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MPF Symposium explores the road ahead for digital transformation and sustainable investing

At the MPF Symposium, titled “The Road Ahead: Digital Transformation and Sustainable Investing”, held today (26 November), MPFA explored with the MPF industry the far reaching effect of digital transformation and sustainable investing, and the opportunities and challenges these two aspects will bring forth to MPF ecosystem and investment.

 

Secretary for Financial Services and the Treasury Mr Christopher Hui, Guest of Honour of the Symposium said, “With the collective efforts from us at the Government, MPFA and the industry, we have commenced the journey of developing eMPF Platform, an electronic platform that would centralise administration work across trustees, with a view to bringing cost saving and enhanced efficiency to the MPF System. Besides, the Government views green and sustainable finance as one of the most important opportunities for our financial services industry, and MPF is no exception. I very much look forward to exploring with MPFA and the industry on how we can further promote sustainable investing for the MPF System in the future.”

 

In the opening address, MPFA Chairman Mrs Ayesha Macpherson Lau said, “The COVID-19 pandemic has highlighted the importance of technology and accelerated digital transformation. Digital technologies make our everyday lives easier, and financial services are no exception. While the full impact of COVID-19 may not yet be clear, one thing is certain: there is a growing appetite for financial innovation, and our role is to make it happen. The construction of the eMPF Platform will create a new MPF ecosystem based on the application of digital technology. It will provide a better customer experience and, ultimately, improve operational efficiency and reduce MPF administration costs.”

 

On sustainable investing, Mrs Lau said, “Sustainable investing will become the ‘new normal’ in the financial industry. The MPFA is playing a critical role in this regard.  We urge the MPF trustees to act now to evaluate financial risks and opportunities so that their schemes are capable of providing sustainable returns for scheme members in their retirement.  The Principles for Adopting Sustainable Investing in the Investment and Risk Management Processes of MPF Funds  issued by the Authority today cover four elements - governance, strategy, risk management and disclosure.  The Principles laid down a high level framework that serves to assist MPF trustees in integrating environmental, social, and governance (ESG) factors into the investment and risk management processes of MPF funds from a financial risk management perspective and to make relevant disclosure to MPF scheme members.”

 

Speakers featured in the Symposium included MPFA Chief Operating Officer Mr Leo Chu and Executive Director (Members) Ms Cynthia Hui, Government Chief Information Officer Mr Victor Lam, Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA) Mr Howard Lee, Director of Intermediaries Supervision Department of Securities and Futures Commission Ms Linda Yiu, and Head of Asia (ex-China and Japan) of PRI Association Mr James Robertson.

 

Speaking at the Symposium, MPFA Chairman Mrs Ayesha Macpherson Lau said the eMPF Platform will create a new MPF ecosystem which will provide a better customer experience and, ultimately improve operational efficiency and reduce MPF administration costs. Moreover, she urged MPF trustees to act now to evaluate financial risks and opportunities of their schemes so as to provide sustainable returns for scheme members.

 

Secretary for Financial Services and the Treasury Mr Christopher Hui (middle), MPFA Chairman Mrs Ayesha Macpherson Lau (left) and MPFA Acting Managing Director Mr Cheng Yan-chee officiated at the MPF Symposium 2021.

 

MPFA Executive Director (Members) Ms Cynthia Hui (first from left) and other guest speakers, including the Government Chief Information Officer Mr Victor Lam (second from right) and Deputy Chief Executive of the Hong Kong Monetary Authority Mr Howard Lee (second from left), shared the latest development of digital transformation in Hong Kong in the panel discussion session.

 

MPFA Chief Operating Officer Mr Leo Chu introduced the “ Principles for Adopting Sustainable Investing in the Investment and Risk Management Processes of MPF Funds” which was issued by the MPFA today.

 

In his closing remarks, MPFA Acting Managing Director Mr Cheng Yan-chee said the MPFA is fully committed to creating a new digital MPF ecosystem to bring the benefits of digital technology to the people of Hong Kong.

 

– Ends –

26 November 2021