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eMPF Platform for faster and easier MPF management
The eMPF Platform (the Platform) project, the largest reform of the MPF System since its inception, is currently under construction. It is a major infrastructure which aims to reshape the administrative models of MPF schemes and to standardize, streamline and automate the existing scheme administrative processes.
When the eMPF Platform is fully implemented, it is anticipated to bring tremendous benefits to various stakeholders of the MPF System, including employees, employers and self-employed persons, among which include enhancing user experience, driving greater efficiency, flexibility and reliability of the operation of MPF schemes. When the Platform is operational, it will create fee reduction and pave way for further reforms in the future.
From the user-experience point of view, the eMPF Platform will serve as a one-stop electronic platform for scheme members to manage their MPF accounts across different MPF schemes anytime and anywhere through online and mobile applications. Scheme members can manage their MPF accounts more effectively by performing a wide range of functions, such as accessing account details, switching funds and consolidating accounts, on a real-time, secure and paperless basis.
The eMPF Platform project is the most important priority for the MPFA, eMPF Platform Company and the project contractor. While the Platform is currently being developed at full steam, the MPFA is taking this opportunity to introduce the user interface design and related functions of the Platform to future Platform users and gather their opinions to help the contractor optimize the design. The MPFA has launched a half-year consultation exercise since late December last year to reach out to prospective eMPF Platform users, including labour unions, business chambers, professional bodies and industry organisations, etc., to gather comments and feedback on the front-end portal of the eMPF Platform. The aim of the exercise is to establish a one-stop, brand new, highly efficient public digital platform that is simple to use which can cater for the needs of the public.
Subject to the orderly transition by trustees in sequence starting from 2023, the Platform will come into operation in 2025 at the earliest. To gear up for the era of eMPF Platform, the MPFA encourages scheme members to make use of digital means to handle MPF matters from now on. Apart from utilizing diverse digital services offered by trustees, MPF scheme members can make use of the tools available in the “all-in-one-virtual hub” on the MPFA corporate website to manage their MPF in a digital manner. For example, the “MPF Fund Platform” and its mobile application would help members view and make comparisons on information, management fees and investment performance of MPF funds anytime and anywhere. Furthermore, scheme members can review their MPF personal accounts for free through the e-Enquiry of Personal Account and its mobile application for easier MPF account consolidation and management.