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Hong Kong’s deadline to get the digital Mandatory Provident Fund platform off the ground is “challenging” and PCCW Solutions, the developer, should communicate closely with fund providers so they can be better prepared, according to at least one market participant.
The Mandatory Provident Fund Schemes Authority (MPFA), supervisor of the MPF industry, late last week named the local technology company as the winner of the tender to develop the eMPF, and said the platform is scheduled to be built by the end of 2022 and become fully operational in 2025. The project value wasn’t specified.
It is a key milestone for the two-decade old MPF, Hong Kong’s largest public retirement plan with HK$1.021 trillion (US$130.76 billion) of assets as of September 2020.