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MPFA Chairman Mrs Ayesha Macpherson Lau, together with MPFA Executive Director (Policy) Eric Cheng and Director (Supervision) Ginni Wong, attended a sharing session of the Financial Leaders Programme organized by the Academy of Finance on 14 May. They exchanged views with 20 representatives from various financial institutions on the development of the MPF System and the progress of digital transformation.

Mrs Lau said that financial services should facilitate real economic activities, support people’s livelihood, and enable the wider community to share the fruits of sustainable and inclusive growth. The MPF System embodies this philosophy with a clear social mandate to provide basic retirement protection for Hong Kong’s working population.

The MPF System has just celebrated its 25th anniversary. Retirement protection coverage has increased from about one-third of the working population before the implementation of MPF to nearly 100% today. Total MPF assets have exceeded HKD1.6 trillion, while the Core Accumulation Fund under Default Investment Strategy (DIS) has achieved an average annualized net return of 7.1% since inception in 2017.

She also highlighted that eMPF^TM Platform represents the most significant reform initiative since the inception of MPF. Through standardization, streamlining and automation, it provides one-stop services to all scheme members, substantially enhancing user experience and efficiency and bringing down the administration fees by 50%.  The onboarding of all 24 MPF schemes to the eMPF was completed last month, marking a new chapter for the MPF System and laying a solid foundation for further enhancements going forward. Mrs Lau also shared her experiences and insights on leadership, as well as her vision on serving the community.

MPFA will continue to uphold the principle of “scheme members’ interests first” and strive to strengthen retirement protection for the working population of Hong Kong.