CHENGDU, Dec. 27 (NBD) -- Sichuan Xinwang Bank, established mainly by New Hope Group and Xiaomi, announced on Tuesday that it has convened the founding meeting and the stakeholder meeting recently.

As the first internet bank located in mid-west China and the third national internet bank after Tencent We Bank and Ali My Bank, the bank is designated as a new generation internet bank.

With the establishment being approved by the China Banking Regulatory Commission in June, Xinwang Bank became China's seventh private commercial bank since the regulatory allowed private capital into the banking sector in 2013.