Hong Kong’s pension regulator highlights cybersecurity and system stability to allay fears over eMPF platform’s launch next month
- A unified eMPF Platform will replace separate systems currently in use by different providers from June 26
- MPFA chairwoman urges the public to beware of potential fraud and stresses the authority has tough cyberattack safeguards in place
The eMPF Platform will replace separate systems currently in use by different operators. It will allow the 12 MPF providers or trustees, 359,000 employers and 4.75 million members to manage MPF assets worth HK$1.18 trillion (US$151.28 billion) through a single platform via their mobile phones or computers.
It is the biggest reform of the MPF since the compulsory retirement scheme was established in 2000.
“The launch of the eMPF Platform signifies the dawn of a new digital era for the MPF,” said Ayesha Macpherson Lau, chairwoman of the Mandatory Provident Fund Schemes Authority (MPFA) on Thursday.
The easy-to-use platform will cut administration costs by HK$30 billion to HK$40 billion over a 10-year period, she added, noting that the system meets high international standards to safeguard members’ personal data.
