The first regional bank of Tibet opened its doors for business Tuesday, and will focus on making it easier for small- and medium-businesses obtain loans and generally hopes to improve financial services in the region.

"The Bank of Tibet will strive to promote economic and social development in Tibet, improve the financial service quality and build up a financial service network covering all the region," said Pema Tsewang, chairman of Bank of Tibet.

The Bank of Tibet also will support small- and medium-sized enterprises as it will likely be easier from them to get loans from the bank compared to its competitors, Pema added.

To support and promote the development and maintain stability and peace in Tibet, the central government held a conference in 2010 and introduced a policy to support Tibet build a regional commercial bank.

The establishment of the bank was given the green light at the end of 2011.

As of 2011, six banks had set up branches in Tibet, namely the Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB), Postal Savings Bank of China (PSBC) and China Development Bank (CDB).