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ING, Financial Services Giant Makes Plans On A Defi Lending Project

ING is the Dutch multinational banking corporation, and it wants to partner with the Netherlands’ financial authority. Particularly, for the utilizing decentralized finance.

Furthermore, Annerie Vreugdenhil, ING Chief Innovation Officer notes this during the Singapore Fintech Festival earlier today.

More so, while speaking in a panel discussion, praises Singapore’s welcoming regulatory environment.

“In other places, we work with sandboxes that regulators have,”

So, Annerie Vreugdenhil, ING CIO explains.

“We actually have in Amsterdam now an initiative on DeFi on…”
“P2P lending where we are starting to work with the regulator.”

Additionally, ING plans test check its Defi lending project with the Authority of the Financial Market (AFM) sandbox.

So, The AFM sandbox is a Dutch regulatory gateway for innovative financial products. Notably, It gives access to new businesses to innovate in the space without undue burdens from authorities.

Furthermore, another spokesperson notes that there’s no strong proposition yet.
But, ING already affirms that Bitcoin and other ‘volatile’ cryptocurrencies will not be compatible with the project.

“What is interesting to us is how you can probably create peer-to-peer lending or open…”
“up lending capabilities with different kinds of collateral…”
“So with different ways of doing this rather than with volatile Bitcoin”.

Lastly, ING mentions Aave in a whitepaper publication earlier this year, praising it for its efficiency and borderlessness.

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