Aspiring private banks have focus on fintech

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 on providing financial services to technology companies.

Regulators have completed their feasibility study for setting up a private bank in Fujian, a province on the southeast coast of China, according to the China Banking Regulatory Commission's Fujian Office.