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.
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.
Hong Kong’s MPF prepares for a digital future, reforms to bring in more investment options, chairman says
The MPFA’s electronic platform, due to be completed in 2022, will cut down costs, increase transparency and foster competition.
The MPF stock funds have on average returned 4.5 per cent per year over the past 20 years, beating the inflation rate of 1.8 per cent
Hong Kong: Latest smart city blueprint unveiled
The Government today released the Smart City Blueprint for Hong Kong 2.0 with more than 130 smart city initiatives.
Secretary for Innovation & Technology Alfred Sit said innovation and technology (I&T) not only promotes economic development but is also imperative in enhancing people s livelihood.
He said implementation of a smart city aims to bring benefits and convenience to the public by making use of the research and development results to drive Hong Kong forward.
As pointed out in the 2020 Policy Address, smart city development aims to allow people to better perceive the benefits of a smart city and I&T in their daily lives, Mr Sit added.
Departing Hong Kong residents withdraw US$298 8m in pension funds in H1 businesstimes.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstimes.com.sg Daily Mail and Mail on Sunday newspapers.