Zhongguancun Bank, commissioned to serve technological innovation-based enterprises, finished its trial operation and officially opened on July 16. It is the first bank of its kind in China.

The bank is located in Weitong Edifice on Zhichun Road in Haidian district at the core part of Zhongguancun Science Park, a technology hub based in the Chinese capital Beijing.

China's first sci-tech innovation bank, Zhongguancun Bank, is opened on July 16. [Photo / WeChat Account: zgcgwhwx]

Also Beijing's first private bank, the institution was set up by 11 public companies from Zhongguancun, with a registered capital of 4 billion yuan ($591 million).

Co-founders include Beijing Enlight Media, Beijing Dinghan Technology and DHC Software. Yonyou Network Technology Co Ltd is the largest shareholder, with a 29.8 percent stake.

Statistics show that while Zhongguancun enjoys a domestically leading financing environment as it occupies more than 40 percent of the amount of all angel investment in the country, the 3 percent of enterprises that have less than 20 million yuan in revenue can get capital access.

The bank was approved to meet the demand and to further open up the banking sector to domestic and foreign capital.

According to Guo Hong, chairman of the board of Zhongguancun Bank, the institution will be dedicated to providing financial services, mainly to individual clients and micro, small and medium-sized enterprises. Makers, venture capitalists, and innovation-based enterprises are its main target and will be helped in the financing process.

Its goal is to build as a comprehensive bank while adopting frontier technologies such as big data, cloud computing, artificial intelligence and block chain. It will endeavor to explore banking innovation and conclude a practical financial service model for use nationwide.

As planned, shareholders will be coordinated to found an investment company with the aim to carry out business focused on the linkage of investment and loans.

The project ranks high on Beijing's 13th Five-Year Plan (2016-20) which aims for solid policy support.