Chinese officials are suggesting the BRICS Development Bank could be operational before year's end.
Vice-Finance Minister Shi Yaobin also says membership in the bank will not be limited to the group's five member states.
The first meeting of the bank's board of governors has been set for early July during the next BRICS summit in Russia.
Leaders from Brazil, Russia, India, China and South Africa announced plans to establish the bank last summer.
It has a seed of 100-billion US dollars and is being based out of Shanghai.
For more on this new bank, we're joined on the line by Mike Bastin, director of China Business Center based in London.
