The internet finance product is a cash management service offered by Futu Securities that allows investors to move cash into an underlying fund run by Gao Teng Global Asset Management
According to a Gao Teng press release, in a “one-click” process on the “Futubull App”, developed by Futu Securities, users can switch idle cash into and out of the Gao Teng WeFund-Gao Teng WeInvest Money Market Fund, which was incepted in March this year.
“As a cash management tool, the fund provides an efficient redemption mechanism that creates potential for wealth management product innovation with traditional distributors such as banks and security brokers as well as online distributors,” according to the statement.
Gao Teng Global Asset Management, a joint venture owned by Tencent and Hillhouse Capital received a greenlight last February from the Securities and Futures Commission (SFC) to offer the WeInvest Money Market Fund to Hong Kong investors
The firm is headquartered in Hong Kong and has acquired Type 4 and Type 9 licenses for the retail market approved by the SFC.
As a result, it can set up overseas investment funds in Hong Kong or other qualified overseas destinations.