A bank in Beijing’s scientific and technological hub Zhongguancun went into official operation on July 16, aiming at supporting sci-tech startups in the Chinese capital.

As the first private bank in Beijing, the bank has a registered capital of 4 billion yuan (about US$ 590 million) and is co-sponsored by 11 listed companies.

The bank mainly provides financial support and service for small and micro-sized scientific and technological enterprises, and uses the internet, big data, cloud computing and other advanced information technology to promote the development of such enterprises.

Every year, more than 20,000 tech companies are set up in the Zhongguancun area. It is also home to half of the Chinese mainland’s unicorn firms valued at over one billion dollars, as well as more than 40 percent of investment cases and funding.

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