The Hong Kong Monetary Authority (HKMA): "Easy MPF" platform software development is roughly completed and will be fully operational around 2025.

According to the information obtained by Zhītōng Finance APP, the Chairman of the Hong Kong Mandatory Provident Fund Schemes Authority, Liu Maijiaxuan, stated in a blog post on Sunday, July 16th, that the "MPF Easy" platform has made significant progress last month. The software development work for the platform has been largely completed, with over 20 core system functions ready. Based on the current progress, it is expected that the program for transferring MPF account information to the platform will be launched in the second quarter of 2024, and the transfer of all MPF plan accounts to the platform will be completed by 2025.

It is understood that the "MPF Easy" platform was initially expected to be completed by the end of 2022. After that, the trustees will transition to the platform in batches starting from 2023, and the platform will be fully operational around 2025. However, the progress of the software development by the contractor, PCCW Enterprise Solutions, has been delayed, which has affected the launch schedule of "MPF Easy".

Liu Maijiaxuan stated that over the past six months, various departments of the Mandatory Provident Fund Schemes Authority and the platform company have supervised the contractor at different levels to ensure effective measures are taken to promote the progress of platform construction. The Mandatory Provident Fund Schemes Authority and the platform company will urge the contractor to make every effort to complete system integration, usage, load, and security testing within this year.

In addition to the progress in software development, the preparation work for hardware and operations is also proceeding well. The hardware part of the platform and the related data centers have been completed as scheduled. As for the preparation work for service operations, the contractor is setting up service centers in Hong Kong Island, Kowloon, and the New Territories, and establishing outreach service teams, inquiry centers, and "MPF Easy" self-service machines distributed in various districts to start operations in the second quarter of next year when the platform is launched.

Liu Maijiaxuan mentioned that after the completion of the construction and all testing of the "MPF Easy" platform, the first batch of MPF trustees to join the platform, including Manulife Trust, China Life Trustees, Bank of Communications Trustee, Standard Chartered Trust (Hong Kong), and Bank of East Asia (Trustee), are expected to gradually transfer their MPF plan accounts to the platform starting from the second quarter of 2024. As for the accounts of the remaining MPF plans, they will be added to the platform in order of the trustees' asset management scale, from small to large.

Data shows that the "MPF Easy" platform in Hong Kong is an important infrastructure aimed at reshaping the administrative operations of MPF plans, standardizing, streamlining, and automating the existing administrative procedures. This project is the most significant reform since the implementation of the mandatory provident fund system. By adopting innovative solutions with new technologies and equipping itself with the ability to meet future development needs, the MPF Easy platform will provide comprehensive administrative services for 4.7 million MPF plan members and 300,000 employers, bringing about significant changes to the MPF ecosystem.