Hong Kong's eMPF transition set for Q2 2024

Hong Kong's Mandatory Provident Fund Schemes Authority (MPFA) will commence data transfers to its new all-in-one digital platform in Q2 2024, covering 11 million accounts and assets exceeding HKD1tr (USD128bn). The MPFA aims to complete the migration of all accounts to the eMPF platform by the end of 2025. Initial data transfers will prioritise trustees with smaller asset holdings, scheme members, and employers. Five smaller providers, including Bank of Communications Trustee, China Life Trustees, YF Life Trustees, Bank of East Asia (Trustees), and Standard Chartered Trustee (Hong Kong), will participate in the pilot programme starting in Q2 2024. The MPFA will collaborate with trustees to ensure data accuracy. The transfer process is estimated to take five to eight working days per trustee, scheduled during weekends and holidays to minimise disruption.