HONG KONG – The Hong Kong government on Friday gazetted four legal notices in the lead up to the launching of an eMPF platform and the onboarding of the first batch of mandatory provident fund trustees.

The special administrative region government aims to complete the onboarding of all MPF schemes by 2025 and make the platform fully functional in the same year.

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The first batch of legal notices will be tabled at the Legislative Council for negative vetting on April 24, 2024.

Scheme members may start using the web portal or mobile application of the eMPF Platform to manage their MPF accounts as soon as respective trustees of their MPF schemes are onboarded.

Spokesperson, Financial Services and the Treasury Bureau, HKSAR

Terming the eMPF platform as one of the most important reform initiatives of the MPF System since its inception, a spokesperson for the Financial Services and the Treasury Bureau said: “It will standardize, streamline and automate various MPF scheme administration tasks, with a view to enhancing operational efficiency, reducing administration fee and providing greater convenience in managing MPF accounts.”

Scheme members may start using the web portal or mobile application of the eMPF Platform to manage their MPF accounts as soon as respective trustees of their MPF schemes are onboarded, added the spokesperson.

“At the macro level, the eMPF platform will provide impetus for growth for the MPF industry by lowering entry barriers for new MPF service providers and pave the way for other MPF reform initiatives," said the spokesperson.

Of the four notices, one on system designation seeks to designate the eMPF Platform to provide services and facilities to facilitate MPF trustees in performing their scheme administration functions and any other functions.

Another notice says several provisions in section 1(3)(a) of the Mandatory Provident Fund Schemes (Amendment) Ordinance 2021 will come into operation on June 26, 2024.

The Mandatory Provident Fund Schemes Authority expects that the phased migration of MPF account information to the eMPF platform could begin in the second quarter of this year, with a view to achieving its full implementation in 2025, the Secretary for Financial Services and the Treasury Christopher Hui Ching-yu told the Legislation Council on Jan 31.

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The government will start to make contributions to the MPF on behalf of low-income people after the full implementation of an eMPF platform in 2025, he added.