The Beijing Office of China Banking Regulatory Commission (CBRC) has approved the opening of Beijing Zhongguancun Bank, marking the establishment of the capital city’s first private bank.

As the 13th private bank approved to open in China, Zhongguancun Bank has registered capital of 4 billion yuan (US$589million) and 11 shareholders, which are mostly tech companies registered in the Zhongguancun Science Park.

The bank will be committed to providing fund and financial services for small-and medium-sized (SMEs) tech companies in Zhongguancun. It will also support the innovation-oriented development of SMEs in Zhongguancun and across China by using advanced technologies including the internet, big data and cloud computing.

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