“The launch of the eMPF platform marks the beginning of a new digital era for MPF,” Mandatory Provident Fund Authority (MPFA) chairwoman Aisha Macpherson Lau said on Thursday.
He added that the easy-to-use platform will reduce administrative costs by HK$30 billion to HK$40 billion over 10 years, noting that the system meets high international standards for protecting members' personal data. .
“We will monitor our systems 24 hours a day to prevent cyber-attacks, and we will also have backups in place to prevent system failures,” she said.
To prevent fraud, Lau reminded the public that authorities will not contact or send hyperlinks to the public and that members can check suspicious messages through hotline 1832622.
Financial investment fraud in Hong Kong surged 55% in the first quarter, with losses of more than HK$900 million, police said.
Hong Kong's MPF gives each member HK$6,000, first quarter profit of 2.47%
Hong Kong's MPF gives each member HK$6,000, first quarter profit of 2.47%
Recently, the Hong Kong Monetary Authority was used to scam unwary residents with fake instant messages. Following the incident, the agency's deputy director-general, Arthur Yuen Kwok-han, set out to educate Hong Kongers about such risks.
The eMPF platform will launch on June 26th when YF Life Trustees, the smallest MPF provider, will migrate to the system, followed by China Life on July 29th. The two companies have a market share of 0.8% and MPF assets amounting to HK$9 billion. It's under control.
YF Life members can start setting up their accounts from June 12th, but will only be able to join on June 26th, when the scheme launches. China Life Insurance members can start opening accounts from July 12th, before joining the scheme from July 29th.
According to Cheng Yan-chee, managing director of MPFA, members with multiple MPF accounts with different providers only need to set up their accounts once.
“Members do not need to set up an account now; they should wait until their provider joins the scheme,” Chen said.
The remaining providers will be added to the platform in stages by 2025 in ascending order of the value of assets managed by the trustee.
Bank of Communications Trustee and Standard Chartered Trustee (Hong Kong) are expected to join the eMPF platform in the fourth quarter of this year, with three separate schemes run by East Asia Bank (Trustee) joining this year. Expected to be added in Q4. According to the Legco newspaper in March, the first quarter of next year.
Principal Trust Company (Asia), BOCI-Prudential Trustee and Bank Consortium Trust are scheduled to transition in the first and second quarters of 2025.
This will be followed by AIA Company (Trustee) and Sun Life Trustee in the second or third quarter, followed by Manulife in the third quarter. HSBC and its subsidiary Hang Seng Bank will be the last banks to be added to the eMPF platform in the fourth quarter of 2025.
Cheng said the eMPF platform saves members and employers time and money.
“Currently, many employers manually calculate and process employee MPF contributions, which increases the chances of errors that impact employee benefits,” Cheng said. said.
“Once an employer joins the platform, contributions are made digitally and they receive a notification to make their contribution. Members can easily manage their MPF account and make fund selections using their mobile phone or computer. You can change it.”
