MPFA Blog - eMPF Platform targets full operation in 2025
MPFA Chairman Mrs Ayesha Macpherson Lau published her latest blog post today (16 July), highlighting that the MPFA and eMPF Platform Company have been supervising the contractor with full force to expedite the eMPF Platform project, the largest reform initiative since the implementation of the MPF System. The eMPF project made phased progress last month with the software development largely completed, which means that the 20-plus core functions of the system will soon be ready, laying a solid foundation for the smooth and efficient operation of the Platform in the future.
According to the current progress, the migration of MPF account information to the Platform is expected to commence in the second quarter of 2024, with the whole onboarding process to be completed in 2025. Scheme members and employees can gradually start managing MPF on the Platform as the MPF schemes get onboard one by one. Not only will the efficiency of MPF management be enhanced significantly, scheme members will also enjoy fee reduction as a result of “straight pass-on” of savings in administration cost as stipulated in the legislation, which will further strengthen scheme members’ retirement protection.
Mrs Lau said that in the past six months, various divisions of the MPFA and Platform Company have been making their best efforts, leveraging on their different expertise and experience to supervise the contactor on various fronts to ensure that effective measures are in place to take the development of the Platform forward.
Moving ahead, the contractor and independent assessors will conduct a number of tests to ensure the stability of the overall functions and services of the Platform in order to meet users’ requirements and expectations. The MPFA and Platform Company will supervise the contractor to complete various tests, including system integration, user acceptance, loading and security tests within this year.
In addition to software development, the preparation of hardware and operation components are also making good progress. The hardware components and related data centres have been completed as planned. To prepare for the commencement of the operation of the Platform in the second quarter of 2024, the contractor is setting up service centres on Hong Kong Island and in Kowloon and the New Territories, and establishing outreach service teams, information centres, and eMPF kiosks in various districts to provide a pleasant and smooth experience for all Platform users.
After completing the construction of the Platform and all the related tests, the first batch of MPF trustees (i.e. the five early adopters1) are expected to migrate the accounts of their MPF schemes one by one to the Platform, starting in the second quarter of 2024. The accounts under the remaining MPF schemes will then get onboard in accordance with ascending order of the value of assets under management by trustees.
The MPFA, Platform Company and contractor have been closely communicating with trustees to help them prepare for data migration, which involves various technical procedures and tests. The MPFA will also closely monitor and conduct on-site inspections to gauge the readiness of trustees.
While the Platform is striding towards the commencement of operation stage, Mrs Lau reiterated that the MPFA and Platform Company remain fully committed to overcoming all challenges, and will continue to supervise the contractor’s work to meet the target of full operation of the Platform by 2025.
For the full version of the article, please visit the MPFA blog. The blog is in Chinese only.
The above is the official logo of the eMPF Platform.
1 The five early adopters are YF Life Trustees Limited, China Life Trustees Limited, Bank of Communications Trustee Limited, Standard Chartered Trustee (Hong Kong) Limited and Bank of East Asia (Trustees) Limited.