said: “The United Arab Emirates represents one of the strongest economies in the MENA region, and Dubai in particular has risen as a global hub for Web3 technologies. Therefore, our partnership with DMCC comes at a strategic time to discuss business opportunities for the South Korean companies operating in the blockchain space. DMCC would certainly provide these companies with an enabling ecosystem that allows them to thrive.”

A spokesperson for Seongnam City said: “Partnering with DMCC will offer a fantastic opportunity to the many South Korean businesses operating in the area of metaverse technologies. By fostering a tighter partnership between our two countries, we are sure to enhance the global Web3 landscape for the mutual benefit of Seongnam City and Dubai.”

As for the second partnership, Boba Network is a global platform that allows blockchain and web3 businesses to build next-generation decentralized apps (dApps) with reduced transaction and computation fees and increased throughput. The platform provides an expanded set of capabilities for smart contracts on a range of blockchain networks including Ethereum, Moonbeam and Avalanche. Boba Network also offers Hybrid Compute technology, which allows developers to build dApps that can utilise ‘off-chain’ data from any web2-based system.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “The ability of the DMCC Crypto Centre to attract such high-profile and impactful players in the web3 space is a true testament to the thriving ecosystem that we have created. By bringing Boba Network into the fold, in partnership with Enya Labs, we are providing a new suite of resources for members to scale up their web3 businesses in Dubai and beyond.”

According to the Korean news site Newsis, Neowiz Holdings one of South Korea’s leading game giants, the creator of Web3 gaming platform Intella X which recently raised $12M because of its upcoming launch on Polygon, has established its Blockchain entity Neofly in the UAE.

As per the Korean News site, Oh Seung-heon, CEO of Neowiz Holdings, is visiting Abu Dhabi as part of Korea-UAE economic delegation to seek cooperation with local government agencies and companies in the blockchain business.

Neofly the subsidiary of Neowiz has developed a public blockchain platform called NEOPIN.

Neofly issued its own virtual asset Neopin (NPT) which connects to its ecosystem of games, metaverses, services, non-fungible tokens (NFT), etc., centering on DeFi (Decentralized Finance) services.

An official at Blockchain entity Neofly also headed by Seung Heon, stated that they had established a local presence in UAE.

“We have been seeking to enter the global blockchain market based on the UAE, and after completing the establishment of a corporation in Abu Dhabi, there is a part of close consultation with UAE-related organizations. Visible results will come soon.”

WEMIX a South Korean blockchain gaming platform part of WEMADE blockchain firm, is developing and delivering various games and has launched its MENA presence with its foothold out of UAE, Abu Dhabi in specific.

Wemade’s blockbuster Legend of Mir IP boasts its 500 million accumulated users in China. Wemade has over 10 subsidiaries, including Joymax (developer of Wind runner) and Flero Games(developer of Every Town) and shares in some of Korea’s most promising game developing companies, including 4:33 Creative Lab, IMC Games, XL Games, Hound 13, Raidmob, and Pulsar Creative.

According to the announcement, WEMIX MENA will also open another branch in the region as well possibly KSA and other areas of UAE.

The announcement states, “The UAE with its pro-blockchain policies, governments are focusing on digital innovation business. The region is proactively supporting blockchain-based business ecosystems and digital assets services. Launching of WEMIX MENA means WEMIX will actively seek to expand its ecosystem in the MENA.”

It adds, “Abu Dhabi, the capital of the United Arab Emirates, has been actively focusing on expanding global blockchain business by implementing digital asset regulations in 2018 and introducing Abu Dhabi Global Market (ADGM). The rapid growth in the game industry and positivity from the government toward blockchain business has made the city the base for many global IT companies to begin business in the MENA region.

UAE DMCC, Dubai MultiCommodities Centre has signed an agreement with South Korea’s blockchain industry, Busan Metropolitan City, to support global development and adoption of blockchain and web3 technologies. 

During a two-day roadshow of Seoul and Busan, DMCC signed a Memorandum of Understanding (“MoU”) with Busan Metropolitan City that will see the two parties work together on connecting the blockchain ecosystems in Dubai and Busan by hosting regular knowledge-sharing events and connecting crypto, blockchain and web3 businesses in the two cities.

During a welcome speech at the Blockchain Week Busan event, Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “Blockchain and web3 technologies are revolutionizing industries and sectors across the globe, from finance, healthcare and gaming to business operations such as supply chain management and the sale of goods and services. As we solidify the emirate’s position as a global capital for blockchain and web3, it is clear that there is a substantial opportunity for Dubai and South Korea to collaborate more closely to advance the global industry.”

DMCC’s latest MoU with Busan bolsters the free zone’s global network and reinforces its commitment to building an interconnected blockchain ecosystem.

Park Heong-joon, Mayor of Busan Metropolitan City, added, “Busan has great potential to become a regional hub for blockchain development. This has been reinforced through our partnership with DMCC, which will allow us to replicate the successes of their Crypto Centre and develop a strong crypto ecosystem in Busan. We look forward to working with them closely over the coming months.”

Dubai’s blockchain sector contributes over USD 500 million to the economy and is estimated to support more than 40,000 jobs by 2030 and add USD 4 billion to Dubai’s economy.