Hong Kong to launch e-MPF platform in 2024 and make fully operational 1 year later, fund authority says

Platform was proposed in 2017 by then leader Leung Chun-ying to cut costs and make fund management more transparent by streamlining scheme’s administration.

‘Not only will the efficiency of MPF management be enhanced significantly, scheme members will also enjoy fee reductions,’ fund authority says

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A centralised digital platform for Hong Kong’s MPF schemes is due to launch in 2024. Photo: Yik Yeung-man

Published: 7:41pm, 16 Jul 2023Updated: 4:35pm, 17 Jul 2023

Corrected [4:30pm, 17 Jul, 2023]

[4:30pm, 17 Jul, 2023]
This story has been corrected to reflect that the platform was originally expected to launch as early as 2023, not 2022.

Hong Kong is set to introduce a one-stop digital platform for its compulsory pension scheme in 2024, a year after its intended launch date.

Mandatory Provident Fund Schemes Authority chairman Ayesha Macpherson Lau on Sunday also vowed to press ahead with the original plans to get the system fully operational by 2025.

“Not only will the efficiency of MPF management be enhanced significantly, scheme members will also enjoy fee reductions … which will further strengthen scheme members’ retirement protection,” she said.

Development of software for the platform had been “largely completed” in June and testing was expected to be finished by the end of this year, she wrote on her official blog.

“According to the current progress, the migration of account information to the [new e-platform] is expected to commence in the second quarter of 2024, with the whole onboarding process to be completed in 2025,” she said.

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