CHANGCHUN – The first private bank in
China’s rust belt, an industrial area in the northeast had officially started
operation on Tuesday, as the first approved the establishment of the northeast.
Headquartered in Jilin, Yillion Bank was approved in December 2016 by China’s
banking regulator and co-sponsored by at least two private capital providers.
Yillion Bank positioned itself as an
intelligent internet bank, intending to base at the northeast and penetrating
nationwide. The lender mainly attracts deposits from personal consumers and
provides financial support to small and micro firms. In the future, big data will
be embedded deep into product development and operations management of Yillion
Bank.
In the recent years, China has approved a
pilot scheme to set up five private banks to give private capital a bigger role
in the country’s financial system. Nationwide, 17 private banks have been given
opportunities for reformation and development.