eMPF Platform Company Limited created

MPFA's subsidiary is targeted for completion by the end of 2022.

The Mandatory Provident Fund Schemes Authority (MPFA) has established its wholly owned subsidiary eMPF Platform Company Limited to lead the automation of MPF schemes.

This is in compliance with the MPF Schemes Ordinance (Cap. 485) to develop, build, and operate an online platform for the benefit of 300,000 employers and 4 million scheme members amongst other stakeholders.

“The eMPF Platform will improve operational efficiency, reduce human errors and paper-based transactions, enhance user experience and lower scheme administration costs,” Financial Secretary Paul Chan said.

“It also seeks to build a major financial infrastructure that will reshape the operating landscape of the MPF System and add fresh impetus to the sustainable development and technology capability of the retirement planning industry," he added.

The platform is targeted for completion by end-2022 and is expected to be fully operational by 2025, subject to an orderly transition by trustees in batches starting from 2023.

The company’s board of directors will be led by Ayesha Macpherson Lau as chairperson and non-executive director. She will also sit as the MPFA chairman starting 17 March.

"With the establishment of the Company, the Project has reached a new milestone and officially entered the development stage. The MPFA and the Company will continue to take forward the Project with dedication and commitment, with a view to reforming the MPF System towards a new digital MPF era,” she said.

Also among the non-executive directors are MPFA representatives Chan Kam-lam, Bill Tang Ka-piu, and Alice Law Shing-mui; and government representatives Salina Yan Mei-mei, permanent secretary for financial services and the treasury, and Chris Sun Yuk-han, commissioner for labour.

Other non-executive directors include Luzia Hung, Dr. Humphrey Leung Kwong-wai, James Li Tsz-shu, Webster Ng Kam-wah, Bill Tang Ka-piu, Dieter Yih Lai-tak, Dr. Daniel Yip Chung-yin, and Nicholas Sex as the only executive director.