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MPFA and HKICL Join Hands to Explore Payment Solution for the eMPF Platform

The MPFA and Hong Kong Interbank Clearing Limited (HKICL) today (10 December) entered into a collaboration agreement to explore appropriate electronic payment and clearing solutions for the future eMPF Platform.

Witnessed by Mr Cheng Yan-chee, MPFA Chief Corporate Affairs Officer and Executive Director, Mr Leo Chu, MPFA Chief Operating Officer and Executive Director, Mr Edmond Lau, Senior Executive Director of Hong Kong Monetary Authority (HKMA) and Mr Colin Pou, Executive Director (Financial Infrastructure) of HKMA, a Memorandum of Understanding (MoU) was signed by Ms Cynthia Hui, MPFA Executive Director (Members), and Ms Haster Tang, Chief Executive Officer of HKICL.

Mr Chu said, “One of the objectives of constructing the eMPF Platform is to enhance the MPF management efficiency and user experience of employers and scheme members. The Platform will not be complete without a seamless, secure and reliable electronic payment settlement system.”

Ms Hui said, “HKICL has developed major electronic payment systems such as the Faster Payment System (FPS), e-Cheque and the ePayment for MPF transfer between trustees.  The extensive experience and knowledge of HKICL will facilitate the development of an efficient and suitable electronic payment solution for the eMPF Platform in anticipation of the voluminous MPF transactions in future.”

Mr Lau said, “The MoU signifies the mutual agreement in developing and promoting the financial infrastructure in Hong Kong for facilitating efficient processing of payments. I am glad that the FPS has seen extensive adoption, from person-to-person payment to business payment, shortly after launching for a year. Riding on the experience in developing this efficient and resilient electronic payment platform, I am sure it will facilitate the development of the eMPF Platform with diversified and innovative payment solutions. The HKMA will continue our efforts in exploring more use cases of the FPS and further promoting the e-payment ecosystem in Hong Kong.”

Ms Tang said, “Both the FPS and the eMPF Platform share the common objective of providing an efficient and reliable electronic payment service to the general public on a 24x7 basis. HKICL is confident that its successful experience of the FPS and other e-payment systems would be beneficial to the future eMPF Platform to be developed by MPFA in becoming a user-centric system with safe and efficient payment solution not only to meet the needs of stakeholders but also contribute to the further development of financial infrastructure in Hong Kong.”




Witnessed by Cheng Yan-chee, MPFA Chief Corporate Affairs Officer and Executive Director (2nd from left); Leo Chu, MPFA Chief Operating Officer and Executive Director (1st from left); Edmond Lau, Senior Executive Director of HKMA (2nd from right); and Colin Pou, Executive Director (Financial Infrastructure) of HKMA (1st from right), the MoU was signed by Cynthia Hui, MPFA Executive Director (Members) (3rd from left), and Haster Tang, Chief Executive Officer of HKICL (3rd from right) to explore appropriate electronic payment and clearing solutions for the future eMPF Platform.

-Ends-

10 December 2019

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Last Review Date: 10/12/2019