Allfunds, HSBC Launch T+0 Fund Settlement
Allfunds has teamed up with HSBC to introduce same-day settlement for Hong Kong money market funds, as demand for efficient cash management continues to grow across the financial hub.
Global wealth management platform Allfunds and HSBC have launched a same-day, or T+0, settlement capability for Hong Kong money market funds, according to a statement on Tuesday.
The solution provides end-to-end straight-through processing (STP), allowing subscriptions and redemptions to be settled on the same day. According to the companies, the setup is designed to reduce settlement friction and improve liquidity availability for wealth and asset managers.
The service went live in August 2026 and is now fully operational across the Allfunds platform.
Local USD Settlement
At the core of the solution is local US dollar settlement for Hong Kong-domiciled funds using HSBC's local payments and Real-Time Gross Settlement (RTGS) infrastructure.
Allfunds said it has also upgraded its technology and servicing infrastructure in Hong Kong, including greater automation of fund dealing workflows and improved STP rates.
«In money market funds, liquidity is everything,» said David Pérez de Albéniz, Head of Asia at Allfunds. «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.»
Allfunds administers €1.9 trillion in assets for clients globally.
Rapid Growth
The move comes as Hong Kong's money market fund industry expands rapidly. Assets in Hong Kong-domiciled funds authorized by the Securities and Futures Commission grew 50 percent in 2025 to reach $76 billion, according to Allfunds.
The companies pointed to higher interest rates, increased demand for efficient cash management and growing participation from mainland Chinese investors, including through Wealth Management Connect, as factors supporting the expansion.
Yvonne Yiu, Head of Global Payments Solutions, Greater China at HSBC, said the collaboration would help Allfunds improve efficiency and reduce friction through HSBC's local payment and settlement infrastructure.
The initiative further underscores efforts by financial institutions in Hong Kong to shorten settlement cycles and improve the infrastructure underpinning the city's growing wealth management industry.
