In a presentation made during the Singapore Fintech Festival, Annerie Vreugdenhil, chief innovation officer of ING, announced the firm is working on a trial of its decentralized finance, or DeFi, peer-to-peer lending protocol with the Netherlands Authority for the Financial Markets. Vreugdenhil said the following in regards to the development, as reported by Ledger Insights:
ING is a Dutch financial service multinational with over $1 trillion in total managed assets. In a white paper published earlier this year, ING specifically mentioned lending protocol Aave, which is built on the Ethereum (ETH) blockchain, as one recent innovation in the industry. Through smart contracts, Aave enables borrowers to deposit crypto as collateral and take out a stablecoin loan.