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Aspiring private banks have focus on fintech

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China will soon kick off the second round of awarding licenses for private banks. Five private banks had opened for business in 2015.

Some of the aspirants said if they receive the banking license, they would concentrate onproviding financial services to technology companies.

Regulators have completed their feasibility study for setting up a private bank in Fujian, aprovince on the southeast coast of China, according to the China Banking RegulatoryCommission’s Fujian Office.

Campus placement ads posted earlier this year by Fujian Huatong Bank, which is still takingshape, shows it was promoted by 10 Fujian-based leading companies across various sectors,including retail, manufacturing and real estate.

With a registered capital of 3 billion yuan ($450 million), the bank will position itself as afinancial technology company and seek to build the core business framework around financialtechnology, innovative payment solutions and supply chain finance. With emphasis onfinancial inclusion, it will mainly provide online financial services, supplemented by offlineservices.

For more on this story visit the following link: Aspiring private banks have focus on fintech

Source: China Daily

 

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