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MPFA Chairman interviewed by RTHK News (26 October 2021)


MPFA Chairman Mrs Ayesha Macpherson Lau was interviewed by RTHK News, and the reports were aired on 26 October. Mrs Lau talked about the progress and challenges in building the eMPF Platform.


She pointed out that the MPFA and the eMPF Platform Company Limited are working at full steam to build the eMPF Platform, which is the largest FinTech infrastructure project involving a large amount of MPF account information. The project development work is expected to complete by the end of next year at the earliest. Followed by the phased transferal of account information to the Platform starting from 2023, the Platform will come into full operation in early 2025 at the earliest.


Mrs Lau said the MPFA understands public concern about the fee levels of MPF funds and has been pushing for fee reduction through different measures over the years. The average fund expense ratio (FER) of MPF funds has dropped by 30% from 2.1% in 2007 to the current level of 1.43%. The main goal in implementing the eMPF Platform is to generate fee reductions for scheme members. In the first two years after the implementation of the Platform, an average reduction of about 30% in the scheme administration fee payable by scheme members is expected.  The project is estimated to achieve cumulative administration cost savings of $30 billion to $40 billion over a 10-year period, equivalent to 41% to 55% of the original administration fees over the same period. 




Listen to the news program (1:05:14–1:10:25) (Chinese only):



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