HKMC to launch Payment Connect for cross-border retirees this year

Hong Kong Mortgage Corporation expects to launch the Payment Connect for its annuity plan this year, a move that is designed to facilitate those retiring across the border, said Colin Pou Hak-wan, chief executive of the HKMC.

The project has entered its testing phase and is expected to be rolled out initially within the Greater Bay Area, as Hong Kong residents who retire across the border tend to settle primarily in this region and these elderly residents currently access certain medical services through pilot programs in the GBA, according to Pou.

Pou noted that a significant number of Hong Kong annuity customers provide addresses in mainland China when purchasing the service. He also observed that an increasing trend for Hong Kong elderly is choosing to move to the mainland for retirement. “We are offering annuity customers another option.”

Meanwhile, Pou mentioned HKMC may consider rolling out promotional offers for the annuity plan this year based on whether there is a need to stimulate business volume, while the promotion offer is not likely to match the significant levels seen in 2024.

Regarding the policy reverse mortgage program, Pou mentioned the HKMC is currently in discussions with several insurance agencies, aiming to leverage their reach to further expand the business.

Kitty Lai, senior vice president (Operations) of HKMC and executive director and chief executive of HKMC Insurance said that policies are not “standard products,” as each insurer uses its own policy design, which must be reviewed carefully.

To streamline this process, "we are encouraging insurance companies to submit their new policy frameworks to us for preliminary review before launching new policies.”

Pou added the HKMC is interested in exploring new products within the retirement product market and has already allocated resources to research.

 

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓