On Jan. 10, HK MPFA published blog entry on digital reform.
MPFA published blog entry on moving towards reform through digital transformation.
Transformation
Last year, MPFA expanded proportion of MPF funds that can be invested in REITs and the number of markets, and included SSE, SZSE in list of approved stock exchanges.
Also issued guidelines on development of retirement investment products to MPF trustees, and the first related product was launched on the market in Sep. 2020.
eMPF Platform
In 2021, the eMPF platform project will enter an important stage of construction.
After completion in 2022, the public's acceptance of digital transformation is expected to have reached a considerable level, which will help drive reform of the MPF system.
Plan members can perform a variety of functions in real time, safely and in a paperless manner, such as processing investment instructions, tracking fund performance.
SMEs can also generate synergies through digital upgrades, and one-stop solutions for calculating wages and related MPF contributions, greatly saving manpower and time.
