The establishment of a private bank in Zhongguancun, a science and technology base in Beijing, was discussed at a meeting, attended by entrepreneurs, at the Administrative Committee of the Zhongguancun Haidian Science Park on Monday, according to Shanghai Securities News.

The State Council decided to open the bank industry to the private sector on Aug 12.

The Zhongguancun Bank will be co-funded by several private businesses and assume its own risks.

It will be an Internet bank that mainly provides comprehensive, efficient and low-cost financial services to small and medium-sized companies in science and innovation, the committee said.

The schedule has not been finalized.

Earlier media reports suggested that the first batch of private banks could be launched in the next six months, with one in Beijing and one in Wenzhou.

Other private businesses are also preparing to launch their own banks, according to an anonymous insider, who declined to name the companies involved.

Meanwhile, other cities are also actively laying the ground work for obtaining the private bank quotas.

These include Wenzhou, Quanzhou, Shenzhen and Taiyuan, said Zhou Dewen, chairman of the Wenzhou Small and Medium-sized Enterprises Development Association.