- MPFA
-
MPF System
- Background
- Types of MPF Schemes
- MPF Coverage
- Enrolment and Termination
- Mandatory Contributions
- Voluntary Contributions / Tax Deductible Voluntary Contributions
- MPF Tax Matters
- MPF Account Management
- Withdrawal of MPF
- Arrangements for Offsetting Long Service Payment and Severance Payment
- Anniversaries of MPF System
- MPF Investment
- ORSO
- Supervision
- Enforcement
- eMPF Platform
Info Center
Press Releases
- Your Position
- Homepage
- Information Centre
- Press Releases
- MPFA blog - MPFA endeavours to build the eMPF Platform for the benefits of both scheme members and employers
Share
-
Facebook
-
LinkedIn
-
WhatsApp
-
Email
-
Copy Address
URL copied! -
Print This Page
MPFA blog - MPFA endeavours to build the eMPF Platform for the benefits of both scheme members and employers
MPFA Chairman Dr David Wong published his latest blog post today (6 October). He pointed out that the MPF System, which is in operation for nearly 20 years, has maintained stable growth despite having gone through a number of financial challenges over the years. To ensure the sustainable development of the MPF System, its design and operation model have to keep pace with the times. The blog also mentioned that the design and development of the eMPF Platform is entering into a critical stage of preparation. The MPFA will carry out the tendering process for the Platform by the end of this year, with the aim of launching the Platform in phases starting in 2022.
Dr Wong elaborated that the eMPF Platform aims to improve the operational efficiency of the MPF System by standardizing, streamlining and automating the MPF scheme administration. The eMPF Platform is expected to bring benefits to various stakeholders, including helping employers save enormous time and manpower in handling the MPF, and avoid penalties due to non-compliance. The Platform will also enable scheme members to manage their MPF accounts conveniently by using a single log-on – an MPF ID – for one-stop access. In the long run, the eMPF Platform will help to bring forth market competition, which is poised to result in fee reductions, better products and enhanced service quality, thus benefiting scheme members.
He said, taking reference from overseas experience, the success of digital transformation relies not only on hardware, software and technology application, but also hinges on the support of employers, employees and the industry. The MPFA will continue to gauge the views of various stakeholders, and to benchmark the experience of overseas and local operators and fintech experts on operations, functionality design, service models, transition arrangements, cybersecurity and privacy protection, in order to build a platform with future-proof solutions that can balance the needs of different stakeholders and best serve the needs of all users.
For the full version of this article, please visit the MPFA blog. The blog is in Chinese only.
－Ends－
6 October 2019
Dr Wong elaborated that the eMPF Platform aims to improve the operational efficiency of the MPF System by standardizing, streamlining and automating the MPF scheme administration. The eMPF Platform is expected to bring benefits to various stakeholders, including helping employers save enormous time and manpower in handling the MPF, and avoid penalties due to non-compliance. The Platform will also enable scheme members to manage their MPF accounts conveniently by using a single log-on – an MPF ID – for one-stop access. In the long run, the eMPF Platform will help to bring forth market competition, which is poised to result in fee reductions, better products and enhanced service quality, thus benefiting scheme members.
He said, taking reference from overseas experience, the success of digital transformation relies not only on hardware, software and technology application, but also hinges on the support of employers, employees and the industry. The MPFA will continue to gauge the views of various stakeholders, and to benchmark the experience of overseas and local operators and fintech experts on operations, functionality design, service models, transition arrangements, cybersecurity and privacy protection, in order to build a platform with future-proof solutions that can balance the needs of different stakeholders and best serve the needs of all users.
For the full version of this article, please visit the MPFA blog. The blog is in Chinese only.
－Ends－
6 October 2019
