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Hong Kong’s PCCW Solutions, owned by tycoon Li Ka-Shing’s son Richard Li, has won the tender to develop a centralised digital platform for the Mandatory Provident Fund, marking a key milestone for the HK$1 trillion (US$128.2 billion) public retirement scheme.
Singapore’s iFAST Corporation is a subcontractor for the project.
The Mandatory Provident Fund Schemes Authority (MPFA), supervisor of the MPF industry, announced the winning bidder late last week. It opened the tender in December 2019 as part of plans to automate administration of Hong Kong’s largest retirement scheme for its 4.3 million members.
The contract is for a two-year implementation period and a seven-year operation/maintenance period. It may be extended for up to three years.