Allfunds and HSBC launch T+0 settlement for Hong Kong MMFs

Allfunds and HSBC have introduced same-day (T+0) settlement for Hong Kong-domiciled money market funds. The capability went live in August 2026 and is available across the Allfunds platform, using HSBC’s local USD payments and Real-Time Gross Settlement (RTGS) infrastructure to speed cash availability for investors and intermediaries.

The service is built as an end-to-end straight-through processing (STP) solution. It automates fund dealing workflows and accelerates payment processing so subscriptions and redemptions can settle on the same day. Allfunds upgraded regional technology and servicing in Hong Kong to raise STP rates and support same-day processing. HSBC supplies the local payments connectivity and RTGS access that allow cash movements and netting to complete within the local clearing cycle.

Allfunds administers about €1.9 trillion in assets globally. Firms involved cited higher interest rates, stronger demand for efficient cash handling and increased participation by Mainland Chinese investors through Wealth Management Connect as factors behind rising demand for faster liquidity. Aggregate assets in SFC-authorised Hong Kong money market funds rose about 50% in 2025 to roughly US$76 billion.

David Pérez de Albéniz, Head of Asia at Allfunds, noted: “In money market funds, liquidity is everything. While much of the market is still working towards T+1, Allfunds has worked with HSBC to bring settlement in Hong Kong down to the same day, T+0, so clients can act the moment they decide. That is what a global platform should deliver in one of the world’s most active financial centres — the scale and technology to move at local speed, built around how investors here actually work.”

Yvonne Yiu, Head of Global Payments Solutions, Greater China at HSBC, added: “Being mandated by Allfunds to deliver same-day USD settlement in Hong Kong is a strong endorsement of HSBC’s local payment and settlement infrastructure. This end-to-end straight-through processing solution supports Allfunds as it continues to improve efficiency, reduce friction, and enhance client experience. We will continue to invest in capabilities that will shape the future of finance and look forward to deepening our collaboration with Allfunds.”

The service is aimed at wealth managers and asset managers that need quick access to cash for day-to-day liquidity management and aligns global platform processing with local settlement practices in Hong Kong.