Hong Kong's Mandatory Provident Fund Schemes Authority will start transferring data to its new one-stop digital platform in the second quarter of 2024, involving 11 million accounts and more than HK$1 trillion worth of assets.
The goal of having all accounts moved to the eMPF platform by the end of 2025 remains unchanged, said MPFA chairwoman Ayesha Macpherson Lau.
The transfer will start with the trustees having fewer assets under management, scheme members and employers. Five smaller providers have been picked for the pilot as soon as the second quarter of 2024 - including Bank of Communications Trustee, China Life Trustees, YF Life Trustees, Bank of East Asia (Trustees) and Standard Chartered Trustee (Hong Kong).
But the MPFA didn't reveal the amount of assets involved.
The MPFA will assist the trustees in having well-rounded test and material verification to ensure 100 percent accuracy of the data. The involved scheme members will receive information from the authority first.
The piloting providers will introduce the eMPF to their clients by holding seminars and posting information on their websites and other forms. The account transfer will take five to eight working days for each trustee, the MPFA estimated. The work will be arranged during the weekends and the coming holiday break, to avoid incurring inconvenience to employers and workers.
