In what is the next stage of Chinese investments in Australia, a group of high net worth investors and entrepreneurs have applied to the Australian Prudential Regulation Authority to start the first Chinese bank incorporated in Australia. 
Aoyin has applied for deposit-taking institution authorisation to start an Australian-incorporated bank serving Chinese investors and, later, the wider Australian public.
The group behind one of the earliest significant investor visa (SIV) funds, Australia Capital Investment Group (ACapital) founded the bank, which is being advised by professional services firm PwC and lawyers Baker & McKenzie.
The organisation has no affiliations with banks from mainland China.
ACapital's founder, Owen Chen, runs Aoyin with general manager Howard Ting and Andrew Maundrell, an executive with Sydney-based professional services and SIV firm Business Intellect Group.
"In this new era, there is a growing pool of sophisticated Chinese investors with an affinity to Australia yet there is no Australia incorporated bank that has been built and operated by this economically significant group," the company said.
"Aoyin intends to provide a solution to offer a full range of financial products in support of the Chinese migrant community in Australia."
But the organisation does not limit its services to members of the community, offering its current products - commercial loans and convertible notes - to any customer.
Its aim is to operate like the big four banks, complete with international services.
"We want to offer a point of difference with our products and services," Mr Ting said.
"APRA has been supportive of the engagement to date. While our focus is initially on Australian-resident, Chinese-background customers, we will look to engage with a broader customer base . . . The end game is to serve all of Australia and also have a global footprint."
The firm has already raised $150 million from about 20 private entrepreneurs, new Chinese migrants and Chinese investors.
While APRA is considering its application, Aoyin will operate as a private investment firm investing its newly raised funds in high-return projects in sectors such as real estate, agribusiness, resources, technology and healthcare.
The company already has investments in residential projects across Sydney, Melbourne and Brisbane in the $20 million to $100 million bracket, which do not get much of a look-in from major banks.
Aoyin welcomes new backers but says it will only take new funds if there are projects worth investing in.
The initiative will fill a gap in the market, bank sources say. This is not the first time such an initiative has been undertaken. In the US the East West Bank operates in California. A similar Singaporean example is the Overseas-Chinese Banking Corporation.