Allfunds and HSBC have introduced same-day settlement for subscriptions and redemptions involving Hong Kong-domiciled money market funds on the Allfunds platform. The service went live in August 2026, Allfunds said in a September 15 announcement on its news page.
The companies say the arrangement combines automated fund-dealing workflows with local US-dollar payments through HSBC’s Hong Kong infrastructure. The announcement describes a T+0, or same-day, process; it does not list the individual funds, client eligibility rules, handling cutoffs or transaction volumes.
Local dollar settlement through HSBC
Allfunds said it upgraded its regional technology and servicing infrastructure to automate order handling and increase straight-through processing of money market fund subscriptions and redemptions. The payments component uses HSBC’s local US-dollar settlement capability and real-time gross settlement infrastructure in Hong Kong.
In this context, T+0 refers to settlement on the trade or dealing day, rather than the following business day. It does not by itself mean that every investor request will be processed instantly or outside a fund’s dealing calendar. Allfunds says the solution is now operational across its platform, but has not provided a fund-by-fund schedule or a measured percentage of orders completing on the same day.
The bank’s Greater China payments executive was quoted in the companies’ announcement as saying HSBC had been mandated to deliver same-day US-dollar settlement for Allfunds in Hong Kong.
Fund liquidity is the intended application
Money market funds typically hold short-term instruments and are used by investors and treasuries to manage cash. The firms say quicker settlement could improve daily liquidity availability for wealth managers and asset managers. They have not published independent figures on cost reductions, how many clients are using the service or the amount of money settled under the arrangement.
Allfunds cited assets of US$76 billion in Hong Kong-domiciled money market funds authorized by the Securities and Futures Commission at the end of 2025, up 50 percent from a year earlier. That market figure is a company assertion in this announcement, not a measure of funds using the new HSBC settlement process. It should be checked against the regulator’s current statistics before publication.
The announcement does not say that the participating funds are tokenized or that transactions settle on a blockchain. The reported process relies on fund-dealing automation and established payment infrastructure. Allfunds did not identify the specific Hong Kong-domiciled products, currencies other than local US-dollar settlement, or whether every subscription and redemption on its platform qualifies for T+0 processing.
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