EMPF Platform Company Formed

The Mandatory Provident Fund Schemes Authority (MPFA) has established the eMPF Platform Company as its wholly owned subsidiary to take forward the eMPF Platform project, the Government announced today.

It noted that the project is a major reform initiative of the Mandatory Provident Fund (MPF) system to standardise, streamline and automate the MPF schemes' administration processes for the benefit of various stakeholders, including about 300,000 employers and more than four million scheme members.

Financial Secretary Paul Chan said: "By capitalising on technology advancement and providing a common electronic platform for handling scheme administration work of the MPF system, the eMPF Platform will improve operational efficiency, reduce human errors and paper-based transactions, enhance user experience and lower scheme administration costs.

"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."

The company is supervised by its board of directors approved by the Financial Secretary and the MPFA.

Ayesha Macpherson Lau, who will assume the chairmanship of the MPFA on March 17, has been appointed as the company's chairperson and non-executive director. There are also 12 other directors appointed to it, including representatives from the Government, the MPFA and the company.

The Government added that the development of the eMPF Platform is progressing according to schedule and is expected to be completed by the end of 2022 at the earliest.

Subject to an orderly transition by trustees in batches from 2023, the eMPF Platform would come into full operation around 2025.