When approved, the firm will have four products distributed under the MRF scheme.
The firm, which manages one of the world’s largest money market funds, is trying to diversify its product range.
FSA compares the world’s two largest money market funds: Tianhong’s Yuebao and JP Morgan’s US government fund.
BEA Union Investment’s Asian Bond and Currency (ABC) Fund has gained approval to be sold on the mainland under the China-Hong Kong Mutual Recognition of Funds (MRF) scheme, according to a statement from the firm.
Alibaba-distributed fund Yuebao has lowered the maximum individual investment for the second time as China’s regulator tightens rules for money market funds.
The Yuebao money market fund had inflows of RMB 623.5bn ($91.8bn) in the first half of 2017 thanks to its 4% yield, according to mainland media.
Online advisory is an emerging trend in China as the current development of mutual funds hits a bottleneck, according to Tianhong Asset Management, China’s largest fund house by assets.