A private bank has opened in China to help finance science and technology startups.

The Zhongguancun Bank is backed by 11 investors and has registered capital of $590 million. Zhongguancun is a tech hub, labelled by many as China’s Silicon Valley. This cash will support small firms trying to grow their innovations in frontier technologies.

Young companies in the country are making a major impact at home and internationally – with Chinese AI startup Malong Technologies recently winning the ‘Olympics of Startups’ in Berlin.