China will soon allow several financial leasing companies to develop asset-backed securities businesses, the nation's banking regulator announced on Wednesday.

At least five financial leasing companies have applied to the China Banking Regulatory Commission to open asset-backed securities businesses.

Among these, ICBC Financial Leasing Co Ltd and Bank of Communications Financial Leasing Co Ltd will become the first to get approval, said Mao Wanyuan, deputy director of the agency's non-banking department.