Hong Kong’s pension regulator highlights cybersecurity and system stability to allay fears over eMPF platform’s launch next month
Hong Kong’s pension regulator will implement sound cybersecurity measures reinforced by strong backup systems to ensure a smooth launch of the Mandatory Provident Fund’s (MPF) electronic platform next month, according to its chairwoman.
The eMPF Platform will replace separate systems currently in use by different operators. It will allow the 12 MPF providers or trustees, 359,000 employers and 4.75 million members to manage MPF assets worth HK$1.18 trillion (US$151.28 billion) through a single platform via their mobile phones or computers.
It is the biggest reform of the MPF since the compulsory retirement scheme was established in 2000.
“The launch of the eMPF Platform signifies the dawn of a new digital era for the MPF,” said Ayesha Macpherson Lau, chairwoman of the Mandatory Provident Fund Schemes Authority (MPFA) on Thursday.
The easy-to-use platform will cut administration costs by HK$30 billion to HK$40 billion over a 10-year period, she added, noting that the system meets high international standards to safeguard members’ personal data.
“We will monitor the system round the clock to prevent any cyberattacks, and there will be a backup to prevent system failure,” she said.
To prevent fraud, Lau reminded the public that the authority does not contact them or send them any hyperlinks, and members can verify suspicious messages via the 1832622 hotline.
Hong Kong saw financial investment scams surge by 55 per cent in the first quarter, resulting in losses of more than HK$900 million, according to the police.
Hong Kong’s MPF delivers HK$6,000 to each member with 2.47% first-quarter gain
Hong Kong’s MPF delivers HK$6,000 to each member with 2.47% first-quarter gain
Recently, the Hong Kong Monetary Authority was used in fake instant messages to swindle unwary residents. The incident prompted the authority’s deputy chief executive Arthur Yuen Kwok-hang to jump in to educate Hongkongers about such risks.
The eMPF Platform will begin service on June 26, when YF Life Trustees, the smallest MPF provider, migrates to the system, followed by China Life on July 29. The pair has a market share of 0.8 per cent and HK$9 billion in MPF assets under management.
Members of YF Life can start setting up accounts from June 12, but can only join the scheme on June 26 when it launches. China Life Insurance’s members can start setting up accounts from July 12 before joining the scheme from July 29.
For members with multiple MPF accounts with different providers, they will only need to set up an account once, according to Cheng Yan-chee, managing director of the MPFA.
“Members need not rush to set up accounts now; they should wait for their providers to join the scheme,” Cheng said.
The remaining providers will be added to the platform gradually up to 2025, in accordance with the ascending order of the value of assets under management by trustees.
Bank of Communications Trustee and Standard Chartered Trustee (Hong Kong) will join the eMPF platform in the fourth quarter of this year, while three separate schemes run by Bank of East Asia (Trustees) will be added in the fourth quarter of this year and the first quarter of next, according to a Legco paper in March.
Principal Trust Company (Asia), BOCI-Prudential Trustee, and Bank Consortium Trust will move over in the first and second quarters of 2025.
They will be followed by AIA Company (Trustee) and Sun Life Trustee in the second or third quarter, with Manulife joining in the third. HSBC and subsidiary Hang Seng Bank will be the last ones to be added to the eMPF platform in the fourth quarter of 2025.
Cheng said the eMPF Platform will save time and money for members and employers.
“Currently, many employers calculate and handle employees’ MPF contributions manually, which increases the probability of errors that affect employee benefits,” Cheng said.
“When the employers join the platform, contributions will be digitally made and they will be alerted to remind them to make contributions. Members can use their mobile phone or computers to easily manage their MPF accounts or change their fund choices.”
