New MPF Platform Will Slash Admin Costs: Govt
"); jQuery("#212 h3").html("
"); });
2022-03-30 HKT 16:03
Share this story
Secretary for Financial Services and the Treasury Christopher Hui says a future "one-stop shop" online platform for the Mandatory Provident Fund is expected to cut admin costs by 30 percent.
The eMPF platform, for members to manage their accounts online and through mobile applications, is scheduled to be rolled out next year and become fully operational by 2025.
Hui said some HK$30 billion in admin costs could be avoided a decade after the platform's full launch.
The minister also said he hopes the legislature can pass a bill this year that will provide tax relief for firms running family investment management.
Hui was speaking on RTHK's Overview Policy programme which is to be broadcast on Wednesday evening.
SBI Holdings To Acquire Bitbank In US$289M Crypto Expansion
SBI Holdings has agreed to acquire Japanese crypto exchange Bitbank in a deal valued at approximately US$289 million, w... Read more
4 Ways Hong Kong Banks Fight Financial Crime Using AI, According To HKMA
The Hong Kong Monetary Authority (HKMA) wants banks to use AI in financial crime as a way to counter cyberattacks and s... Read more
Ripple Launches RLUSD Stablecoin In Japan Through SBI Group
Ripple has launched its US dollar-denominated stablecoin, Ripple USD, in the Japanese market. The expansion follows reg... Read more
SBI And Startale Launch Trust Bank-Backed Yen Stablecoin JPYSC In Japan
SBI Group has introduced its trust based stablecoin JPYSC in partnership with Singapore-based fintech company Startale ... Read more
Visa Study: Digital Wallets Lead Greater Bay Area Payment Preferences
Visa has released its latest Consumer Payment Attitudes Study, highlighting how payment seamlessness is linked to a shi... Read more
European And South Korean Banks Form Project Pangea For FX Settlement
Chainlink, South Korean infrastructure provider FairSquareLab, the Unified Korea Alliance (UniKA), and European stablec... Read more