Next phase of Hong Kong’s eMPF reform to start in March with more providers, enhancements

The second stage of reforms comes after the successful launch of the first phase of the eMPF Platform in June, Ayesha Macpherson Lau, chairwoman of the Mandatory Provident Fund Schemes Authority, said in a blog post on Sunday.

“Of the nearly 200,000 transaction instructions processed via the eMPF in the initial phase of the operation, two-thirds were conducted electronically,” she said.

“In particular, the digital usage rate for the submission of contribution data and [investment changes] was 80 per cent, indicating that the initial phase of digital transformation, driven by the eMPF, is encouraging.”

It will allow the 12 MPF providers, 367,000 employers and 4.75 million members to manage MPF assets worth HK$1.326 trillion (US$170.3 billion) with a single platform on their mobile phones or computers.

Five providers – YF Life Trustee, China Life Trustee, Bank of Communications Trustee, Standard Chartered Trustee (Hong Kong) and certain schemes of Bank of East Asia Trustee – joined the platform between June and December. They are the smallest providers, representing just 2 per cent of the assets under management.